October 1, US Eastern. Two buyback clicks.
10:39 AM ET: NOK Oct 2 $10 puts ×5, filled at $0.05. 11:34: RGTI Oct 9 $18 calls ×2, filled at $0.10. Combined net banked: +$129.78.
One leg came from the first tier of the September 22 three-tier put sale (expiry 10/2). The other was the covered call sitting on the RGTI shares (expiry 10/9 — and its own “T-7 review line” also lands on 10/2). The board in front of NFP night got cleared in one pass.
1. The Ledger First
📒 Ledger detail (click to expand)
| Time (ET) | Contract | Action | Qty | Sold avg | Buyback | All-in cost | Realized |
|---|---|---|---|---|---|---|---|
| 10:39 | NOK OCT 2 ‘26 10P | Buyback | 5 | $0.18 | $0.05 | -$27.36 | +$58.64 |
| 11:34 | RGTI OCT 9 ‘26 18C | Buyback | 2 | $0.47 | $0.10 | -$21.49 | +$71.14 |
| Total | -$48.85 | +$129.78 |
Basis: both per TWS settlement (all-in, both sides); combined commissions & fees of $9.22 derived from the settlement figures — down to the penny. The RGTI leg was opened 9/17 via two single-contract fills at $0.47 (PHLX).
The full life of each leg:
| Item | NOK 10P Oct 2 | RGTI 18C Oct 9 |
|---|---|---|
| Sold / bought back | $0.18 → $0.05 | $0.47 → $0.10 |
| Gross profit | +$65.00 | +$74.00 |
| Net banked | +$58.64 (65.2% of $90 nominal) | +$71.14 (75.7% of $94 nominal) |
| Buyback / sale price | 27.8% | 21.3% |
2. Why Now: Taking Tomorrow’s Answers Off the Table
- Both residuals had thinned to 27.8% and 21.3%. The entire remaining potential is $25 and $20 respectively. A seller realizes profit not by “waiting it out,” but through one comparison: is the residual still worth the risk budget it occupies? Both legs answered “no.”
- The calendar stacked both review points onto 10/2. NOK expires on NFP night itself (8:30 AM ET / 20:30 Beijing); the RGTI call’s T-7 review line lands on the same date. And the tape already ran one rehearsal: hours before the buyback, NOK dipped to $9.95 — one layer of sentiment off the $10 strike — before rallying back above $10.3. Rather than babysit two answers tomorrow, take both off the table tonight.
- Each buyback handed something back. The NOK leg released about $1,378 of maintenance margin (TWS whatIf); the RGTI covered call held no extra option margin (stated for honesty) — what it released was different: discretion over the shares. With the call gone, the 200 RGTI shares are a free hand again. After both, the account’s maintenance margin reading sits at $6,095, roughly 63% of net liq — right direction, still above the 50% safety line; reduce-only discipline continues (that honesty belongs to the account itself).
3. The $48.85 Price of Leaving Early
Combined all-in buyback cost: $48.85 ($27.36 + $21.49) — that is the distance from “theoretical max” to “banked today”: NOK gave up $27.36 ($25 residual + $2.36 fees); RGTI gave up $21.49 ($20 residual + $1.49 fees).
$48.85 buys three things: $1,378 of margin freed a day early, one data release that no longer needs attending, and full discretion over 200 shares. The bill is mine to pay — because the more expensive scripts (NOK opening south of $10, or a one-night quantum squeeze) were never mine to write.
4. The Board: One Leg Closed, One Stock Unshackled
Three lease signboards went up on September 22. The first one has officially been taken down:
| Tier | Contract | Status |
|---|---|---|
| First | 10P OCT 2 ×5 | ✅ Sold $0.18 → bought back $0.05, banked +$58.64 |
| Second | 10P OCT 9 ×5 | Collecting rent — next decision point 10/9 |
| Third | 9.5P OCT 23 ×5 | Straddles 10/22 earnings → handle before earnings |
The full Nokia board now reads:
| Leg | Expiry | Status |
|---|---|---|
| 10P OCT 9 ×5 | 10/9 | Collecting rent, next decision point |
| 9.5P OCT 23 ×5 | 10/23 | Straddles 10/22 earnings → handle before it |
| 12C OCT 23 ×5 | 10/23 | Earnings-straddling call, management line 10/15 |
| LEAP 10C JUN’27 ×20 | 2027-06 | Base position, untouched |
RGTI, meanwhile, is back to a pure stock position (200 shares): no obligations overhead — and the next questions, whether to re-sell calls for the next cycle and when the trim condition triggers, go back to price doing the talking.
By the morning of October 2, there is not a single leg in the account waiting on an answer. When the NFP number lands, neither Nokia nor RGTI is on my to-do list; the next card sits on the October 9 page of the calendar.
A seller’s log rarely has dramatic entries. More often it looks like this: late night, prices settled, residuals thinned out, two clicks — and two half-written leases redeemed ahead of term.
$48.85 paid: $1,378 of margin freed, one data release that no longer needs attending, and a stock handed back its full discretion. The board is clean — next hand, on the calendar.
Trade journal · part of the September NOK short-leg series with the three-leg put sale, the 11C buyback, and the crash-day double buyback.