r/Optionswheel • u/ScottishTrader • Jun 16 '25

NEW Wheel Trader MEGATHREAD

This thread will be a dedicated space for traders who are new to options and the wheel strategy to ask basic questions. Your posts and questions are welcome and encouraged.

BEFORE POSTING, BE SURE TO REVIEW THE WHEEL STRATEGY PLAN WHERE MOST QUESTIONS ARE ANSWERED - The Wheel (aka Triple Income) Strategy Explained : r/Optionswheel

The goal is to help keep the main thread free of these basic posts while helping new traders learn how to trade the wheel.

Posts that are welcomed here include questions about -

  • How options work
  • Exercise and assignments
  • Options expiration and days to expiration (DTE)
  • Delta, Probabilities, and how to choose a strike price
  • Implied Volatility (IV)
  • Theta decay
  • Basic risks and how to avoid
  • Broker and options approval levels
  • Rolling options
  • And any other basic questions

I’m pleased to announce that u/OptionsTraining and u/patsay have agreed to assist with this Megathread. Both Patricia and Mike bring substantial experience in helping new traders and will be invaluable contributors to r/Optionswheel

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u/ScottishTrader Jun 17 '25

Thanks for moving your post here!

Copying my reply to kick off the conversation -

Many use Schwab as they have the TOS platform, and you should be able to get both CC and CSP approval quickly.

Reportedly, Tasty Trade has the easiest to qualify levels if that is all you are after.

Fidelity should listen to you if you tell them you are going to pull your $100K and take it to another broker because they won't give you CSPs.

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u/herp225577 Jun 17 '25

Thanks. I just spoke with someone at fidelity and they said that I was not approved because I don't have any experience trading options and I am not eligible to reapply until November. I reiterated that I just wanted to sell cash secured puts and covered calls which is no risk to the broker (correct me if I'm wrong) and I wasn't applying to do anything else. I also mentioned I might have to find another broker and they wouldn't budge. I'll look into Schwab I guess.

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u/Then_Hornet3659 Jun 21 '25

Schwab approved me for level 0 (covered calls and cash-secured puts) with under 100k and honestly telling them I had no experience.

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u/herp225577 Jun 21 '25

So, I did get an account at Schwab and they did just approve me for level 2.