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.
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.
July 6 afternoon close check for wheel risk
Nasdaq showed the U.S. equity market open on July 6, 2026, with the regular cash session ending at 4:00 p.m. ET, while the afternoon SPY/QQQ and ^VIX snapshots pointed in different directions. This tip turns that setup into a neutral carry-through-the-close checklist for covered calls and cash-secured puts.
Rolling a tested cash-secured put: a decision checklist
Your cash-secured put is in the money with expiry days away. Do you roll it, take assignment, or close for a loss? This checklist walks through the three exits, the net-credit rule, concrete roll mechanics with per-share numbers, and the red flags that mean you should stop rolling — so the decision is made by process, not by stress.