This is one of those rare and beautiful opportunities to cash in on your massive options gains before the market opens.
I had 10 contracts of April 470 calls and 10 contracts of 490s. Your broker may tell you that there's nothing to do until the options market opens.
This is not true.
Since there will be zero time value (maybe even negative time value) left in these tomorrow, I exercised the options and sold the shares, netting about $80,000 in profits -- after the market close.
You probably need to speak to your broker's options specialist in order to do this without shorting (which would require a massive maintenance requirement).
At Ameritrade, options specialists are gone for the day -- but they can probably do this for you in the morning. At the very least, this is a strategy you should look into if you don't want to risk the fantastic gains you're sitting on.
Alternatively, if you have enough money in your account, you can short shares now and exercise the options tomorrow during the regular market hours to cover.
what's gonna happen tomorrow?
I don't know what's going to happen.I'm still not sure I understand what you're asking.The open interest is only an issue if the stock is at that strike.It looks like the stock will open somewhere between 520-530.That's where I remember it settling after hours.In that case the straddle will be parity with the calls,or somewhere from 20-30$.
Kenny would mine to share your opinion about $500 cals and puts? 16K against 8k. ratio is 100%. You they will kill this calls?
Gosh could you rephrase your question?I'm not sure I understand what you mean.