I bought back half of the written Jan 10 calls this week at .40 and will probably cover the rest of them today at .45. Then I’m going to wait until after the stock Runs (hopefully) then write some weekly and monthly calls against my stock and LEAPS. . I’m hoping the stock gets up around the 5.00 range again to make these trades.
I am considering adding LEAPS too but like the 2024 expiration period better they are only .40 more than the 2023 2.50c
Update on positions Covered call strategy. My Jan 4.00 calls expired worthless effectively lowering the cost of my shares .40 from 2.65 to 2.25 cost basis. I’m hoping FDA approval moves the stock well. With earnings approaching coupled with FDA expectations, option prices will be highly overvalued which makes writing them very profitable with increased chances of making winning trades. I hope to be free riding all my original shares by the end of 2022 with this “hands off my shares”approach.
LEAPS Covered half my wrote 2023 10 calls (sold at 1.30) at .40 and hope to buy back the rest today around .45. If so I will effectively lower the cost of my Jan 2023 2.00 calls to .72 from 1.60. Hoping to free ride them by writing short term calls against against them.
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