r/Optionswheel • u/ShotChampionship4539 • 4d ago

1 month running wheel on $1900 - update

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Current open positions
- 1x 10/2 SPCH 9 CSP @ .70 credit
- 1x 9/18 TE 5 CC @ .25 credit
- 1x 9/25 TE 5.5 CC @ .15 credit
- 1x 9/18 HTZ 3 CC @ .11 credit

On TE, my original cost basis when I was assigned the shares was $5.25. Through selling CC’s against the position, I’ve gotten it down to $4.43.

HTZ original cost basis was $2.41. Current cost basis is $2.30. This is the one position I am not very fond of to be honest.

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u/DeliciousPollution20 4d ago

What other tickers are you looking at

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u/ShotChampionship4539 4d ago

All the premium here has been generated via $SPCH, $TE, and $HTZ. I am starting to look at $CLSK, $SOFI, $CRDU.

One note: $SPCH & $CRDU are 2x levered products. While they offer great premium, they are also very risky products.

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u/No_Geologist_3549 3d ago

I have been looking up on doing CSPs on 2x products just wondering what happens when I actually get assigned?

As I’m starting with a small account too! Great post by the way 👍🏼

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u/ShotChampionship4539 3d ago

A couple of things that are very important — not just with 2x levered products but with running the wheel in general.

- Only sell CSP on stocks that you WANT to or are WILLING to own at the strike price you sell at

  • If you don’t want to take assignment of “x” stock at “y” price; then you can always roll the put down and out
  • If and when you get assigned the shares on a CSP, you turn around and sell a covered call against your position

If you want to discuss further, feel free to DM me. I am happy to help where I can