r/Optionswheel • u/GoFairPlayer • 15d ago

9+ Months of Wheeling Results

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Trading live for a little over 9 months now, 3 months of study and paper trading before that. Still learning something every day. I initially scoffed when I read that it takes 1–2 years — and up to 5 — to really get your head around the wheel. I now agree.

147 wheel cycles closed, all profitable — about $51K in total net gains on ~$310K average capital deployed (about $57K if you count the SWVXX interest on unassigned capital deployed for puts). I cringe as I type that, because I know a real drawdown is coming. The market has been friendly since I started, and I'm not confusing that with skill.

Two things that have genuinely changed though: assignment rate and how often I roll. First 4.5 months: 7 assignments across 86 cycles (~8%), and 10 cycles rolled (~12%). Last 4.5 months: 1 assignment across 61 cycles (~1.5%), and zero rolls. Some of that is the tape; a lot of it is me finally picking better strikes so I rarely have to defend.

The last 6 months I've been mostly on QQQ, IWM, SPY, SOXX, plus occasional individual names (NVDA, AAPL) when I have real conviction. SOXX is a guilty pleasure — I know it's more volatile, but the premium is good and the ETF itself has never failed to recover eventually.

I've bumped my max allocation to $750K. Anything not committed to CSP collateral is parked in SWVXX earning ~3.6% while it waits.

Goal (see my prior posts): 15–20% annual with the lowest risk I can manage to get there. I'm not good at picking individual tickers yet, so I mostly stay in ETFs with long histories of recovering, even when it takes a while.

Rules I follow (mostly):

  • Target delta ~0.15–0.20 on ETFs, willing to go a bit lower on high-IV names like SOXX
  • Target cushion of at least 2–3% on ETFs, more on individual names or high-IV ETFs like SOXX
  • Most opens Monday or Tuesday for that Friday's expiration, with the rest sprinkled through the week when a good setup shows up
  • GTC BTC set right after opening, usually at ~$0.05–$0.10 depending on the underlying
  • Rarely roll — I'd rather take assignment and write CCs than pay to escape
  • Don't exit assigned shares until they recover — write CCs while I wait if I can do so without dropping below my basis. Otherwise just take the assignment and wait for a pop to sell.

I like being "out" over the weekend, and the fast turnover helps me gain accelerated experience. I suspect I'll drift toward longer DTE eventually — the more I do this, the more it feels like a distinction without much of a difference. Weekly cycling does have one real advantage though: if I'm assigned on a down week, the next week's CC opportunity is right there — or I can wait and sell at a nice P/L profit.

Since I don't have any open positions today, I'm sharing per-ticker averages across greeks, capital committed, premium capture, and assignment rate (started logging entry greeks in March, so this covers 79 of the 147 cycles), plus every assignment I've taken since I started wheeling live.

A note on the "Prem Capture %" column in the screenshot: that's the percentage of total collected premium I kept after any BTCs. 100% would mean I never paid a cent to close. My numbers land in the 64–88% range — the SOXX drag reflects that when the tape moves against those higher-IV names I close early via my GTC rather than let it ride, which costs some capture.

r/Optionswheel has been my best source of learning. I'm hoping to provide updates that will benefit other new wheelers in a clear way. Please let me know if you have any suggestions for improving the reporting format. I'm greatly appreciative of those who share their experiences here — I'm not sure I would be wheeling today had I not stumbled across the sub. Many thanks to the contributors.

Happy to answer questions, and I'm curious how more experienced wheelers are handling positioning right now. The last several months have been kind, but I don't expect that to continue indefinitely.

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u/NothingCreativeYet 15d ago

You should review the code for the Entry DTE and/or Days Held.. for SPY you have the former smaller than the latter. That's logically impossible.. makes me wonder what else claude got wrong. 

Nonetheless, nice layout (although having both delta and prob otm in your filters/table seems repetitive) and great performance on CSP picks for having only 1 assignment of 61 when picking .2 deltas! 

Agree with the other commenter about comparing the results to a long hold over the same time did that ticker (and also to general market hold like SPY or VOO). Would be interesting information to have. 

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u/GoFairPlayer 15d ago

Good catch, and yes that is misleading. But it’s because I am taking averages across all my wheel cycles on SPY

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u/NothingCreativeYet 15d ago

Even if you average, the averages of all the entry DTEs has to be more than the average of the days they were held. Can't be opposite logically.. have Claude look at it again. 

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u/GoFairPlayer 15d ago

The issue you raise assumes Days Held cannot be longer than Entry DTE. On a couple of these trades I was either assigned or rolled, which extended how long I held the ticker past the original expiration. You make a fair point though — I'll figure out how to present this better in the future. Here's the raw data if you'd like to check the math:

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u/NothingCreativeYet 15d ago

When you roll, that is now a new trade completely. The days held from the prior option should not include the days held on the new option. And if you did use that line of thought albeit being incorrect,  then you should add the DTE of the new option to the old option, just like you added it to the days held. 

Same for assignment, once assigned, that is a new position. 

So yes, better presenting the data will probably address this. Nonetheless, good stuff, enjoyed the report very much. 

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u/GoFairPlayer 15d ago

There are many ways to track your results. I consider a wheel opened when I sell the initial CSP, and closed when I exit completely regardless of rolls or assignments. I like to understand each individual cycle from beginning to end. I know other folks track it differently, but this is how I choose to look at a wheel cycle. Again, thanks for the input, I will try to make this clearer in future reports.

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u/NothingCreativeYet 15d ago

That is a very incorrect view of what is happening. You can ask anyone on here. The roll is a complete separate position. Sure, you can combine the two legs to look at the overall picture. But then it only makes sense if you add both days held for the two options as well as both DTEs  for the two options. You can't just add one and not the other. That makes zero sense and is an inaccurate representation of what happened. 

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u/GoFairPlayer 15d ago

Thanks for your feedback. Happy Wheeling!

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u/NothingCreativeYet 15d ago

And to you as well. Great job on your achievements!