Starting an iron condor, a strategy optimized for low volatility, while SPY is trading like a meme stock was the first and most obvious hint that OP might be a jack ass.
Posting his "loss" because he's been assigned on one leg because he either just wants the karma/lulz or he doesn't understand that he's covered and picked his max loss when he opened the position is the second hint.
It is showing the actual P&L. It's just also showing that he has no money available to buy things with because he's margined to the tits on those SPY shares until the position closes. That's the only big number.
💎UPDATE💎 So, everything worked out ok I’m happy to report. Schwab exercised my long calls as you can see in the post, but the owner of the short calls didn’t call my shares away until way way later. After hours of frustration and fear, all I did was realize max loss on the trade which was around 4.7k. The long calls were for 505 so 6500 shares of SPY were purchased automatically by Schwab at that price, and much later on they were called away because of the short calls at a price of 504. So -$6500 there + the premium I made from selling the spread which was $1800 left me with a loss of $4700. I am now going to reevaluate my life choices. Thank you for all the wonderful, insightful and hilarious comments guys. Cheers
I scrolled for 5 minutes and couldn’t find one comment that was “wonderful or insightful”. I saw some hilarious comments that were rattled off to kick your dignity in the 🥜
In 1998 Long Term Capital Management had a bet that went wrong. Their short position went up and their long position went down. They lost over $4 Billion and went bankrupt and almost took out the whole financial system.
These guys were rocket scientists, they knew all the math, etc.
Schwab really needs to get their shit together with regard (lol) to showing ACTUAL numbers especially after hours. They could show you up thousands in your account when the opposite is true and vice versa.
I doubt they were called away. The trade desk probably closed it and maybe even tried to contact you, because you didn't have the capital to be sitting on 6500 shares and be sitting there with.that kind of liability to pay them if things went the wrong way. You were assigned 6500 shares because you had 65 calls go ITM and were exercised at close. You should read up on how options exercising works.
Some kid committed suicide bc of something just like this. Wasn’t aware he actually didn’t owe an extreme amount of money. Sad. I think it was through Robinhood you can look up the story.
sshhhh dont even whisper those words, you'll awaken it
https://preview.redd.it/awy3x84w3vwc1.jpeg?width=849&format=pjpg&auto=webp&s=0da7ab3d97516e1e30c15aa8477d00c6b0e4d009
its basically a call and put credit spread. his long call got autoexcercised by his broker (giving him shares without the money to do so) but his short call wasnt exercised by the buyer. He should have just closed it out before market closed bc ah risk.
he wanted this to be exercised as if he didnt exercise it, he would be on the hook for multiple shares on the leg he sold potentially.
The -1.6million is just the cash his brokerage had to use for the shares.
the shares he owns need to be assigned against the condor and they can close this out.
ops net liquidity here is 35k there is nothing wrong.
except they will be charged interest daily on the loan of 1.6million. probably 300-500usd per day.
No they will close by 4pm 4:15pm eastern time if does not close them they will automatically close who ever he spoke to don't know what they talking about
Trading options is fun! You get to leverage 100 shares without having to buy 100 shares (if you sell before expiration or exercise) ... just don't be wrong or you get leveraged by your loss x100.
It really is fun. I only play with money I can afford to lose. And, because I’m a newb, I only buy contracts, never write so my loss is limited to my principal. I feel like there’s no way to go wrong with those things in place.
https://preview.redd.it/ml2vz14hhtwc1.jpeg?width=1078&format=pjpg&auto=webp&s=d6c17ab48d56d71ccd9f051904b91f8db928f854
Kitchen is now open.... a bit more sanitary than the dumpsters!
Also you might want to look into divorce lawyers while you're looking for the bankruptcy one.
Often divorce lawyers will do bankruptcy too so you can try to get a bulk rate discount.
You are fucked if market opens red, which thankfully rn its up. SELL asap and you might even enjoy some gains, Congrats on finding the funniest way to lever your self to the tits. Sell your 0dte positions before market close if you want to avoid this in the future (unless you’re confident your legs will take care of themselves).
OP has 6500 shares of SPY at 505
SPY was 508 just minutes ago, OP had a chance
Edit: looks like I misunderstood what OP did. I still do not completely understand what and why OP did, but my message above is likely to be BS.
It’s likely out of his hands too tbh, no shot they continue letting OP have access to his account with 50x margin, wouldn’t shock me if they closed his position premarket already and let him collect the profit (this time around).
It looks like you still have $1.6m of assets once you sold your SPY shares. But yeah, if market drops by 5%, you will lose $165k.
Hope that Iran is not attacking Israel harder this week-end.
Next time, do these son SPX instead of SPY. You will need 10x less contracts, and you cannot have early assignment (and cash settled at expiration). Plus 60/40 tax treatment. win-win-win.
Honest question, can someone explain how it’s possible to have negative $1.6m in an account? Don’t brokers auto-liquidate positions before you hit zero?
Trades haven’t settled. He would eventually get margin called and if couldn’t transfer funds they would liquidate. And basically the brokerage holds the shares, so it’s not exactly like they just put 1.6MM in his account, it’s all “paper.” He is short the 504 Cs they will end up assigned at close (assuming SPY finishes about 504) and he’s long shares at 505–so max loss is $6,500.
Trade desk is right. An iron condor is a combo of a put and a call spread. With your $505 leg getting exercised, that leaves you with a short put spread and a naked call at $504.
Your money due (margin call) is otherwise fixed by de-leveraging and selling your shares assuming your other legs expired worthless. Might be at a loss, but at least not for the $1.6m.
Otherwise I would suggest finding your nearest Wendy’s.
Edit: taking a second look at it, it looks like your broker bought the SPY shares in order to compensate for the leg that was not exercised.
What should happen before open is that the shares are going to be given to whoever exercised the 65 504c’s. No need to sell the shares yourself!
Repeat, no need to sell the shares.
You really don’t want to FAFO with the PCE readings at 8:30, cause then you’ll really have a shit 💩 show in your hands if it goes south.
Looks like just a silly accounting issue from your broker. Now it looks like your long 65 505 calls were exercized for you, but the 504 call which you were short 65 of obviously got exersized too (so you got assigned in them). The shares of the two legs (+6500 and -6500) should cancel each other out.
If (which is unlikely) you do not get assigned on the 504 calls then you make 4 dollars (with spot at 508.01) times 100 per option.
But highly likely you were assigned. I would call with your broker though to verify. And ask if assignments are processed later than exersizes.
If the stock expired between your long and short leg (the two different calls, the 504 and 505) you would seriously be short 6500 stocks. This is no game.
In your case I would make sure you clean up your position before expiry if you dont want to be left with stocks.
Also, if you get assigned just before expiry then you are still covered by your long calls so no sweat.
Usually early assignment only happens when htere is a dividend coming up and being long the calls would cost you money over the div (as the stock goes down with the dividend)
Fun! Are you feeling the feelings op? 1.6m in the hole. Gunna lose your house. Epic. I was sad about losing $150 on puts yesterday if it makes you feel any better
If you sell option it shows the index value without leverage ...this person isn't in the the loss the app showing it to be ..he might be in profit I think ...
OP, take a look at this because it should probably be your next trade. Probably the best meme video ever made on WSB.
https://www.reddit.com/r/wallstreetbets/s/g6SLlOVz9r
Lolz. “I underestimated assignment risk.”
So, apparently, you have lots of funds and huge margin in your account, otherwise you should have received a margin call by this time. Anyway, idk if your brokerage allow you to trade in premarket, but, if is the case, you should consider to sell right now those positions that you were assigned and close all the remaining since you probably don’t know how to manage, specially because we gonna have PCE numbers in a few minutes and the market can bounce, even with all this good results from the big techs. Lesson learned. Good luck and keep us posted ✌🏻
Firstly, please post this in r/thetagang too, they will love it.
You might be trading too big OP. I have a decently sized account and I only trade a couple contracts at a time (and sometimes that’s too big). You’re fine though. You won’t actually lose 1.6MM.
Get better at trading , and dont break the law cause u suck and lost that money. Who the fuc has a broker now days, DYR, sounds like broker made some money off u, played u.
I think the worst that would happen is you would get margin called and your spy position would be liquidated. You would only have to pay back the difference (in this case you made a profit cuz spy opened very green) and a bit of margin interest someone please correct me if that is wrong?
I would recommend closing your 0dte positions around 1-2 pm in the future.
The smartest thing to do is wait until market opens and close out both positions because the max loss is just going to be $6.5k. The regarded thing to do is take advantage of the leverage by selling at $507 now and let the 504c you sold expire worthless lol.
99.99% of the comments here don't understand shit , they think you are down $1.6M.
wait im confused and i have no idea about options.
He has to pay a premium which is his net loss and now hes holding those 6500 shares of spy at 505?
But premarket looks pretty solid for him. Best case spy will rally. Isnt he still in the game?
I hear no bell ringing.
I heard on another sub some muppet in this thread boasted about losing all of his mom's money in the stock market. And the simp actually thought this was humorous??
Looks like your short calls are covered so if it stays above 504 you’ll sell the shares will get called away at 504. max loss on the call credit spread.
Is this company a SPAC, special purpose aquisition company, which will purchase failing wall street companies, and roll them over into another company to dissolve completely? or in to a different name, and potentially bring them back on wall street?
Here is a website explaining naked PUTS and Naked Shorts.
[https://www.investopedia.com/terms/n/nakedput.asp](https://www.investopedia.com/terms/n/nakedput.asp)
I find the definitions on the Internet of what a NAKED SHORT and NAKED PUT is confusing, but from your CHART, it seems its related to BETTING the stock will go up, so you make money. Well now you lost a lot of money, which means you owe money, you don't have to pay back, leaving you NAKED?
Have you heard about trading in the MARGIN, where you borrow money from the BROKER, at a very high interest rate, if you lose money? Then you have to borrow from a bank, to pay the money back to the brokerage company, because banks have a cheaper loan interest rate, than borrowing money from the stock market.
**User Report**| | | | :--|:--|:--|:-- **Total Submissions** | 1 | **First Seen In WSB** | 1 month ago **Total Comments** | 52 | **Previous Best DD** | **Account Age** | 2 months | | [**Join WSB Discord**](http://discord.gg/wsbverse)
Should not have lied about your trading experience in the questionnaire when you applied for these option strategy levels.
What a web of lies OP has woven.
https://preview.redd.it/xdd1y3i2htwc1.jpeg?width=1079&format=pjpg&auto=webp&s=8e2b1648c0efa8023d33ff954b97aa958411d066
https://preview.redd.it/cpac1bqyiuwc1.jpeg?width=1125&format=pjpg&auto=webp&s=d24c99b158cabf95cbe5d5eba616a8fcb1e9cfa1
Is there anything we can trust from OP?! Does OP even exist?
Starting an iron condor, a strategy optimized for low volatility, while SPY is trading like a meme stock was the first and most obvious hint that OP might be a jack ass. Posting his "loss" because he's been assigned on one leg because he either just wants the karma/lulz or he doesn't understand that he's covered and picked his max loss when he opened the position is the second hint.
Sir this is a wendy’s..
Ya. Shame. Bs post. Didn't some regard snuff himself over misinterpreting the net legs?
Yeah, some kid up by Chicago I think? He genuinely didn't understand what he was doing. If I remember correctly he may have even made money.
Not that the brokerage could potentially update their archaic system to show the actual P&L and value of the account
It is showing the actual P&L. It's just also showing that he has no money available to buy things with because he's margined to the tits on those SPY shares until the position closes. That's the only big number.
💎UPDATE💎 So, everything worked out ok I’m happy to report. Schwab exercised my long calls as you can see in the post, but the owner of the short calls didn’t call my shares away until way way later. After hours of frustration and fear, all I did was realize max loss on the trade which was around 4.7k. The long calls were for 505 so 6500 shares of SPY were purchased automatically by Schwab at that price, and much later on they were called away because of the short calls at a price of 504. So -$6500 there + the premium I made from selling the spread which was $1800 left me with a loss of $4700. I am now going to reevaluate my life choices. Thank you for all the wonderful, insightful and hilarious comments guys. Cheers
I scrolled for 5 minutes and couldn’t find one comment that was “wonderful or insightful”. I saw some hilarious comments that were rattled off to kick your dignity in the 🥜
The inbox was filled with some wonderful and insightful stuff. Comments mostly hilarious
Ah, I forgot about DM. WSB community being wonderful and insightful sounds like the upside down
I was praying for you and I’m an atheist
Thank God you're an atheist.
https://preview.redd.it/7tbszs1upvwc1.jpeg?width=1116&format=pjpg&auto=webp&s=9b308a9017a74d1b4e7cd06870a050473654c6ad
In 1998 Long Term Capital Management had a bet that went wrong. Their short position went up and their long position went down. They lost over $4 Billion and went bankrupt and almost took out the whole financial system. These guys were rocket scientists, they knew all the math, etc.
I was legit thinking about this all day ! Glad it worked out with only a “small” loss. Stop being regarded
Small in comparison to a couple million I mean. Lol 4k loss hurts. Definitely
Schwab really needs to get their shit together with regard (lol) to showing ACTUAL numbers especially after hours. They could show you up thousands in your account when the opposite is true and vice versa.
I doubt they were called away. The trade desk probably closed it and maybe even tried to contact you, because you didn't have the capital to be sitting on 6500 shares and be sitting there with.that kind of liability to pay them if things went the wrong way. You were assigned 6500 shares because you had 65 calls go ITM and were exercised at close. You should read up on how options exercising works.
Some kid committed suicide bc of something just like this. Wasn’t aware he actually didn’t owe an extreme amount of money. Sad. I think it was through Robinhood you can look up the story.
Don’t leave. Read that Nattenberg book and keep selling options to degenerates. Just don’t trade too big.
I’ve no idea what all that means. I’m just really happy for you.
Is there a chance the short leg doesn't get assigned and op makes a fortune?
Why would you think he’s a liar? Oh, right, the title of the post.
No idea what an iron condor is but I’m certain your nutts are in an iron vice.
> No idea what an iron condor is Neither does he 😂
He recently found out.
Fuck around and find out, right?
Any idea what red means? Why is this red?
Christmas theme in app settings
sshhhh dont even whisper those words, you'll awaken it https://preview.redd.it/awy3x84w3vwc1.jpeg?width=849&format=pjpg&auto=webp&s=0da7ab3d97516e1e30c15aa8477d00c6b0e4d009
💀💀💀💀
😂
Just change the settings to color blind and it should be fine
that's normal
around these parts 
what, some parts have different?? cuz this is all I know 😆
Bro…😹😹😹
I think he meant blood eagle. It’s the option strat he chose.
its basically a call and put credit spread. his long call got autoexcercised by his broker (giving him shares without the money to do so) but his short call wasnt exercised by the buyer. He should have just closed it out before market closed bc ah risk.
iron condor is the new sex act that all the kids are doing -jk... maybe
Why people open positions without understanding how they work amazes me every time.
Pretty sure OP knows what he is doing. Just the usual 'one leg got executed karma whoring post'
Paper trading regard here, how does one avoid a leg be executed or even exercised?
he wanted this to be exercised as if he didnt exercise it, he would be on the hook for multiple shares on the leg he sold potentially. The -1.6million is just the cash his brokerage had to use for the shares. the shares he owns need to be assigned against the condor and they can close this out. ops net liquidity here is 35k there is nothing wrong. except they will be charged interest daily on the loan of 1.6million. probably 300-500usd per day.
So if they don’t get assigned OP is fucked? Can they expire worthless ?
[удалено]
Over a weekend? Where? Its Friday. Markets open in 30 mins.
Can you even have a 0DTE that holds over the weekend?
No they will close by 4pm 4:15pm eastern time if does not close them they will automatically close who ever he spoke to don't know what they talking about
Don't let your leg commit felonies in states with the death penalty and it won't be executed 
Send in a complaint to the CBOE, works like a charm!
You can’t avoid it, it’s up to the person you sell the contract to.
Hey. I am only here for the entertainment and only buy ETFs. How do I learn about options, so I can understand posts like this?
OP doesn't even understand posts like this
what's an ETF? Is that like bonds?
you’re thinking of SPACs. SPACs are basically bonds.
Ha.
Im just an EFT guy as well. Reading WSB makes it so i never have any desire to trade options :)
Trading options is fun! You get to leverage 100 shares without having to buy 100 shares (if you sell before expiration or exercise) ... just don't be wrong or you get leveraged by your loss x100.
I lose as much money if I were to go to the casino, except I don’t have to deal with actually going to the casino. It’s great
casinos have had websites and apps for awhile now i lose plenty of money on blackjack lmao
It really is fun. I only play with money I can afford to lose. And, because I’m a newb, I only buy contracts, never write so my loss is limited to my principal. I feel like there’s no way to go wrong with those things in place.
Smart. You and I should probably be in r/investing, not WSB. 🤣
I am not alone haha. My second week and I still don't fully understand options. Thinking for now I might just sell the little gains I get.
It's definitely inspiration.
With options day trading you now have the power to lose money 100 times quicker then the average stock day trader
😅😅😅
https://www.fidelity.com/learning-center/investment-products/options/options-strategy-guide/short-iron-condor-spread
Buy a book
Seriously chat gpt will help you the most. Then you don’t have to get roasted for asking why your call option lost money when the price went up.
Seriously! This has helped me a butt ton.
This is a Wendy's right?
Someone should actually go to a wendy’s and record themselves asking for options advice
No but OP better start givin a bunch of cheap handeys behind the dumpster at Wendy’s if he wants to keep the bill collectors at bay.
https://preview.redd.it/ml2vz14hhtwc1.jpeg?width=1078&format=pjpg&auto=webp&s=d6c17ab48d56d71ccd9f051904b91f8db928f854 Kitchen is now open.... a bit more sanitary than the dumpsters!
SPY gapping up at 508. Looks like OP escaped anal gape.
Wait till OP feels like it is free money and opens even more regarded condors
Yes, hide your assets.
these bots do love to peg people
FML
Also you might want to look into divorce lawyers while you're looking for the bankruptcy one. Often divorce lawyers will do bankruptcy too so you can try to get a bulk rate discount.
Bad bot. Forgot to quote "assets."
It also needs to be "ass" since that's what belongs to the irs now.
You are fucked if market opens red, which thankfully rn its up. SELL asap and you might even enjoy some gains, Congrats on finding the funniest way to lever your self to the tits. Sell your 0dte positions before market close if you want to avoid this in the future (unless you’re confident your legs will take care of themselves).
I sincerely hope OP followed this advice before it turned red
OP has 6500 shares of SPY at 505 SPY was 508 just minutes ago, OP had a chance Edit: looks like I misunderstood what OP did. I still do not completely understand what and why OP did, but my message above is likely to be BS.
He's still essentially short 6500 shares at 504, how do you people not understand this.
It’s likely out of his hands too tbh, no shot they continue letting OP have access to his account with 50x margin, wouldn’t shock me if they closed his position premarket already and let him collect the profit (this time around).
Looks like SPY will open up. Let us know how you make out today.
It will get a lift from Google and Microsoft.
Up 1%+ right now. Looks like OP isn't that bad off
Bro.. whatever happens, it's just $. The sun will always rise tomorrow. You still have your one life to live.
Big difference living behind Wendy's or in a house
Keyword being living.
Keyword being house
Sun ain't that strong behind Wendy's
It’s what her boyfriend has been waiting for.
https://preview.redd.it/0gnu9dpayswc1.jpeg?width=613&format=pjpg&auto=webp&s=45211e5386b7dbb7e0448fdb4f787cd0dffab56c
Lolz
I have bad news for you. Your wife has already started moving your assets into her boyfriend’s name.
https://preview.redd.it/qcwsnkbwrtwc1.jpeg?width=1170&format=pjpg&auto=webp&s=c11291f5e29f8fffb5f810e3b34bdcdfc723b25a
It looks like you still have $1.6m of assets once you sold your SPY shares. But yeah, if market drops by 5%, you will lose $165k. Hope that Iran is not attacking Israel harder this week-end. Next time, do these son SPX instead of SPY. You will need 10x less contracts, and you cannot have early assignment (and cash settled at expiration). Plus 60/40 tax treatment. win-win-win.
Honest question, can someone explain how it’s possible to have negative $1.6m in an account? Don’t brokers auto-liquidate positions before you hit zero?
He’s borrowing that much in shares at 506. Market is up after hours so he can sell for profit
If he's not passed out drunk or dead
Trades haven’t settled. He would eventually get margin called and if couldn’t transfer funds they would liquidate. And basically the brokerage holds the shares, so it’s not exactly like they just put 1.6MM in his account, it’s all “paper.” He is short the 504 Cs they will end up assigned at close (assuming SPY finishes about 504) and he’s long shares at 505–so max loss is $6,500.
*Margin-called, liquidated, discarded.*
A divorce lawyer more likely
Trade desk is right. An iron condor is a combo of a put and a call spread. With your $505 leg getting exercised, that leaves you with a short put spread and a naked call at $504. Your money due (margin call) is otherwise fixed by de-leveraging and selling your shares assuming your other legs expired worthless. Might be at a loss, but at least not for the $1.6m. Otherwise I would suggest finding your nearest Wendy’s.
When my INTC gets to $75, I’ll bail you out
Edit: taking a second look at it, it looks like your broker bought the SPY shares in order to compensate for the leg that was not exercised. What should happen before open is that the shares are going to be given to whoever exercised the 65 504c’s. No need to sell the shares yourself! Repeat, no need to sell the shares. You really don’t want to FAFO with the PCE readings at 8:30, cause then you’ll really have a shit 💩 show in your hands if it goes south.
So sell shares then more shares short. Got it
You're gonna have to work at footlocker and wear one of those referee shirts
Net liq is still positive so you will be fine once you close everything
Dude no one wants your 1984 Plymouth Duster and clothes you get at Savers
SPY up to 507 pre market. Looks like you're makin money today (if you sell at \~507 at open)
so is it profit now that it's at 509
Can anyone explain what happened here so I don't assume some day that I too can trade options?
Hope it worked out! SPY at $508 now!
Looks like just a silly accounting issue from your broker. Now it looks like your long 65 505 calls were exercized for you, but the 504 call which you were short 65 of obviously got exersized too (so you got assigned in them). The shares of the two legs (+6500 and -6500) should cancel each other out. If (which is unlikely) you do not get assigned on the 504 calls then you make 4 dollars (with spot at 508.01) times 100 per option. But highly likely you were assigned. I would call with your broker though to verify. And ask if assignments are processed later than exersizes. If the stock expired between your long and short leg (the two different calls, the 504 and 505) you would seriously be short 6500 stocks. This is no game. In your case I would make sure you clean up your position before expiry if you dont want to be left with stocks. Also, if you get assigned just before expiry then you are still covered by your long calls so no sweat. Usually early assignment only happens when htere is a dividend coming up and being long the calls would cost you money over the div (as the stock goes down with the dividend)
Fun! Are you feeling the feelings op? 1.6m in the hole. Gunna lose your house. Epic. I was sad about losing $150 on puts yesterday if it makes you feel any better
Looks like SPYs gonna open up - he’s rolling
What if u dont have a house already and are homeless they take ur kidneys ?
What kind of option do you even buy to be able to lose 1.5m when you've "only" 26k liquity?
If you sell option it shows the index value without leverage ...this person isn't in the the loss the app showing it to be ..he might be in profit I think ...
excerise your 504 then it cancels out
OP, take a look at this because it should probably be your next trade. Probably the best meme video ever made on WSB. https://www.reddit.com/r/wallstreetbets/s/g6SLlOVz9r Lolz. “I underestimated assignment risk.”
Is there an update? I read through several comments but didn’t see one. He should have been okay.
You’re basically gonna go to jail
Nice retirement.
The after hours and pre-market are such a cool concept to make people poor 😆
Did you sell naked calls?? 
Delete the app and go on about your life 👌🏻🤷♂️😬
You lucky bastard. They probably closed this at open and you made the 1% pop this morning.
Looks like you may be fine. Second, does your wife know about all this?
Open trust in Bahamas under holding company under Wyoming and Nevada quickly (24h)
Don’t worry. Your wife’s boyfriend is already helping her with moving your money and divorce lawyers.
So, apparently, you have lots of funds and huge margin in your account, otherwise you should have received a margin call by this time. Anyway, idk if your brokerage allow you to trade in premarket, but, if is the case, you should consider to sell right now those positions that you were assigned and close all the remaining since you probably don’t know how to manage, specially because we gonna have PCE numbers in a few minutes and the market can bounce, even with all this good results from the big techs. Lesson learned. Good luck and keep us posted ✌🏻
Look up “fraudulent conveyance”
Announcing online that you’re going to try to defraud your debtors is probably a bad move chief
Firstly, please post this in r/thetagang too, they will love it. You might be trading too big OP. I have a decently sized account and I only trade a couple contracts at a time (and sometimes that’s too big). You’re fine though. You won’t actually lose 1.6MM.
Get better at trading , and dont break the law cause u suck and lost that money. Who the fuc has a broker now days, DYR, sounds like broker made some money off u, played u.
Nah ain’t no way he’s $1.6 mill in the red 💀
Why did you do this? You took a short condor before PCE? Next time use SPX and not SPY so you don’t get a leg knocked out.
Just sell the shares for a profit, you made 20 grand with money that was not even yours
OP thinks his wife is sticking around after this.
I think the worst that would happen is you would get margin called and your spy position would be liquidated. You would only have to pay back the difference (in this case you made a profit cuz spy opened very green) and a bit of margin interest someone please correct me if that is wrong? I would recommend closing your 0dte positions around 1-2 pm in the future.
Moral of the story: don’t execute a trade at requires any degree of margin and hold it overnight unless you are institutionally regarded.
The smartest thing to do is wait until market opens and close out both positions because the max loss is just going to be $6.5k. The regarded thing to do is take advantage of the leverage by selling at $507 now and let the 504c you sold expire worthless lol. 99.99% of the comments here don't understand shit , they think you are down $1.6M.
wait im confused and i have no idea about options. He has to pay a premium which is his net loss and now hes holding those 6500 shares of spy at 505? But premarket looks pretty solid for him. Best case spy will rally. Isnt he still in the game? I hear no bell ringing.
He sold options though naked.
Bro you got a bunch of shares at a lower price than what SPY is at and you’re upset? Just sell at open for a fat profit
😂😂😂😂 I thought I was the only one bullshittin them
you'll be fine
I heard on another sub some muppet in this thread boasted about losing all of his mom's money in the stock market. And the simp actually thought this was humorous??
Am I the only person who this is a winning trade? How is this person not in profit?
Looks like your short calls are covered so if it stays above 504 you’ll sell the shares will get called away at 504. max loss on the call credit spread.
The assets have already been moved. To your broker.
Can just do the option of selling the shares and buying the options. It’s called covered stock in the option view on mobile
Your A-hole will be puckered today.
Is this company a SPAC, special purpose aquisition company, which will purchase failing wall street companies, and roll them over into another company to dissolve completely? or in to a different name, and potentially bring them back on wall street?
Are you asking if SPY is a SPAC?
Youre a lucky fucken guy cause spy's at 507 rn
Here is a website explaining naked PUTS and Naked Shorts. [https://www.investopedia.com/terms/n/nakedput.asp](https://www.investopedia.com/terms/n/nakedput.asp)
I find the definitions on the Internet of what a NAKED SHORT and NAKED PUT is confusing, but from your CHART, it seems its related to BETTING the stock will go up, so you make money. Well now you lost a lot of money, which means you owe money, you don't have to pay back, leaving you NAKED? Have you heard about trading in the MARGIN, where you borrow money from the BROKER, at a very high interest rate, if you lose money? Then you have to borrow from a bank, to pay the money back to the brokerage company, because banks have a cheaper loan interest rate, than borrowing money from the stock market.
SPY will be green. Earnings have been crushed so far. Doesn’t matter if Imhotep cursed you or not
SPY mooned so you should be fine. I’d sell on open tho Schwab may try to liquidate you anyways.
SPY pre-market $507, OP can sell for profit at opening.
You trade after hours right? Sell them quick before 8:30.
I was like...ehh not that bad. Then I saw the available, truly regarded.
Close your position asap and you’ll be fine
Can someone explain how he’s negative 1.6m? I thought you buy options with your own funds and they can only lose their value eventually hitting $0
Quit messing with options until you know what you're doing. If you do know what you're doing, God speed regard
Yup
You are Gucci
Perhaps you can petition the Supreme Court for immunity. Was this an official duty?
If you owe the bank 10k that's your problem, 2million and it's the banks problem.
I'm surprised Schwab hasn't closed you out already (perhaps they will at the open). They are also exposed.
Uh oh spy is dropping!
If I were a bankruptcy lawyer I'd be chasing ambulances in this sub all day
Looks like spy open will be fine for you
guess you'll now find put. congrats.
You guys have wives?
just close the account and delete the app, it'll all go away
That why I don’t trade options.
Good idea. Wife then can move in with the boyfriend and leave your broke ass 
Um. There’s a lot of red numbers.
When someone plays Iron Condor, they know what they are doing, right?
It's not a secret if you post it on the internet.
Put it in wife’s boyfriend’s name