HIG Reddit Mentions | ChartExchange

I am nor a trade advisor so what I say below is just what I would do in this situation and I am not implying that you should do the same . I am not liable for any losses so trade at your own risk.
It is always unfortunate that we run into these situations at time, and it requires patience and perseverance to manage the trade and hopefully claw back to break even.
Having said that, I do not know if you sell covered calls, but you can use that to reduce your cost basis over time and . The only problem is that you have to pick the right strike so that you do not get assigned. You can start with a few of those positions to test the waters if you prefer. The link below shows how I pick strikes to sell covered calls based on Volume profiles (POC/VAL\_HIG/VAL\_LOw that have helped me reduce (not eliminate completely) the risk of getting assigned. This will help you make an informed decision.
[https://www.reddit.com/r/options/comments/1u3qbv1/picking\_option\_strikes\_based\_on\_delta\_is\_not/](https://www.reddit.com/r/options/comments/1u3qbv1/picking_option_strikes_based_on_delta_is_not/)
Here is what I would do:
Your portfolio -
1100 shares at avg cost $73.3
Safest best - Sell December $75 Covered call (Note - is is above above your cost basis) for $1.74
You get $1914 upfront and your cost basis reduces to $71.56
If SLV does not hit 75, the calls expire worthless and you can write a new call three months out again above $72 strike to lower your cost basis. If SLV hits $75 suddenly and you get assigned , they will take your shares at $75 and you will come out head with a net profit of $3784 at expiry.
https://preview.redd.it/crdqqn4897ch1.png?width=597&format=png&auto=webp&s=06042123b0884a38f162ccee90b99f3ab0f382fc

Your wife's portfolio:
800 shares at avg cost $70.69
Safest best - Sell December $71 Covered call (Note - is is above above your cost basis) for $2.12
You get $1696 upfront and your cost basis reduces to $68.57
If SLV does not hit 71, the calls expire worthless and you can write a new call three months out again above $69 strike to lower your cost basis. If SLV hits $71 suddenly and you get assigned , they will take your shares at $71 and you will come out head with a net profit of $1944 at expiry. (Reddit will not allow me to add a new screenshot for her trade.
The only catch is that is SLV suddenly took off, your capital is stuck till expiry in December when they get assigned or if silver continues to fall... And it might take a bit to recover, but all is not lost.
You can DM me if you have any questions on the post or the mechanics of it.
All the best