I have a friend who once lost money for half a year due to buying options. Until he realized the strategy of 'dual-track harvesting of time value': 👇💪
✅ Sell Current Month Call: Harvest high decay of time value (monthly profit of 1%);
✅ Buy Next Quarter Call: Bet on trends with low cost, roll over positions to counteract time decay.
Today, we will break down this 'lying win' methodology using real trading delivery orders!
1. The Painful Lessons of Old Strategies: Why Did I Lose 82% of My Capital?
When I was obsessed with 'betting on short-term wealth', the market gave me four slaps:
Blood and Tears Awakening:
"Current month options are the meat grinder for retail investors!" Time decay (Theta) accelerates 15 days before expiration (daily loss of 3%-5%), even if the direction is correct, you still lose money.
2. New Strategy: Dual-Track Harvesting of Time Value (Real Trading Half-Year Profit 1582 Yuan)
Core Logic:
Sellers earn 'fast money' (high time decay of current month Call) + Buyers bet on 'slow money' (low loss of next quarter Call + trend dividends)
1. Seller Leg: Sell Current Month Call (Harvester)
Operation:
At the beginning of each month, sell out-of-the-money Call (strike price = current price × 1.15), earning high decay premium.
2. Buyer Leg: Buy Next Quarter Call (Insurance + Trend Bet)
Operation:
Buy next quarter Call with a maturity of 3-6 months, roll over positions immediately when the new contract is listed, always maintain a time buffer.
Advantages:
Time loss reduced by 60%: Next quarter contract's daily Theta loss ≈ 0.5%, far lower than the current month's 3%;
Enhanced trend capturing ability: Buy Sci-Tech Innovation Board 50 next quarter Call in April 2025, fully benefit from the rebound in June (offset short-term losses of 10);
No change in capital occupation: Same position as buying the current month contract, with a better risk-reward ratio.
3. Real Trading Operation Template
Step 1: Open Positions at the Beginning of Each Month
Sell Current Month Call (Fast Money Leg):
Underlying Asset: Focus on Sci-Tech Innovation Board 50 ETF (588080) (more stable premium)
Strike Price: Current Price × 1.15 (e.g., if current price is 2.0 yuan → sell 2.3 yuan Call)
Position: 80% of funds
Buy Next Quarter Call (Slow Money Leg):
Underlying Asset: Growth Enterprise Market ETF or Sci-Tech Innovation Board 50 ETF
Strike Price: Choose at-the-money or slightly out-of-the-money (e.g., Delta ≈ 0.6)
Position: 20% of funds
Step 2: Position Management
Next Quarter Call Roll Over: On the day the new contract is listed (e.g., if the contract is listed in early July for October), close old positions and open new ones;
Case Demonstration (June 2025 Operation):
Sell Sci-Tech Innovation Board 50 ETF June 1250 Call (strike price 1.25 yuan, current price 1.08 yuan), premium income of 44 yuan;
Buy Growth Enterprise Market ETF September 2200 Call (next quarter contract), cost 90 yuan, hold until July and roll over to December contract.
Conclusion: Survival Rules for Retail Investors in Options
"When I stopped 'betting on direction' and started 'selling time': current month Call is the salary of a worker - paid monthly, next quarter Call is the year-end bonus - waiting quietly for the bloom."