Wheel tactics, straight from the desk
Hands-on playbooks for premium sellers: expirations, position sizing, rolling and repair — with concrete numbers, not vibes. Free while we build out the library.
Open Interest Is Not a Queue of Buyers
Sixty contracts can trade while open interest ends exactly where it started. For wheel sellers, outstanding positions are not a promise of liquidity or an easy exit.
At Expiration, the Closing Price Is Not Confirmation
Exercise-by-exception sets a default, not a guaranteed assignment outcome. One put example separates the closing price, the holder’s choice and the full cash payment if assigned.
Put Delta Is Not an Assignment Forecast
Delta estimates price sensitivity, not a promise about assignment. A −0.30 example separates a $30 price response from the full $5,000 purchase obligation.
AMZN wheel watch: $240 put, 8.5% cushion, 42 DTE
The September 4 snapshot illustrates an October 16 AMZN $240 put with $3.45 credit math and an 8.48% breakeven cushion. The historical three-month IV norm and confirmed earnings date are unavailable; this is not a fully qualified entry setup.
Wheel screen says wait: 3 PLTR puts need one more check
Three PLTR puts cleared the option mechanics, but the required stock confirmation was incomplete. No premium, cash reserve or entry ticket is published.
Wheel screen says wait: 5 TSLA puts need one more check
Five TSLA puts cleared the option mechanics, but the required stock confirmation was incomplete. No premium, cash reserve or entry ticket is published.
Wheel screen says wait: 5 MRVL puts still need a spot check
Six MRVL puts reached the first filter and five cleared the mechanics, but the required stock check was incomplete. No premium or entry ticket is published.
Wheel screen says wait: 0 of 24 names survive rotation
All 24 watchlist names appeared across the latest ten Tips, leaving zero fresh candidates. No ticker, contract or trade math is published from the 11:58 a.m. ET snapshot.
Wheel screen says wait: 0 puts clear the first filter
Five watchlist names remained eligible, but zero puts combined the required DTE, delta and open interest. No premium, breakeven or entry ticket is published from the 9:51 a.m. ET snapshot.
Wheel screen says wait: 3 puts stay above the 8% width cap
Three puts reached the first filter, but every quoted width stayed above 8%. No premium, breakeven, or entry ticket is published from the 9:50 a.m. ET snapshot.
Wheel screen says wait: 2 SPCX puts still need a spot check
Four puts reached the first filter and two SPCX lines cleared the mechanics, but the required spot check was incomplete. No premium or entry ticket is published.
Option Quotes Have Two Prices: Measure the Bid–Ask Spread
An option’s bid and ask can hide a large dollar gap inside an attractive premium. Convert the spread into dollars per contract before comparing wheel returns.
Wheel screen says wait: 10 puts miss the full gate
Ten puts reached the first filter, but none cleared the complete market gate. No premium or expected fill is published from the 9:50 a.m. ET snapshot.
Wheel screen says wait: 11 puts miss the spread gate
Eleven puts reached the first filter, but none kept the spread at or below 8% on both feeds. No premium or expected fill is published from the 9:52 a.m. ET snapshot.
Wheel screen says wait: 14 puts, 0 full-gate passes
Fourteen puts reached the first filter, but none cleared the full two-feed mechanical gate. No premium or expected fill is published from the 9:53 a.m. ET snapshot.
Wheel screen says wait: 1 line, 0 complete spot checks
One PLTR put cleared the mechanical option gates, but it lacked the complete independent spot confirmation required for entry math. No premium or expected fill is published from the 9:52 a.m. ET snapshot.
Wheel screen says wait: 2 lines, 0 complete spot checks
Two TSLA puts cleared the mechanical option gates, but neither had the complete independent spot confirmation required for entry math. No premium or expected fill is published from the 9:53 a.m. ET snapshot.
CRDO wheel watch: $200 put, 19.4% cushion, earnings inside
CRDO near $234.04 shows a Sep 18 $200 cash-secured put around $11.25 mid (5.62% in 30 days; ~68% annualized as comparison math) and breakeven $188.75 (~19.4% below spot). Sep 1 after-close earnings fall inside the window, so delta stays near the bottom of the house band on delayed public data.
Assigned Put Basis Is Strike Minus Premium
When a cash-secured put is assigned, the share cost basis is the strike less the premium already received—not the strike alone, and not the premium counted twice. One table walks the math with fees excluded.
Wheel screen says wait: 1 line, 0 complete spot checks
One put cleared the option gates, but none had a complete independent spot check for entry math. No premium or expected fill is published from the 9:54 a.m. ET snapshot.
Wheel screen says wait: 11 lines, 0 complete spot checks
Eleven put lines cleared the mechanical option gates, but none had the complete independent spot confirmation required for entry math. No premium or expected fill is published from the 9:50 a.m. ET snapshot.
ORCL wheel watch: $125 put leaves an 18.0% cushion
The September 18 $125 put showed a $3.13 reference credit and an 18.0% cushion at 11:51 a.m. ET. Relative IV tops its three-month norm, but estimated September 8 earnings raise event risk.
Wheel screen says wait: 7 lines, 0 complete spot checks
Seven put lines cleared the mechanical option gates, but none had the complete independent spot confirmation required for entry math. No premium or expected fill is published from the 9:52 a.m. ET snapshot.
BE wheel watch: $200 put leaves a 19.6% cushion
The September 18 $200 put showed an $11.68 reference credit and a 19.6% breakeven cushion at 11:53 a.m. ET. Bloom’s growth and AI-power story meet below-norm IV and a valuation far above fuel-cell peers.