More Super Hot Cheat Code Action!!!

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Are you a short hedge fund, and you went a little too deep on the world’s only video gamer retail specialty shop? Are the banks taking a close look at your balance sheet, and you’re worried Marge Simpson is standing by, ready to make that call?

Don’t worry … there are lots of misvalued Puts on the market for your portfolio padding pleasure! Check out this little ditty:

r/Superstonk - More Super Hot Cheat Code Action!!!

Cheat code sounds like … beep-bop-boop! You’re rich!

This beauty has a current ask of only $.55, which will cost you only $55. Heck, you might even get this close to its theoretical value of $0. After all, the last time this sucker sold, it sold for $.05 (that’s only $5 in option pricing). So what’s that get you … well, as you can see from the screengrab above, that small investment lets you add $250 in value to your portfolio. Not bad at all for a Put that’s technically worthless, and practically worth nothing.

I’ve been posting about this shit for a few weeks now … when are they going to disable this cheat code?

For more serious DD and background:

More $BKNG Cheat Code Fuckery (at least seems like fuckery to me) from Superstonk

Is someone using the $BKNG Cheat Code Again? from Superstonk

Is it possible for an account to offset losses with mispriced Out-of-the-Money puts? from Superstonk

**Putting Out an APB on Mispriced, OTM Puts** from Superstonk

None of this is financial advice. Do your own due diligence and make your own investment decisions.

Edit #1: Just as has happened in the past, once I post about a specific Put and the post gets a little publicity, the Put pricing magically gets corrected. But if past experience in any indication of the future, come tomorrow (or especially on Friday), the carry values will be all fucked up and over-inflated again.

****I hope no one tries to buy these $BKNG Puts based on this post … UNLESS THERE IS AN EPIC MARKET CRASH (Down 40%+), THESE PUTS WILL EXPIRE WORTHLESS!****

Edit #2: So now I’m seeing comments about me not knowing how options work, and this post should be deleted, etc., etc. … so let me just put my response to those comments here:

First … ***THERE IS NO MONEY TO BE MADE HERE BECAUSE THESE PUTS ARE WORTHLESS***DO NOT BUY THEM***THERE IS NOTHING TO BE GAINED AND YOU WILL NOT BE ABLE TO PROFIT FROM THIS MISVALUING***

Second, the carry value of options should be the midway price point between the active bid/ask, as I hae pointed out several times. The problem is I have been consistently seeing (and documenting) carry values of $50+ on Puts that have a last price of $.05 ($5 per contract), and a bid/ask of $0/$.05. These should have a carry value of $2.50 (which is the contract price times 100 … so a bid/ask of $0/$.05 has a midway of $.025, and should have a carry value of $2.50).

A few weeks ago I had expired, way out of the money $BKNG puts that had a carry value of $1,000 each right up until the expiration on that Saturday. I have totally documented this in one of my previous posts. The carry value was wrong (based on the bid/ask) … it should have expired worth about $2.50 in carry value, not $1,000.

This is the problem I am trying to highlight. These are the facts … I raise them to the community only so we can have more people investigating this.

Edit #3: There’s a lot of “what does this have to do with $GME” chatter … this connects to GME by way of our friends at Citadel.

Thanks to u/taimpeng who identified the following (go to page 13 https://whalewisdom.com/stock/pcln)