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.
Covered Calls Trade Upside for Premium: The Ceiling in One Table
A covered call does not remove stock risk, and its premium is not free upside. A $50/$55 worked example maps gross payoff, breakeven and capped gain across four expiration prices.
Option Premium Is Cash Today, Not Profit Yet
A short option’s credit is an entry cash flow. This worked example separates cash received, open P/L, realized P/L and assignment basis without counting the premium twice.
Cash-Secured Is Not Downside-Protected
A cash-secured put reserves the purchase cash, but that reserve does not cap the stock's downside. Start with assignment-ready math before treating premium as income.
Wheel screen says wait: 10 chains miss, SPCX needs more history
At 9:51 a.m. ET, ten eligible watchlist names had no 30–45 DTE put clearing every gate; SPCX showed three raw matches. No contract is published because its 27-session record cannot supply the 50/200-day averages, genuine three-month IV baseline or confirmed earnings date required for a complete setup.
Rolling an option is two trades, not a reset button
A net credit can hide a realized loss on the old contract and a fresh obligation on the new one. This worked example separates the close, the new open, collateral, assignment risk and the journal math.
The VIX is not your stock's IV: a better wheel checklist
The VIX closed at 15.67, but BlackRock still jumped 6.61% after earnings. This three-layer checklist separates market volatility, single-stock pricing and event risk before a cash-secured put or covered call.