We recently doubled up our position size in PYPL on the stock price decline. We are selling the position back down from 400 to 200 shares and buying back the lower of the two covered call positions (exiting the 47.50 strike). In addition to these exits, we are selling puts to potentially repurchase these shares at lower prices. The details are shown below: Sold: PYPL (200 of the 400 shares owned) at 46.79
Buy to close: PYPL April 17th (monthly) 47.50 strike calls
Debit: 2.65Sold to open: PYPL April 17th (monthly) 42.50 strike puts (2 contracts to replace the shares sold)
Credit: 1.16We are using this money received (PYPL short puts) along with some of our existing cash from selling options that hasn’t been used to buy a few more shares of stock as follows:
Bought 1 share of PANW at 164.18
Bought 2 shares of UBER at 75.37
Bought 1 share of CCJ at 111.41
Bought 1 share of ABNB at 133.41