Option Strategies: MNDY, SQ, PLTR& DDOG
Hello everyone! Today I want to share some option strategies with you!
1.
Just doing some maintenance optionselling trades today (rolling and swapping a few positions).
Took a trade on $Block(SQ)$ that might be interesting to some folks who follow it. Will post that trade soon.
Closed out the following trades:
- $Twilio(TWLO)$ Dec 15 45/35 put credit spread for profit
- $Datadog(DDOG)$ Dec 15 70/60 put credit spread for profit
- $Datadog(DDOG)$ Dec 15 115p for profit
- $Datadog(DDOG)$ Nov 10 102c rolled to Dec 15 110c and closed out 110c today for a slight loss, but then swapped it with $Trade Desk Inc.(TTD)$ Jun 21 45p to cover the premium buyback.
2.
Ticker: $Palantir Technologies Inc.(PLTR)$
Trade: Sell-to-open the Jan 19 2024 $30 calls
Rationale: PLTR has not seen 30 since Sept 2021, and more recently might find resistance at this 20 level again. That said, it could break through and continue grinding up, but no way to know just yet. Weekly chart looks like its flipping red to green and daily chart had a strong move today but might be topping out.
Disclaimer: We have a long position on PLTR, so we would happily welcome it hitting that 30 strike by Jan. !!
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Sold $Block(SQ)$ Dec 22 65 calls ...
Optionselling The 65 level is a level that we just don't see SQ hitting by December, but if it does we will be very happy since we have a long position. SQ looks to be topping off on this recent upwards move. Hopefully it grinds up overall between now and mid-December, but its current price action makes us think the fun is going to stall out for now.
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Earnings trade idea on $Monday.com Ltd.(MNDY)$
Earnings Release: Nov 13th before market open
Expected Move: 11.5%
Entry: Sell-to-open the Dec 15 expiration 105/100 strike put credit spread (or 110/105 if you want more premium and are okay with more risk). You could also play the Nov 17 expiration at those same strikes. The 108 level was a previous bottom from two earnings cycles ago, and the 110 or 105 put short strike positions us around 2X the expected move for the Nov 17 expiration.
Exit: Close out the trade if MNDY pumps up big post-earnings. If it dumps, then will keep the trade active to see how it plays out as it gets closer to expiration date. MNDY is a solid company, so wouldn't be too mad getting assigned a few shares at 110 or 105.
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