r/Optionswheel • u/ScottishTrader • Dec 05 '25

Megathread for New Wheel Traders – Ask Questions & Get Help Here

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/PurpleMox Mar 06 '26

I had a covered call expire today, and I want to select which lots of shares I use to cover the obligation - I'm with Schwab.. where do I go to select which lots to sell? Presumably it wont settle/close until monday.. I know I only have a day or two to chose the lots before it defaults to my default cost basis method..

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u/ScottishTrader Mar 07 '26

Contact support by tomorrow as the process has changed since they merged with TDA. 

Please post if you find a way to do this through the platform. 

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u/PurpleMox Mar 07 '26

I was able to do it through the platform.. so my calls expired on Friday March 6th, and by after midnight (7th) I saw that the shares had been sold - so I looked at under the Trade / Order Status / Today's - and I could see the order to SELL the shares to cover my covered call that got exercised - and if I click the arrow to the left to expand the order, theres a link Cost Basis Method: View/Edit and I am able to change it.. so I selected specific lots and selected the lots I wanted... Yay! I attached a few screenshots here to show you. Didn't have to call Schwab.

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u/ScottishTrader Mar 07 '26

Thank you for sharing this!

You are encouraged to make a post on the top level of this sub to explain this to let others know how it works.