It’s the first Friday expiration and it’s been excellent for selling premium – not so good for holding a deep ITM Call.
Had I held 100 shares of long stock, I would have lost $402 (Purchase Price: $323.10 – Closing Price: $319.08 = 4.02 x 100 shares = <$402>)
Loss on 85 Delta Call
I bought the 85 Delta Call for $35.50 and it is currently worth $31.87 or a loss of <$363.20>.
Gain Selling Premium
Here’s where I did pretty good. I originally sold a short call for $1.04. The stock dropped and closed that option for $0.11 then sold another option for $0.76. Then I closed that option and sold an option expiring May 14 for $1.21 that was worth $1.02 at close of business on Friday. This made my profit on the shorts $188.00
If you take the loss of $363.20 on the long option and add the gain of $188,00a that came from selling premium, I netted a loss of <-175.20>. Half of the loss I would have hand holding long stock.