My previous modification, to move short Call strikes from $38 to $40 reduced my potential Call profit from $0.51 to $0.30. No big deal because the trade allows underlying share price to increase from $38 to $40. But now I've decided the chart is saying that I should accept a fork having four tines instead of the usual three. In other words, the market is deciding that MU deserves a higher multiple than it has historically gotten.
So today I moved the Call strikes once more, from $40 to $42, but expiration remains the same, Oct 27. That cost me $1.65 to close the $40 strike, while I received $0.55 for the new $42 strike, for a net cost of $1.10. Including the net-positive options position after the previous modification, I now have a net loss of $0.80 on these recently interconnected Call trades. I'm not exactly bothered about that because it's allowing me to ride the stock from $38 to $42. Plus, I'm pretty sure I'll be able to get more than enough after the next Call sale to cover that $0.80 (and I'm pretty sure I'm not going to have to contend with a 5-tine fork).
FWIW, I accumulated a very large number of MU shares in early 2016 at an average price of $12.58 and they've never been assigned and all Call sales were profitable. I doubled that number of shares in early 2017 at an average price of $24. None of those shares have ever been assigned.
The horizontal blue lines represent price range from 3rd to 4th tine over two weeks of time from yesterday (when I was planning all of this) to current options expiration.
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