Message from @ThisIsChris
Discord ID: 396068877190168586
Covered calls are fun
Great way to make your blue chips do a little extra work
Yeah I usually sell slightly OTM SPY calls expiring the next wednesday or Friday
I only have enough shares to sell one, so it's basically me picking pennies off the floor
So it's still worth it even after the transaction fees?
Yeah I can usually get 30-40 bucks out of it after commissions, per trade
not bad
over a month adds up to about 120-150. Really small considering what I have to put down to cover it, but I was burned during Q3 earnings season and I wanted to do something calm
My broker has an API, but they only open it up if your account is freakin' huge. I would love to automate something like what you just said
Which Broker is that?
Ameritrade
Hmm I've heard of it but never used it
Interactive Brokers has an API, they require a minimum of 10k
oh wow
Ameritrade is 400K
holy cow
yeah Interactive Brokers is only one dollar trades too
plus something per contract I think
Ameritrade is damn expensive: $9.99
plus fees for options also
Wow man yeah that is pretty expensive
Are their preipheral services good or something?
eh, they're okay. Good with tracking for tax purposes
good customer service
and I don't make any trades
if I did more day trading I would probably open a second account
Interactive Brokers provides absolutely no frills lol. Not even stock quotes, you would have to look that up on Yahoo. Though they will supply you with data for extra subscription fees
I see
I'm talking about them because I researched them, but i don't actually use them. I use Schwab
quoting through pleb-tier finance sites is almost real-time now, so that's a decent trade-off
Schwab is like 8 dollars an option trade plus .65 per contract, and they only allow two legs per trade, so building something like an iron condor costs quite a lot which is why I don't bother most of the time
On the Iron Condor I sold there, I think I paid like 30 bucks in fees
Ouch
Ameritrade would be about the same though
Here's a trade I've starting thing about
I was thinking about @Zyzz 's thesis about the S&P500 going up this year
and I was thinking to research it a bit more, but here's my idea
Buy a long term (Maybe a LEAP) OTM call option, but sell a near term call at the same strike
that way trying to save on the time premium
I would need to research more to try to figure out a good window of time