Elmer, Re: I hate buying back for a loss. I much prefer to roll short positions out and down rather than closing them out. My goal is for every short position to expire worthless. Also most of my positions are short puts on one side and short calls (CCs) on the other. Either way one is going to expire worthless and the other can be rolled if need be.
You'd need to have high enough volumes to keep up with the commission costs, wouldn't you?
I hate buying back at a loss too, but I'm anticipating more of a pullback tomorrow and maybe beyond. My loss was not significant. In retrospect I went outside my usual strategy by writing the 18s in the first place. I'm just backing off my bullishness for the short term. I will be looking for a reentry point for writing more puts, but I'm probably done buying calls for a while. It was a good run I had. No need to be greedy.
I'll definitely be checking out Schwab and others (Cybertrader) soon. I have to unload some more before I can fund a new account to my liking (need lots of equity for effective put writing). I'm too lazy to do a transfer of stock.
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