Exits, 8/15/2025
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 Products
None
Options
Call spread on Super Micro Computer (SMCI 0.22%↑). Entered at a net debit of $0.15 on 11/8/2025; expired worthless on 8/15/2025. Loss: 100%.
Call spread on Progressive (PGR -2.07%↓). Entered at a net debit of $1.45 on 1/27/2025; expired worthless on 8/15/2025. Loss: 100%.
Calls on TAL Education Group (TAL -0.18%↓). Bought for $1.35 on 3/24/2025; expired worthless on 8/15/2025. Loss: 100%.
Call spread on Upstart Holdings ( UPST 0.47%↑ ). Entered at a net debit of $4.95 on 7/7/2025; expired worthless on 8/15/2025. Loss: 100%.
Call spread on Oscar Health (OSCR 2.83%↑). Entered at a net debit of $0.85 on 7/2/2025; expired worthless on 8/15/2025. Loss: 100%.
Puts on Nike (NKE 0.12%↑). Bought for $2.50 on 4/11/2025; expired worthless on 8/15/2025. Loss: 100%.
Calls on Centrus Energy (LEU -2.67%↓). Bought for $0.98 on 8/13/2025; expired worthless on 8/15/2025. Loss: 100%.
Call on Hims & Hers Health (HIMS 0.54%↑). Bought for $5.60 on 6/9/2025; expired worthless on 8/15/2025. Loss: 100%.
Call spread on Carpenter Technology (CRS -0.44%↓). Entered at a net debit of $4.60 on 7/10/2025; expired worthless on 8/15/2025. Loss: 100%.
Puts on Hallador Energy (HNRG -5.43%↓). Bought for $1.95 on 4/29/2025; sold for $0.05 on 8/15/2025. Loss: 97%.
Call spread on Oscar Health ( OSCR 3.07%↑ ). Entered at a net debit of $1.35 on 7/7/2025; exited at a net credit of $0.04 on 8/14/2025. Loss: 97%.
Call spread on Tempus AI (TEM 6.60%↑). Entered at a net debit of $4 on 6/12/2025; exited at a net credit of $0.63 on 8/14/2025. Loss: 84%.
Calls on Hallador Energy (HNRG -5.60%↓). Bought for $1.80 on 4/29/2025; sold for $0.50 on 8/15/2025. Loss: 72%.
Put on Hinge Health ( HNGE 2.11%↑). Sold for $4 on 6/30/2025; expired worthless on 8/15/2025. Profit: 10%.
Call on Opera (OPRA 6.56%↑). Bought for $1.66 as part of a risk-reversal on 8/15/2025; sold for $2.10 on 8/15/2025. Profit: 27%.
Puts on Algoma Steel Group (ASTL 1.19%↑). Bought for $1 on 5/6/2025; sold for $1.34 on 8/14/2025. Profit: 34%.
Call spread on Esco Technologies (ESE -2.44%↓). Entered at a net debit of $4.70 on 6/11/2025; exited at a net credit of $6 on 8/12/2025. Profit: 28%.
Puts on Ouster (OUST 11.01%↑). Sold for $3.77 as part of a risk-reversal on 6/25/2025; bought-to-close for $0.91 on 8/14/2025. Profit: 76%1
Put spread on Esco Technologies (ESE -2.44%↓). Entered at a net credit of $3.12 on 8/6/2025; exited at a net debit of $0.20 on 8/12/2025. Profit: 94%2
Calls on Ouster (OUST 11.01%↑). Bought for $4.50 as part of a risk-reversal on 6/25/2025; sold (half) for $10 on 8/14/2025. Profit: 122%
Profit on spread premium; 18% profit on max risk (i.e., if the OUST puts had been exercised and the stock went to $0).
Profit on spread premium; 42% profit on max risk (spread width).
Comments
Stocks or Exchange Traded Products
No exits this week. You can see the most recent performance for our top names below.
Options
Today was the big options expiration date for the month, so as usual, our losses collect on big opex days (since we usually exit winners before expiration). This one included losers from as far back as last November. That one in particular, a call spread on Super Micro Computer (SMCI 0.22%↑), I could have exited for a profit of ~400% earlier this month. That I didn’t exit the trade for such a large gain before the company reported earnings on August 5th was a huge, embarrassing mistake on my part. I hope some of my subscribers did manage exit it earlier for a profit.
One thing that I think will improve our win rate and returns going forward is incorporating more put selling in our trade structures, as we have been doing recently.
If You Want To Add Downside Protection
As a reminder, you can do so using the Portfolio Armor website or iPhone app.
