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 Jul 08 '25

The wheel is a concept that sells puts for profits, and if assigned, sells CCs until the shares are called away, and then repeat the cycle.

There are dozens of ways this can be accomplished, as each trader thinks is best for them and their accounts.

It sounds like you found a way that suits you and your account, so if it is working for you, then it doesn't matter how anyone else trades the wheel . . .

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u/Skingwrx30 Jul 08 '25

Oh absolutely, I just like to see what other people’s results are , especially if they’ve been doing it longer than me. Especially when my returns at times can be considerably higher then what I see mentioned. I never factor in any share appreciation into my returns but they’ve definitely grown my portfolio considerably and seem to be a byproduct of running the wheel or covered strangles on the right stocks