My Options Recap – Cashflow, Covered Calls & Expiry Plans (June 20)

With June 20 expiry just around the corner, I wanted to take a moment to walk through some of my open options positions — a mix of cash-secured puts and covered calls — that have been generating income and managing risk across market swings.

Some are deep in profit territory. Others are hovering near assignment. But overall, this strategy is doing exactly what it was designed to do: produce consistent cash flow while staying within my risk tolerance.

Let’s break them down one by one.

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🔻 SMCI $46 Put – High Premium, Still In Control

📅 Sold: Feb 26
💰 Credit Received: $7.40
📉 Current Stock Price: $44.44
📉 Current Option Price: $1.75
✅ Break-even: $38.60
📈 Today’s Return: +42.05%
📈 Total Profit So Far: $565
🎯 Total Return: +76.35%

This put is currently in-the-money , but still showing strong returns thanks to that juicy premium collected earlier in the year.

I’m totally fine taking assignment here — owning SMCI at an effective cost of $38.60 would be a great entry point. If it rallies before expiry, even better.

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✅ SMCX $40 Put – Nearly Max Profit

📅 Sold: [Date not specified]
💰 Credit Received: ~$4.00
📉 Current Option Price: $0.01
📉 Current SMCX Price: $42.09
🎯 Total Return: +99.44%

This one’s basically a done deal. The option is trading at just a penny, so I’ll likely see the entire premium as profit when it expires worthless.

A simple, clean win.

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🟠 SMCX $30 Covered Call – Deep ITM, Stock Ran Fast

📅 Sold: May 8
💰 Average Credit: $3.70
📉 Current Option Price: $12.00
📉 Current SMCX Price: $42.09
📉 Today’s Loss: -$210.00
📉 Total Return on Option Leg: -224.32%
🎯 Breakeven: $33.70

This is where things get interesting.

I sold a covered call on SMCX at the $30 strike back in early May. Since then, the stock has absolutely taken off — now trading at $42.09. That means my short call is deep in-the-money , and the option leg is showing a large paper loss.

But here's the key:

• I locked in $3.70/share in premium.
• My effective sale price is $33.70/share.
• Even though the call is losing money, the stock appreciation more than makes up for it .

💡 Bottom line: This position is still profitable overall — just not from the option side anymore.

📌 Plan: Let it get called away unless I want to roll to a higher strike or extend into next week/month.

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🔥 TSLL $9.70 Covered Calls (5 Contracts) – Huge Premium + Stock Surge

📅 Sold: May 16
💰 Credit Received per Contract: $5.92
📉 Current Stock Price: $12.40
📉 Current Option Price: $2.67
📉 Strike: $9.70
📈 Total Return: +54.90%
💸 Total Profit: $1,625
🎯 Effective Breakeven: $15.60

Now this is how you love to see a covered call play out.

Sold five contracts on TSLL at $9.70, collected a massive $5.92 in premium. Then the stock took off — now sitting at $12.40. While these calls are deep ITM, the upfront premium combined with the stock move made this a very profitable trade.

Even if assigned, this is a total win.

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💡 Key Takeaways

• Premium capture works , especially when selling during volatility spikes or ahead of earnings.
• Covered calls cap upside , but that tradeoff is worth it when you're happy owning the underlying.
• Don’t panic when trades go ITM — they’re only losses if you mismanage them.
• Always consider rolling if you want to stay long the stock and keep collecting income.

This is shaping up to be a textbook expiry week — some assignments incoming, but that’s part of the plan. Either way, I'm ready to adjust or collect and move forward.