Buying Swing: we bought TSLA 355 puts same contract amount as the 265 calls at 1.95-2.00 area this morning with the intention of starting the process of hedging call profit potential while removing the dead spots we have from Fridays positioning. If we were to have a snap back, we would not hesitate to create a low risk credit by shorting 360 puts against these 355 puts but only above 6.50. Or in other words if the math aligned to make it lower risk than traditional credit spread, but dose not need to be free as it would be at 7.00. Remember we have positioned bullishly and have strong profit potential above 365 that now allows us to finance strong bearish counter positions that will only remain exposed intraday. Before the close we must lesson this exposits by completing a spread or a butterfly with this new 355 put leg.
This trade is one part of a larger strategy so please look back at Previous posts to see the whole picture. AND IF YOU ARE NEW, PAPER TRADE FOR AT LEAST A FEW MONTHS because this is ADVANCED OPTIONS TRADING !!