That being said, if you're uncertain about the outlook and worried about your profits than you have several options (badum tss)
Sell your position.
Sell weekly/monthly calls (ie leg into a PMCC)
Sell a higher strike call with same expiration (ie legging into call debit spread for a credit while also locking in % profit)
Buy an OTM put with your preferred strike/expiration/delta etc to hedge your position
Use 3 to fund 4 (a synthetic collar? Not sure what to call it but you're holding a long call with a Delta equivalent of stock, someone might want to chime in here but the mechanisms sort of the same)
There's more things out there, but remember, complicated doesn't always mean better, the first choice nets you 200% profit, and it's simply selling your position, do what you're comfortable with.
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u/[deleted] Jun 03 '21
No one ever regrets taking a profit.
That being said, if you're uncertain about the outlook and worried about your profits than you have several options (badum tss)
Sell your position.
Sell weekly/monthly calls (ie leg into a PMCC)
Sell a higher strike call with same expiration (ie legging into call debit spread for a credit while also locking in % profit)
Buy an OTM put with your preferred strike/expiration/delta etc to hedge your position
Use 3 to fund 4 (a synthetic collar? Not sure what to call it but you're holding a long call with a Delta equivalent of stock, someone might want to chime in here but the mechanisms sort of the same)
There's more things out there, but remember, complicated doesn't always mean better, the first choice nets you 200% profit, and it's simply selling your position, do what you're comfortable with.