Extremely new to options literally the 2nd contract I’ve purchased. What would you do in this situation I’m definitely fucked it’s not hitting 275 by tomorrow
Accidentally did a $275 VTI call that expires tomorrow rather than at the end of the month
byu/bigsmellypoopy inoptions
Posted by bigsmellypoopy
4 Comments
You know the answer. Stop loss. Or loss. Your choice.
Just close it and move on..
Simply buy the 275 time spread. That will give you the option you wanted. If you wanted the Sept 27th 275 call, you would create a spread where you buy the Sept 27th 275 call and sell the Sept 6th 275 call.
This would close the position you have now and give you what you originally wanted.
Or could sell the call you have now and buy the Sept 27th separately. Both ways work, but doing the spread may give you a better price.
Every minute you hold, and price is not moving your direction, you’ll be losing money.