Exits, 11/21/2025
How we did on the trades we exited this week.
This Week’s Trade Exits
As soon as I exit a trade, I note that in the comments of the post where I first mentioned the trade; at the end of the week, I try to track them all in one post. Starting in July, 2024, I have also been tracking them in this spreadsheet. These are the trades I exited this week.
Stocks or Exchange Traded Product.
None
Options
Put spread on ClearPoint Neuro (CLPT). Entered at a net credit of $3.30 as part of a 3-leg combo on 9/26/2025; effectively exited on 11/18/2025 via assignment of the $20 put and exercise of the $17.50 put.
Loss: 100% of max risk (152% of premium collected).Bear put spread on TFI International (TFII).
Entered at a net debit of $1.50 on 5/5/2025; expired worthless on 11/21/2025.
Loss: 100% of premium paid (100% of max risk).Put spread on Twist Bioscience (TWST). Entered at a net credit of $2.74 as part of a 3-leg combo on 10/3/2025; effectively exited on 11/19/2025 via assignment of the $35 put and exercise of the $30 put.
Loss: 100% of max risk (82% of premium collected).Put spread on AirSculpt Technologies (AIRS). Entered at a net credit of $0.80 as part of a 3-leg combo on 11/6/2025; effectively exited on 11/21/2025 via assignment of the $8 put and exercise of the $6 put.
Loss: 100% of max risk (−150% of premium collected).4-leg combo on MP Materials (MP).
Entered at a net debit of $1.25 on 8/14/2025; effectively exited on 11/21/2025 via assignment of the $80 put and exercise of the $75 put, with the call spread expiring worthless.
Loss: 100% of max risk (500% of premium paid).Put spread on Cognex (CGNX). Entered at a net credit of $1.68 as part of a 4-leg combo on 10/10/2025; expired in the money at full width on 11/21/2025.
Loss: 100% of max risk (198% of premium collected).4-leg combo on Carvana (CVNA). Entered at a net credit of $2.70 on 9/4/2024; the call spread expired worthless, and the put spread was assigned and exercised at full width on 11/21/2025.
Loss: 100% of max risk (270% of premium collected).4-leg combo on Sezzle (SEZL).
Entered at a net debit of $0.75 on 8/14/2025; exited the put spread at a net debit of $4.90 on 11/14/2025, and the call spread expired worthless on 11/21/2025.
Loss: 97% of max risk (753% of premium paid).Put spread on AirSculpt Technologies (AIRS). Entered at a net credit of $0.80 as part of a 3-leg combo on 11/6/2025; exited at a net debit of $1.95 on 11/21/2025.
Loss: 96% of max risk (144% of premium collected).4-leg combo on GE Vernova (GEV). Entered at a net credit of $2.30 on 8/29/2025; exited the call spread at a net credit of $0.03 on 11/21/2025, and the put spread expired in the money at full width via assignment and exercise.
Loss: 97% of max risk (333% of premium collected).4-leg combo on Unity Software (U).
Entered at a net debit of $1.20 on 9/15/2025; exited the put spread at a net debit of $3.10 on 11/21/2025, and the call spread expired worthless.
Loss: 82% of max risk (358% of premium paid).Put spread on LightPath Technologies (LPTH). Entered at a net credit of $0.38 as part of a 3-leg combo on 11/4/2025; exited at a net debit of $1.25 on 11/21/2025.
Loss: 77% of max risk (429% of premium collected).Put spread on Twist Bioscience (TWST). Entered at a net credit of $2.83 as part of a 3-leg combo on 10/28/2025; exited at a net debit of $4.20 on 11/21/2025.
Loss: 63% of max risk (48% of premium collected).Put spread on Hyliion Holdings (HYLN). Entered at a net credit of $0.14 as part of a 3-leg combo on 10/7/2025; expired in the money with a final value of $0.33 on 11/21/2025.
Loss: 53% of max risk (136% of premium collected).Put spread on Opendoor Technologies (OPEN). Entered at a net credit of $1.15 as part of a 3-leg combo on 9/23/2025; exited at a net debit of $1.60 on 11/21/2025.
Loss: 53% of max risk (39% of premium collected).Put spread on ClearPoint Neuro (CLPT). Entered at a net credit of $0.95 as part of a 3-leg combo on 11/3/2025; effectively exited on 11/21/2025 via assignment of the $15 strike put and sale of the shares at $13.85, with the $12.50 strike put expiring worthless.
Loss: 13% of max risk (21% of premium collected).4-leg combo on Ouster (OUST). Entered at a net credit of $0.55 on 8/20/2025;
4-leg combo on Federal Signal (FSS). Entered at a net debit of $1 on 9/24/2025; put spread assigned/exercised and call spread expired worthless on 11/20/2025; call spread expired worthless on 11/21/2025. Loss: 100% of max risk (-600% of premium collected).
4-leg combo on Futu Holdings (FUTU). Entered at a net debit of $0.85 on 9/10/2025; the call spread expired worthless, and the put spread was assigned and exercised at full width on 11/21/2025.
Loss: 100% of max risk (688% of premium paid).Calls on iShares Ethereum Trust (ETHA). Bought for $2.50 on 7/28/2025; expired worthless on 11/21/2025.
Loss: 100%.
Put spread on Littelfuse (LFUS). Entered at a net credit of $3.30 as part of a 4-leg combo on 10/13/2025; the put spread was assigned and exercised at full width on 11/21/2025.
Loss: 100% of max risk (203% of premium collected).Put spread on Cognex (CGNX). Entered at a net credit of $1.68 as part of a 4-leg combo on 10/10/2025; exited at a net debit of $
Put spread on Power Solutions International (PSIX). Entered at a net credit of $5.15 as part of a 4-leg combo on 10/31/2025; expired at full width at $5.00 on 11/21/2025.
Profit: 3% of premium collected.Put spread on Rush Street Interactive (RSI). Entered at a net credit of $0.74 as part of a 3-leg combo on 10/8/2025; exited at a net debit of $0.20 on 11/20/2025. Profit: 73% on premium collected (~20% on max risk).
Put spread on Vnet Group (VNET). Entered at a net credit of $1.21 as part of a 3-leg combo on 10/14/2025; exited at a net debit of $0.20 on 11/20/2025.
Profit: 83% of premium collected (128% of max risk).Put spread on Dycom Industries (DY). Entered at a net credit of $3.91 as part of a 4-leg combo on 11/3/2025; exited at a net debit of $0.20 on 11/19/2025.
Profit: 95% on premium collected (~61% on max risk).
Calls on Commscope (COMM). Bought for $1.51 as part of a 3-leg combo on 9/26/2025; sold (half) for $3 on 11/20/2025.
Profit: 99%.
Call on Astera Labs (ALAB). Entered at a net credit of $2.65 as part of a 4-leg combo on 9/24/2025; expired worthless on 11/21/2025.
Profit: 100% of premium collected.Calls on Nurix Therapeutics (NRIX). Bought for $2.00 as part of a diagonal risk-reversal on 10/6/2025; sold (half) for $5.00 on 11/20/2025.
Profit: 150%.
4-leg combo on Gigacloud Technology (GCT). Entered at a net debit of $0.73 on 9/23/2025; exited the put spread at a net debit of $0.20 on 11/19/2025, and exited the call spread at a net credit of $4.00 on 11/21/2025.
Profit: 421% of premium paid (52% of max risk).4-leg combo on Argan (AGX).
Entered at a net debit of $0.45 on 9/11/2025; exited the put spread at a net debit of $0.30 on 11/12/2025, and exited the call spread at a net credit of $8.00 on 11/19/2025.
Profit: 1,611% (132% on max risk).
Note: a few trades are missing here, because Fidelity failed to exercise ITM options at expiration, and I have to straighten that out with them on Monday.
Comments
Stocks or Exchange Traded Product.
No exits this week, as I haven’t followed our basic strategy (formerly known as our core strategy) of buying shares of PA top names in a while, but have been placing options trades on them instead. Nevertheless, our top names have continued their strong performance, as you can see in last night’s update.
Options
This was the big OpEx date for the month, and as usual, our losses collect on big OpEx days (since we usually exit winners before expiration). This OpEx also happened during a huge momentum correction. My main mistake here was having too many trades expiring this week. That makes us more vulnerable to corrections (and also makes it much more time consuming for me to account for trades at expiration). Going forward, I will aim to increase our “temporal diversification”, as I noted in today’s trade alert.
