I sold it again for 0.55 (or $550). I didn't expect CL's +11 POINTS in a day. Now it's trading at 139 with the option value of about $1250 (or I'm losing -$700). With this pace, the CL can easily hit above 150 in a day or two. It expires in 10 days and the volatility is ridiculous. This is an absolute panic buying. I do not plan to exit the position. Either it gets expired worthless, or I get assigned.
If I do get assigned, I'll hold on to the short position for a possible profit of $500. If it does expire worthless, I'll make $550. Time is in my favor in this option or any option selling position. Each day it should lose its value about $100/day should CL doesn't move. If it drops, the time decay accelerates, then I'll consider an early exit.
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