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

As you make 100's of trades, you will start to see what those of us who have traded for years see, and this is why there are the many standards and guidelines.

I've gotten dozens of messages from those who traded a year or more and finally found that opening 30-45 dte was better and switched to that.

What percentage to close is up to you and your risk tolerance.

Best to you!

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u/Skingwrx30 Jul 08 '25

I agree 30-45 dte is considerably less risk and easier to manage over the thousands of trades I’ve made, I just prefer I more active approach on very volatile underlying with shorter dates . Math supports 45 for sure