DELL, LRCX, ARM Screaming High IVR — Are These CSPs Worth the Risk?

$IREN CC $47 (exp 2026-08-28)

I rolled my IREN covered call out to the $47 strike expiring August 28th, collecting $2.24 in premium, and the mark-to-market on the call itself is slightly positive at +$15 — meaning the call has decayed a little in my favor. However, the unrealized P&L on the underlying shares is -$977, which is the real story here: IREN has been crushed, sitting below both its 200-day and 50-day SMA with RSI at 30 and a 30-day return of -19%. The covered call is doing its job of reducing my cost basis while I wait for a recovery, but I have to be honest — this is a position that requires patience and conviction in the long-term thesis.

A covered call doesn't fix a broken stock, but it does put time to work for you while you wait — consistent premium collection chips away at your cost basis every cycle.

$SPCX CSP $105 (exp 2026-08-21)

I sold the SPCX $105 CSP for $4.30 with IVR at 91% at entry — that's a high-IV entry by any measure, and the premium was attractive. Unfortunately, SPCX has earnings on August 4th, which I knew going in, but the position is now showing -$283 MTM and the stock has moved against me. This is a reminder that even with strong IVR, you have to respect earnings risk — and SPCX's price action since entry has been unfavorable.

High IVR at entry gives you a statistical edge, but it doesn't insulate you from directional moves — always know your earnings dates and size accordingly.

$IONQ CSP $45 (exp 2026-08-21)

This is my most painful open position right now — the IONQ $45 CSP is showing a -$1,006 MTM loss on just $1.20 of premium collected. IONQ has earnings on August 5th, which means the stock has been volatile and the put has gone deep in the money. I entered this one without noting IVR at entry, which is a discipline slip I'm owning publicly — always document your IVR so you can learn from each trade.

Never skip recording your IVR at entry — it's the single most important context data point for evaluating whether the premium you collected justified the risk you took.

$MARA CSP $11.5 (exp 2026-08-28)

I have 4 contracts on the MARA $11.5 CSP expiring August 28th, collecting $0.52 per contract, and the position is down -$272 MTM. MARA has earnings on August 6th, which adds binary risk to an already volatile crypto-correlated name — and the $0.52 premium on a $11.50 strike is a thin margin for that kind of risk. The 4-contract size amplifies the damage when things go wrong, and this is a case where I should have been more conservative on contract count given the earnings proximity.

On volatile, low-priced names near earnings, fewer contracts is almost always the right call — the premium looks juicy in percentage terms until the stock gaps 20% against you.

$RKLB CSP $75 (exp 2026-08-14)

The RKLB $75 CSP is my second-largest loser at -$1,065 MTM, and it's the position keeping me up at night. I collected $3.07 in premium on a $75 strike — which felt reasonable at the time — but RKLB has clearly moved significantly against me in a short period with only 15 DTE remaining. At this stage, I'm watching closely: with 15 DTE, theta is accelerating, and I'll need to decide soon whether to roll out and down or take the assignment if it stays below $75.

When a short-dated CSP goes deep ITM, your choices narrow fast — always have your roll or assignment plan defined before expiration pressure forces a rushed decision.

$GOLD CSP $40 (exp 2026-08-21)

This is my cleanest open position — the GOLD $40 CSP with IVR at 52% at entry and a small -$37 MTM loss. Gold miners have been relatively stable as the metal itself holds up, and $40 on GOLD feels like a reasonable support level. At 52% IVR, this wasn't a screaming premium opportunity, but sometimes a steady, boring trade in a stable sector is exactly what a portfolio needs to balance out the higher-beta chaos elsewhere.

Not every trade needs to be a high-IVR home run — a calm, well-placed CSP in a stable sector can act as an anchor when your more aggressive positions are under pressure.

$IREN CSP $47 (closed)

I closed the IREN $47 CSP that expired July 24th for a +$177 gain — a clean winner on a name I clearly have conviction in, since I stayed in it with a new covered call position. This closed trade is a good reminder that even in a stock that's been beaten down, well-placed short puts with elevated IVR can generate meaningful income while you wait. The +$177 helps offset some of the unrealized pain in the current IREN book.

Closing a profitable CSP and immediately transitioning to a covered call on the same name is the wheel in action — each leg builds on the last and compounds your cost basis reduction.