Monday when Draftkings (DKNG) dropped I did a “Buy to Close” on the option I sold locking in $650. I just sold another Call. The stock dropped so I went down on the Strike Price $2. The last Call was a Strike $40, this is a Strike $38.
Sell to Open 10 DKNG 8/14/20 $38.00 C @ 55¢ (+$550)
I’m in the stock at $39.80 so I hope to not get assigned at $38. As I write the stock is at $33.10 so I think I’m safe. If the stock got that high I’ll probably buy more shares to deliver so I don’t take a loss on these shares.
Any questions send me an email.
I’m having trouble making post. I’m on the road in the car and the wifi with my hotspot goofs up a bit. I pulled over to make this one. If I have more post I’ll make them as I can.
Successful trading,
Steve
The Options Coach