May 4 • General discussion
RIVN
As we posted early Saturday morning, we got put to 1000 shares of Rivian at $17, but because we had sold 10 cash secured puts for $100 a contract. Our cost basis is $16 ,subsequently this morning Rivian has fallen down to $14.58., so what we did earlier this morning as we now own 1000 shares of Rivian and we control 10 contracts and we sold the weekly May 8th expiration $16.5 calls for $8 a contract . The probability of it being in the money right now is 5.82% , so if it does rally and we do get called away at the end of the week, we will be at a cost basis of $15.92,, so what we’ve achieved is we’ve brought our cost basis down and we continue to own our shares. We will continue to monitor this trade thruout throughout the week.
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RIVN
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