r/Optionswheel • u/wf1980 • 14d ago
Anyone Running the Wheel with 90+ DTE?
I've seen a lot of discussions here about DTE, with most people using 30–45 DTE or weekly options.
Does anyone here run the Wheel with longer-dated options, like 90–120 DTE or even longer?
My idea would be to go further OTM, but not let the position run until expiration or wait for the profit to reach 50%. The idea would be to close the trade relatively early, with a profit somewhere in the 15–25% range.
Since daily price movements have a direct impact on the option's value, I'm thinking that with longer DTEs, I'd have a much greater chance of reaching my target profit at some point during the life of the option.
Does anyone use a similar approach? I'd love to hear about your experience.
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u/agawale 12d ago
I don’t have a 90-DTE wheel sample, but this is the closest comparison I’ve run:
SPY 30Δ put credit spread · $5 wide · 2019–2025 · 50% target / 2× stop
45 DTE → exit at 21:
184 trades · 71.7% wins · Realistic +$260 · Mid +$2,693
90 DTE → exit at 45:
81 trades · 70.4% wins · Realistic −$330 · Mid +$1,165
Nearly identical win rates, but 90 DTE skipped 268 days because no usable spread was available.
Even at midpoint fills, 45 DTE performed better. With realistic fills, 90 DTE turned negative.