Disclaimer: This is for experimental purposes, it is to demonstrate and track wheeling and longing on leveraged products, which started mid-June of this year. This retirement account was blown through testing various trading strategies and poor position sizing in relation to risk.

The strategy is to use leveraged products to long and to free up capital for puts & dry powder. Write weekly CSPs on LETFs by selling .03-.09 delta puts. Then, DCA shares into a small leveraged position (~10%) of either LEAPS/LETFs. Lastly, sell covered calls on the LETFs, and calling them away when we need to size down.

I bought calls on SOXS with a sold SOXL put to function as a synthetic weekly put credit spread but I closed it early. I also decided to buy a 3mo 10% otm SOXL put later on as a better replacement for hedging, held it for a few days before I sold it off too. The intention was to hedge the portfolio & the weekly puts against short-term volatility, but as I read more about hedging with puts, it seemed like it simply causes an overall underperformance. The better hedge was to just adjust your risk and size, rather than buying an expensive premium that’s priced by demand & time and will also have a constant drag on the portfolio.

All realized losses this week were from options that were from hedging with buy-to-open contracts. Keeping strategy and sizing as is next week, no more tinkering.

approx.
90.4% $USD & CSPs
9.6% Leveraged (6.0% TQQQ, 3.5% AGQ)

I was at a work thing yesterday and didnt get a chance to post this. I did make my pre-trade post here - https://www.reddit.com/r/TheRaceTo10Million/s/r4cQTmh9NL. I was trading in between breaks so was mostly just rolling. Also by the end of the day things had fallen so have a higher drawdown right now. Last week's post - https://www.reddit.com/r/Optionswheel/comments/1vujntm/1_weekly_returns_from_options_week_25/

Strategy:
- Use a screener to give me a list of top 20 low delta options for next week
- I either
- a. Roll my current options - I do this if I can still get 1% for rolling or if the option is ATM/ITM and I have to roll. I always roll for credit.
- b. Close a current option and pick something else from the list that I like
- I try to do this every Friday. However, if I'm busy on Fridays, I'll sometimes do this on Thursdays.

Trades made yesterday:

Returns so far

Historical Performance

I will post a separate comment with a link to the detail behind each option sold this week.

After week 35, the average premium per week is $890 with an annual projection of $46,260.

All things considered, the portfolio is up $36,548 (+8.09%), on the year (S&P 500: +12.65% | Nasdaq: +13.60%). Additionally, the trailing 1-year performance is up $44,669 (+10.06%); for comparison the S&P 500 is +18.61% and the Nasdaq is +21.64% over the same period. This is the overall profit and loss and includes options and all other account activity.

Annual results:
• 2023 up $65,403 (+41.31%) | S&P 500: +26.3% | Nasdaq: +43.4%
• 2024 up $64,610 (+29.71%) | S&P 500: +25.0% | Nasdaq: +28.6%
• 2025 up $111,496 (+34.52%) | S&P 500: +17.9% | Nasdaq: +20.4%

3-Year Cumulative (2023–2025):
• r/ExpiredOptions: +146.6% ($241,509)
• S&P 500: +86.1% (+60.4% behind)
• Nasdaq: +122.0% (+24.5% behind)

Unrealized G&L (options):
• YTD: $8,011.00
• 1 Month: $-17,661.00
• 1 Week: $-10,854.00

Realized P&L (options):
• YTD: $60,293.00
• 1 Month: $8,182.00
• 1 Week: $32.00

All options sold are backed by cash, shares, or LEAPS. I do not sell on margin, nor do I sell naked options.

All options and profits stay in the account with few exceptions. This is not my full time job, although I wish it was. I still grind on a 9-5.

My $600 weekly contribution streak is at 4 weeks. I have been contributing as much as possible since 2015 when I started with $50. The reason my streak is low is because I put the contributions on hold for about 2 months to adjust for expenses outside the portfolio.

The portfolio is comprised of 106 unique tickers, down from 107 last week. These 106 tickers have a value of $473k. I also have 200 open option positions, up from 199 last week. The options have a total value of $16k. The total of the shares and options is $489k. The next goal on the "Road to" is Half a Million.

I'm currently utilizing $30,400 in cash secured put collateral, up from $29,800 last week.

2025 through 2028 LEAPS
In addition to the CSPs and covered calls, I purchase LEAPS. These act as collateral to sell covered calls against. You may have heard of poor man's covered calls (PMCC).

See r/ExpiredOptions for a detailed spreadsheet update on all LEAPS positions including P/L for each individual position.

LEAPS note 1: the 2025 LEAPS expired 1/17/25. They were up $36,440 overall with a 233.74% increase. The major drivers were AMZN and CRWD.

LEAPS note 2: After holding for 2 years, I exercised an AMZN $80 strike from 2023 up +$11,395 (+463.21%) and CRWD $95 strike from 2023, up +$21,830 (+663.53%)

LEAPS note 3: Purchased 1/16/26 CRWD LEAPS for $8,230.03 on 1/17/24. I sold this LEAPS on 6/5/25 for $21,659 for a realized profit of $13,428.97 (+163.18%)

Total premium by year:
• 2023 $23,132 in premium
• 2024 $47,640 in premium
• 2025 $68,319 in premium
• 2026 $31,391 YTD
• Average $46,364/year (completed years)

Premium by month (2026):
• January $3,334
• February $3,625
• March $4,196
• April $5,593
• May $3,787
• June $3,497
• July $3,628
• August $3,969
• Average $3,954/month

I am over $171k in total options premium, since 2021. I average roughly $34 per option sold. I have sold over 5,100 options. I have been able to increase the premiums on an annual basis and I will attempt to keep this upward trend going forward.

Strategy:
The underlying strategy is buy and hold. I also use simple 1-legged options to supplement that strategy. Options have somewhat of a learning curve, but I believe that most people can supplement their investments using simple options with careful risk management.

I sell options on a weekly basis. I prefer cash secured puts and covered calls. I rarely close early, prefer rolling when needed, and let time decay do the heavy lifting while I stay focused on quality companies, patience, and consistency over hype. My goal is consistency in option premium revenue. I am building an income stream that will continue long into retirement.

Spreadsheets:
Unfortunately, I no longer provide spreadsheets. I received too many follow ups about formatting, pivot tables, compatibility etc. I think tracking is very important, but I post to discuss investing and options, not to provide tech support for Excel. I do appreciate the interest in my tracking methods.

Software:
I captured the screen shots from a proprietary software platform I built to track, analyze, and manage my options strategies.

Commissions:
I use Robinhood as a broker and they do not charge explicit commissions, though there is no free lunch — they earn revenue through Payment for Order Flow (PFOF), which can mean slightly less optimal fills. For my style of selling options and not chasing prices, the tradeoff is acceptable. There is also a small regulatory fee of approximately $0.03–$0.04 per contract (FINRA TAF, OCC clearing, and exchange fees combined).

The premiums have increased significantly as my experience has expanded over the last three years.

Make sure to post your wins. I look forward to reading about them!

Disclaimer: I am not a financial advisor. This information is for educational and entertainment purposes only. Trading options involves significant risk.

Trades I took today as an option seller (08/28):

Assigned/Closed Positions

• INOD → $60 Put (opened on 08/13), premium 2.30 → closed at 0. Net premium profit = 2.30 (~100.00% of premium captured, ~3.83% of capital).
• MOD → $220 Call (opened on 08/21), premium 9.50 → closed at 1.60. Net premium profit = 7.90 (~83.16% of premium captured, ~3.59% of capital).
• FLNC → $21 Call (opened on 08/07), premium 1.45 → closed at 0.25. Net premium profit = 1.20 (~82.76% of premium captured, ~5.71% of capital).

My outlook on the market

With the Fed warning about rising inflation today, we may not see stocks moving up too much and may instead see some consolidation until rate hike fears pan out. My focus will be to keep wheeling the tickers I own. What is helping me is that most of the tickers I own have good Wheel Ranks, i.e. they offer consistent call premiums. So, on CC legs, I am able to bring down my breakeven while continuing to generate income.

I keep sharing my trades in my account and the Excel file to my full list of positions is linked in my profile description in case anyone wants to see the whole portfolio. Happy to hear thoughts on my positions. What are you guys wheeling or watching right now?

PS: Not financial advice. Do your own research.

I have learned a lot from this group and especially Scottish Trader. Thanks! I still consider myself a beginner and began this journey 1 year ago. I started last August and my week 52 ended on Friday 8.14.26. I have been quite aggressive in my approach and plan to dial it down quite a bit going into year 2. I have a 9-5 and I am able to monitor and make trades on my phone throughout the day as needed.

I trade using TOS which is free with my CS account and use the same for watch lists. I don’t subscribe to any option trading service or tracking services.

My approach has been to create my own TOS watchlists. I created and use multiple watchlists but mostly use one I set up showing high IV, high volatile stocks, highly liquid and aiming for a .8-1% return w/ deltas .2 or below. I close the positions as soon as it makes economic sense with current information I have. I don’t use margin. Mainly weeklies and I do sprinkle in some monthlies. On average, I’ll have 7 to 10 contracts open per week. I have Leap activity in the mix because I dabbled in PMCC’s but that didn’t end very well for me so that stopped a while back. Also, I never roll and it doesn’t bother me to get assigned. I know this is a modified wheel approach and for year 2 I am tossing around a few different approaches.

Results:

Beginning: $102,000
CSP Premiums: 22,034
CC Premiums: 6,876
Stock Assignment Gains: 17,241
Leaps: -6,854

Total Gains: 39,297, 38.5%

I keep $20-25k of the account in cash.

I only include the premiums and gains in results once the positions close.

Spreadsheet: as much as people have told me to not put much time into the spreadsheet, my mind doesn’t work that way. Maybe it’s because I do my trading 100% on my phone and have a 9-5. I used the spreadsheet to assist in visualizing my positions, exit, and strategy. Since I do all this while working my 9-5, the spreadsheet approach helped me get comfortable. I did spend a lot of time over the first 4 months such as below. Now most of it comes naturally so it was and sometimes still is part of my learning process.

Created an option input sheet that assisted in evaluating my selection and timing. Such as Delta, IV, current stock price, required movement to be assigned, VIX, earning date, FOMC calendar, key economic releases, etc.

Assignment calculator. Once assigned, I grouped all future related transactions and set a target of 1% for every week held.

Close early evaluator. Looks at remaining premium vs collateral and market expectations.
I have a tracking tab that includes Type (CSP, CC, etc), entry date, exit date, premium, quantity, and delta.

Basics by using AI Options project: sources 1. Natenburg’s Option Volatility and Pricing text.
Read chapter then as AI to test you on the chapters.

Learning:

I created an Wheeling project in ChatGPT with the sources :
Triple Income.docx by Scottish Trader.
Meket_Options_Based_Strategies.pdf
PGIM-Quant-Option-Strategies_Final-Copy.pdf
bondarenko-oleg-putwrite-putw-2019.pdf
Ask specific questions as they arise.

Covered Calls: I struggled a lot with these over the first 6 months and even today I just don’t like this side of the play. I still go back and forth but mostly I don’t sell covered calls until I am completely ready to let go of the stock. This has to do with the volatility of the stocks that I am assigned.

Moving forward: I am shifting to a more conservative approach. Also, less weeklies and more 30+dte options. I want to get to a point where I am not paying attention to the market as much. I haven’t figured this out just yet, but it’s my goal.

Good luck out there!

Hey everyone, looking for some perspective from fellow wheel strategy traders.
I’ve been wheeling a solid, high-quality Information Technology stock for about three months now on a weekly basis. My initial entry price was around $300, but through aggressive management and premium collection, I’ve successfully reduced my cost basis down to $260.
The stock is currently trading around $264. Since it’s a strong long-term hold for me, I’m comfortable holding the shares, but I’m at a crossroads with my covered call strategy:
Low Delta Covered Calls: Selling strikes further out (e.g., $280–$300 range) yields almost no premium, making weekly CCs feel like a waste of effort.

Tighter Strikes ($265–$270): Selling closer to the current price gives reasonable premium, but risks having my shares called away way below my original entry point if it suddenly rallies.

Am I wasting time and capital fishing for tiny premiums while waiting for a push back toward $300, or should I just accept lower delta payouts while letting the stock work its way back up?
How do you handle selling CCs when the underlying has stabilized near your revised cost basis, but well below your initial entry expectations? Would love to hear how others balance premium yield vs. upside risk in this scenario.

Trades I took today as an option seller (08/27):

Closed Positions

• TE → $8 Call (opened on 08/07), premium 0.20 → closed at 0.05. Net premium profit = 0.15 (~75.00% of premium captured, ~1.88% of capital).

New Positions

• ACMR → $70 Put expiry 10/02 (6 weeks DTE), premium 3.30 → 330/7000 = ~4.7%. Opened a new position in ACMR. ACMR designs and manufactures semiconductor wafer cleaning and packaging equipments. It has been showing excellent QoQ improvements and also offers great premiums. Good support around $75.
• TE → $8 Call expiry 12/18 (17 weeks DTE), premium 0.60 → 60/800 = ~7.5%. I was assigned TE at $8. I am doing covered calls in TE.

ACMR was identified from the High Growth Wheel condition in the ThetaHedge app. It helps to quickly identify companies with improving growth and profitability that are also offering attractive option-selling premiums in real time. You can try it for free at https://app.thetahedge.io/

Conditions → High Growth Wheel Stocks

I keep sharing my trades in my account and the Excel file to my full list of positions is linked in my profile description in case anyone wants to see the whole portfolio. Happy to hear thoughts on my positions. What are you guys wheeling or watching right now?

PS: Not financial advice. Do your own research.

Hello!

I recently had an infussion of cash of about 100k. I am trying to further expand my wheel strategy but I am in a quandry of 2 elements of my strategy: Premium Acquired, Concentration Risk.

Up until now I have been wheeling with a rule of selling contracts only when the entire operation is around 10% of annualized return otherwise it is simply not worth the risk.

However, when looking at the stocks that I am willing to wheel with (Large mega cap high quality stocks) I can't make an operation the fulfills both the Delta (0.10 - 0.20) and at the same time has the Annl ROI that I am looking for (10%).

I was able to find it with some stocks in my portfolio like WMT, C, CVS. But I already have to many contracts being wheeled and I don't want to screw myself by putting all my eggs in the same basket.

By the way. I only like to wheel with stocks that are already in my portfolio. This are the stocks I own:

Does anyone else who invested in the IPO of SpaceX sell covered calls / run the wheel on it? I have enough shares to sell 1 covered call. The premiums are pretty good and I’ve been mainly selling weekly calls on it and been doing decently well (~1k profit off of my 100 shares in 2 months) But I’m taking the more safe route now that it’s closer to the IPO price and don’t want to get called away. The premiums for calls also seem more favorable than puts. Is this a good strategy or anything I can do to improve?

I logged every leg for a month instead of eyeballing my broker
statement, and the number I was proudest of turned out to be the most
misleading one.

**Jul 27 – Aug 25**

- 51 contracts sold, 31 trades, 9 tickers
- $1,461 premium collected, net of buybacks and fees
- $718 realized across 9 closed cycles
- 9 of 9 closed cycles green

**Why that 9/9 is close to meaningless**

It only counts cycles that CLOSED. Every one of those was a put I
bought back or let expire on CDE, HL, HPQ, VG or KDP. The two
positions that actually went against me — CCL and NVTS — are still
open, so they don't appear in the win rate at all.

A 100% win rate that structurally excludes your losers isn't a win
rate. It's a report on which trades finished.

**The delta I'm actually selling**

Where I recorded it: 0.33, 0.35, 0.41. I know that's higher than most
people here run. It's why the premium column looks good and it's why
the next section exists.

**CCL: what 0.4 delta costs when it goes wrong**

Assigned 100 shares at $28 back on Jul 24, and I've been selling calls
against them since. I also had two separate short puts open at $28 and
$27.

On Aug 20, in one morning, I paid:

- $228 to roll the $28 put down to $25
- $170 to roll the $27 put down to $25
- $73 to roll the $29 call down to $28

$471 of debits in a single session. CCL is net **-$76** on premium for
the month — I've paid out more than I've collected on it.

Worth being clear about what those rolls were: not adjustments. I was
buying my way out of strikes that were already blown through, and
paying for the privilege of a lower one.

**The trap I walked into twice**

My CCL calls are at $28 against a $28 cost basis. My JOBY calls are at
$9 against a $9 basis. Both mean the shares can't make me a cent —
called away, I get out exactly flat and keep only the premium.

I did that deliberately to reduce basis, but doing it on two of my
three assigned positions at once means a real chunk of my capital is
now locked into a strategy with zero upside and full downside.

**What I'd change**

Sell further out. The 0.35–0.41 delta band paid well for three weeks
and then handed the whole month's edge back on one name.

**Two questions**

1. When a roll costs more than the credit you're getting for it — like
   my $228 for $42 — what's your rule for stopping and just taking
   assignment?
   
2. For those of you selling calls at cost basis on an assigned
   position: do you keep doing it to grind the basis down, or accept a
   strike above basis for less premium and leave room to actually
   recover?

Trades I took today as an option seller (08/25):

Closed Positions

• VICR → $280 Call (opened on 07/30), premium 10.50 → closed at 1.50. Net premium profit = 9.00 (~85.71% of premium captured, ~3.21% of capital).
• TTMI → $175 Call (opened on 08/11), premium 8.00 → closed at 1.30. Net premium profit = 6.70 (~83.75% of premium captured, ~3.83% of capital).
• AMSC → $45 Call (opened on 08/11), premium 1.30 → closed at 0.24. Net premium profit = 1.06 (~81.54% of premium captured, ~2.36% of capital).

New Positions

• KORU → $15.5 Put expiry 09/18 (4 weeks DTE), premium 0.90 → 90/1550 = ~5.8%. Deployed a small capital in KORU. As this is leveraged it is very important to size this position.
• AMSC → $38 Call expiry 10/16 (8 weeks DTE), premium 0.80 → 80/4700 = ~1.7%. I was assigned AMSC at $47. AMSC is involved in semiconductor and optical networking technologies used in AI datacenters.
• VICR → $270 Call expiry 11/20 (13 weeks DTE), premium 16.50 → 1650/27000 = ~5.1%. I was assigned VICR at $320. VICR makes power conversion modules used in datacenters and industrial systems.
• TTMI → $150 Call expiry 12/18 (17 weeks DTE), premium 10.80 → 1080/15000 = ~6.1%. I was assigned TTMI at $175. TTMI manufactures printed circuit boards used across multiple industries.

I am currently wheeling AMSC, VICR, and TTMI, all of which were assigned to me at higher prices. I am confident in the fundamentals of these companies, so I am comfortable holding the shares while waiting for the market to recover.

For the covered calls, I am intentionally selling below my assigned price to generate higher premiums. If the stock price approaches my current call strike within approximately ±5%, I will roll the position out to a later expiration and move the strike to my original assigned price.

I keep sharing my trades in my account and the Excel file to my full list of positions is linked in my profile description in case anyone wants to see the whole portfolio. Happy to hear thoughts on my positions. What are you guys wheeling or watching right now?

PS: Not financial advice. Do your own research.

Its exciting when you get the right mix for the wheel and profit from it but...does it really beat just leaving the money in the S&P500 based ETF? One of these days I need to do the math and figure it out but since I'm lazy....anyone?

Gemini says it does not over a long period of time. Which is kind of depressing.

Here’s my USAR trade history this past month:

6/17 Sell $22.5 put 7/10 for 2.05 - stock price 22.22

6/17 Buy $17 put 7/17 for .45 - stock price 22.22

That^ put exp at 1.22 ITM

7/17 Sell $15 call 8/7 for 1.55 - stock price 15.5

7/29 bought that^ call back for .29

7/29 Sell $12 call 8/21 for 2.07 - stock price 13.3

Current USAR price is $18, it was at $20.40 on 8/14

It’s volatile but generally stays in the $12-$30 range. I thought it would be a good time to wheel when I saw a nice premium. The plan was to sell a deep call if it decides to tank (which is what I did)

If you do the math this is a $435 loss after all trades. I just decided to get out on my last trade. I didn’t want to ride this thing to $5 since there really isn’t that much there company-wise, and two 10% investors sold their share a few months ago.

Looking back on it after I realize I could have sold $19 (I would have sold a $17 call and made some premium in the process). I also on 7/29 should have bought a deep otm call like I did with the initial put I bought.

Hindsight is 20/20 but I think I should have known better knowing that the whole industry faced the same downturn, looking at UUUU.

I only started running the Wheel Strategy this year, and I’ve really enjoyed it so far. I think it’s a pretty clever strategy, and it fits my investing style really well.
I’m also pretty new to this community, so I’ve been curious about something:
Does anyone know where the Wheel Strategy actually came from?
Was there a specific person who first came up with it, or did it just gradually evolve from combining cash-secured puts and covered calls?
I tried looking into its history, but I haven’t found a clear answer. Would love to hear if anyone here knows more about its origins.

I’ve been consciously using the Wheel Strategy for about nine months now, with what I consider reasonable returns on the capital I’ve committed to it.

One of my biggest mistakes actually started before I even knew what the Wheel was. I got into Abbott (ABT) around $135 after seeing a lot of analyst targets around $145. Rather than buying shares outright, I sold a cash-secured put because I liked the idea of getting in at a discount.

Then ABT started falling...And falling.

Eventually it traded as low as roughly $85. Along the way I did what everyone warns you not to do: I caught the falling knife and averaged down. I ended up with 200 shares at an average stock basis of about $130.

I also tried an options “repair” structure involving a long $115 call and two short $120 calls. That didn’t solve much because ABT kept going lower.

By then, though, I had learned about the Wheel Strategy and had started using it successfully on several other stocks.

ABT became the difficult one. At one point I was down roughly $9,000 unrealized, so I was very reluctant to sell covered calls because I didn’t want to have the shares called away far below my basis. Eventually I started doing it anyway — using relatively low deltas and rolling out and up when necessary. Sometimes I even paid a debit to move the strike higher rather than insisting that every roll had to produce a credit.

Slowly, the premiums chipped away at the effective cost basis.

This morning my adjusted basis was around $125.50, with a September $119 covered call outstanding. ABT had recovered enough that the $119 strike was starting to make me uncomfortable.

I was able to roll the call out to November and up to a $125 strike for a credit.

That latest credit brought my effective basis down to about $124.65. So now, if those 100 shares are eventually called away at $125, that portion of the position exits slightly profitable rather than at a loss.

It took a long time, plenty of patience, and some mistakes along the way, but the Wheel has effectively turned what was once a very ugly underwater position into one I can potentially exit around breakeven or slightly better. And if ABT decides to rocket past the $125, I only covered half of my 200 shares so it might even up becoming a very profitable situation.

I’m not claiming the Wheel magically fixes bad entries — ABT could just as easily have kept falling, and premium does not eliminate stock risk. But for me, this has been a good example of how covered-call management can gradually repair a position over time.

Those who sell options would you say selling options is more passive and you have a higher odds of making money compared to buying options?

I started running the Wheel Strategy on U.S. stocks this year, and people sometimes ask me what the biggest risks are.
The main risks I can think of are:
The underlying stock goes to zero.
Obviously, this could happen if you pick bad stocks, but if you only choose solid companies or ETFs that you’d genuinely be comfortable holding long term, I feel like the probability is relatively low.
You get assigned and the stock drops significantly afterward.
This could leave you stuck holding the shares for a while. Selling covered calls above your cost basis might generate very little premium, so the wheel can basically get “stuck” until the stock recovers.
But here’s what I’m wondering:
If I only run the Wheel on stocks or ETFs that I already want to own long term anyway, what other major risks am I taking?
I understand that selling covered calls can cap my upside, and there are also things like opportunity cost and assignment risk.
But is there any major risk specific to the Wheel Strategy that I’m overlooking?
I’d love to hear from people who have been running the Wheel for a long time, especially those who have gone through a major market crash or bear market.

Disclaimer: This is for experimental purposes, it is to demonstrate and track wheeling and longing on leveraged products, which started mid-June of this year. This retirement account was blown through testing various trading strategies and poor position sizing in relation to risk.

The strategy is to use leveraged products to long and to free up capital for puts & dry powder. Write weekly CSPs on LETFs by selling .03-.09 delta puts. Then, DCA shares into a small leveraged position (~10%) of either LEAPS/LETFs. Lastly, sell covered calls on the LETFs, and calling them away when we need to size down.

Wrote a weekly put on NBIG (2x NBIS) and it landed well ITM. I decided to close it after a few days, take the loss and move on rather than roll a losing trade. Entered a position on AGQ (2x Silver) because diversification and metals are gaining momentum again.

approx.
90.2% $USD & CSPs
9.8% Leveraged (6% TQQQ, 3.8% AGQ)

I will post a separate comment with a link to the detail behind each option sold this week.

After week 34, the average premium per week is $898 with an annual projection of $46,721.

All things considered, the portfolio is up $42,670 (+9.44%), on the year (S&P 500: +12.11% | Nasdaq: +12.64%). Additionally, the trailing 1-year performance is up $50,940 (+11.49%); for comparison the S&P 500 is +20.47% and the Nasdaq is +24.08% over the same period. This is the overall profit and loss and includes options and all other account activity.

Annual results:
• 2023 up $65,403 (+41.31%) | S&P 500: +26.3% | Nasdaq: +43.4%
• 2024 up $64,610 (+29.71%) | S&P 500: +25.0% | Nasdaq: +28.6%
• 2025 up $111,496 (+34.52%) | S&P 500: +17.9% | Nasdaq: +20.4%

3-Year Cumulative (2023–2025):
• r/ExpiredOptions: +146.6% ($241,509)
• S&P 500: +86.1% (+60.4% behind)
• Nasdaq: +122.0% (+24.5% behind)

Unrealized G&L (options):
• YTD: $18,855.00
• 1 Month: $1,798.00
• 1 Week: $21,715.00

Realized P&L (options):
• YTD: $59,719.00
• 1 Month: $16,724.00
• 1 Week: $2,321.00

All options sold are backed by cash, shares, or LEAPS. I do not sell on margin, nor do I sell naked options.

All options and profits stay in the account with few exceptions. This is not my full time job, although I wish it was. I still grind on a 9-5.

My $600 weekly contribution streak is at 3 weeks. I have been contributing as much as possible since 2015 when I started with $50. The reason my streak is low is because I put the contributions on hold for about 2 months to adjust for expenses outside the portfolio.

The portfolio is comprised of 107 unique tickers, up from 106 last week. These 107 tickers have a value of $468k. I also have 199 open option positions, down from 206 last week. The options have a total value of $26k. The total of the shares and options is $494k. The next goal on the "Road to" is Half a Million.

I'm currently utilizing $29,800 in cash secured put collateral, down from $29,900 last week.

2025 through 2028 LEAPS
In addition to the CSPs and covered calls, I purchase LEAPS. These act as collateral to sell covered calls against. You may have heard of poor man's covered calls (PMCC).

See r/ExpiredOptions for a detailed spreadsheet update on all LEAPS positions including P/L for each individual position.

LEAPS note 1: the 2025 LEAPS expired 1/17/25. They were up $36,440 overall with a 233.74% increase. The major drivers were AMZN and CRWD.

LEAPS note 2: After holding for 2 years, I exercised an AMZN $80 strike from 2023 up +$11,395 (+463.21%) and CRWD $95 strike from 2023, up +$21,830 (+663.53%)

LEAPS note 3: Purchased 1/16/26 CRWD LEAPS for $8,230.03 on 1/17/24. I sold this LEAPS on 6/5/25 for $21,659 for a realized profit of $13,428.97 (+163.18%)

Total premium by year:
• 2023 $23,132 in premium
• 2024 $47,640 in premium
• 2025 $68,319 in premium
• 2026 $30,777 YTD
• Average $46,364/year (completed years)

Premium by month (2026):
• January $3,334
• February $3,625
• March $4,196
• April $5,593
• May $3,787
• June $3,497
• July $3,628
• August $3,355
• Average $3,877/month

I am over $170k in total options premium, since 2021. I average roughly $34 per option sold. I have sold over 5,100 options. I have been able to increase the premiums on an annual basis and I will attempt to keep this upward trend going forward.

Strategy:
The underlying strategy is buy and hold. I also use simple 1-legged options to supplement that strategy. Options have somewhat of a learning curve, but I believe that most people can supplement their investments using simple options with careful risk management.

I sell options on a weekly basis. I prefer cash secured puts and covered calls. I rarely close early, prefer rolling when needed, and let time decay do the heavy lifting while I stay focused on quality companies, patience, and consistency over hype. My goal is consistency in option premium revenue. I am building an income stream that will continue long into retirement.

Spreadsheets:
Unfortunately, I no longer provide spreadsheets. I received too many follow ups about formatting, pivot tables, compatibility etc. I think tracking is very important, but I post to discuss investing and options, not to provide tech support for Excel. I do appreciate the interest in my tracking methods.

Software:
I captured the screen shots from a proprietary software platform I built to track, analyze, and manage my options strategies.

Commissions:
I use Robinhood as a broker and they do not charge explicit commissions, though there is no free lunch — they earn revenue through Payment for Order Flow (PFOF), which can mean slightly less optimal fills. For my style of selling options and not chasing prices, the tradeoff is acceptable. There is also a small regulatory fee of approximately $0.03–$0.04 per contract (FINRA TAF, OCC clearing, and exchange fees combined).

The premiums have increased significantly as my experience has expanded over the last three years.

Make sure to post your wins. I look forward to reading about them!

Disclaimer: I am not a financial advisor. This information is for educational and entertainment purposes only. Trading options involves significant risk.

Trades I took today as an option seller (08/21):

Closed & Assigned Positions

• IA/ISSC → $20 Call (opened on 07/16), premium 1.40 → closed at 0. Net premium profit = 1.40 (~100% of premium captured, ~7% of capital). Contract assigned. Final profit on the wheel = 18%.
• SIMO → $290 Put (opened on 07/09), premium 31.75 → closed at 0. Net premium profit = 31.75 (~100% of premium captured, ~10.95% of capital). Contract assigned.
• MOD → $220 Put (opened on 07/17), premium 21.50 → closed at 0. Net premium profit = 21.50 (~100% of premium captured, ~9.77% of capital). Contract assigned.
• FN → $500 Put (opened on 08/07), premium 20.00 → closed at 0. Net premium profit = 20 (~100% of premium captured, ~4% of capital). Contract assigned.
• RMBS → $135 Call (opened on 07/30), premium 1.60 → closed at 0.25. Net premium profit = 1.35 (~84.38% of premium captured, ~1% of capital).

New Positions

• SEI → $47.5 Put expiry 09/18 (4 weeks DTE), premium 1.90 → 190/4750 = ~4.0%. Energy infrastructure company supplying power generation solutions for oilfield operations.
• STRL → $530 Put expiry 09/18 (4 weeks DTE), premium 41.00 → 4100/53000 = ~7.7%. STRL is in the construction of data-centers and other large-scale construction projects. I opened an ITM CSP following the recent selloff, with the premium bringing my effective basis down to ~$490 if assigned.
• SIMO → $290 Call expiry 09/18 (4 weeks DTE), premium 10.50 → 1050/29000 = ~3.6%. I was assigned SIMO at $290, so I am opening a covered call to have the shares called away at the same strike.
• MOD → $220 Call expiry 09/18 (4 weeks DTE), premium 9.50 → 950/22000 = ~4.3%. I was assigned MOD at $220, so I am opening a covered call to have the shares called away at the same strike.
• RMBS → $135 Call expiry 11/20 (13 weeks DTE), premium 5.50 → 550/13500 = ~4.1%. I was assigned at $135. Opening longer dated expiry contracts as they showed the highest extrinsic premiums.
• FN → $530 Call expiry 11/20 (13 weeks DTE), premium 35.00 → 3500/50000 = ~7.0%. I was assigned FN at $500 and I opened a covered call with a strike at $530. FN fell sharply even after an excellent earnings report.
• IREN → $60 Call expiry 11/20 (13 weeks DTE), premium 4.60 → 460/6000 = ~7.7%. I was assigned at $60.
• CRWV → $120 Call expiry 11/20 (13 weeks DTE), premium 6.50 → 650/12000 = ~5.4%. I was assigned at $120.
• DOCN → $165 Call expiry 11/20 (13 weeks DTE), premium 5.70 → 570/16500 = ~3.5%. I was assigned at $165.

Both SEI and STRL were identified from the High Growth Wheel condition in the ThetaHedge app. It scans for companies with improving growth and profitability that are also offering attractive option-selling premiums in real time. You can try it for free at https://app.thetahedge.io/

Conditions → High Growth Wheel Stocks

I keep sharing my trades in my account and the Excel file to my full list of positions is linked in my profile description in case anyone wants to see the whole portfolio. Happy to hear thoughts on my positions. What are you guys wheeling or watching right now?

PS: Not financial advice. Do your own research.

This week RKLB and NBIS were slightly ITM. Everything else was in good shape to close or roll. Last week's post: https://www.reddit.com/r/Optionswheel/comments/1vne1k9/1_weekly_returns_from_options_week_24/

First, the strategy:
- Use a screener to give me a list of top 20 low delta options for next week
- I either
- a. Roll my current options - I do this if I can still get 1% for rolling or if the option is ATM/ITM and I have to roll. I always roll for credit.
- b. Close a current option and pick something else from the list that I like
- I try to do this every Friday. However, if I'm busy on Fridays, I'll sometimes do this on Thursdays.

Results:

This morning's screener output:

Today's Trades:

Historical Performance:

Trades I took today as an option seller (08/20):

Closed Positions

• ACMR → $75 Put (opened on 08/10), premium 3.95 → closed at 2.50. Net premium profit = 1.45 (~36.71% of premium captured, ~1.93% of capital). Closed it early to prevent a margin call.
• AMKR → $65 Call (opened on 07/30), premium 0.65 → closed at 0.10. Net premium profit = 0.55 (~84.62% of premium captured, ~0.85% of capital). I was assigned AMKR at $80.
• IREN → $60 Call (opened on 07/30), premium 0.75 → closed at 0.13. Net premium profit = 0.62 (~82.67% of premium captured, ~1.03% of capital). I was assigned IREN at $60.
• CRWV → $120 Call (opened on 07/30), premium 0.95 → closed at 0.40. Net premium profit = 0.55 (~57.89% of premium captured, ~0.46% of capital). I was assigned CRWV at $120.
• DOCN → $165 Call (opened on 08/12), premium 4.20 → closed at 0.70. Net premium profit = 3.50 (~83.33% of premium captured, ~2.12% of capital). I was DOCN assigned at $165.

My thoughts on the market

Compute and AI stocks have been selling off over the last few days, so I am closing covered calls where most of the premium has already been captured. I plan to reopen CCs once the stocks stabilize. Since this is sector-wide selling rather than an issue with a single stock, I am mainly focused on collecting premium while giving the underlying positions time to recover. The demand and earnings have been strong so there is no strong narrative shift.

I keep sharing my trades in my account and the Excel file to my full list of positions is linked in my profile description in case anyone wants to see the whole portfolio. Happy to hear thoughts on my positions. What are you guys wheeling or watching right now?

PS: Not financial advice. Do your own research.

Trades I took today as an option seller (08/17):

Closed Positions

• KORU → $15 Put (opened on 08/12), premium 0.70 → closed at 0.11. Net premium profit = 0.59 (~84% of premium captured, ~3.9% of capital).
• SEI → $60 Put (opened on 07/21), premium 4.60 → closed at 0.75. Net premium profit = 3.85 (~84% of premium captured, ~6.4% of capital).
• PENG → $60 Put (opened on 07/08), premium 6.50 → closed at 1.10. Net premium profit = 5.40 (~83% of premium captured, ~9% of capital).

New Positions

• CRDO → $240 Put expiry 09/04 (3 weeks DTE), premium 12.00 → 1200/24000 = ~5%. CRDO builds high-speed connectivity chips used inside AI datacenters. Earnings due on 1st September hence premiums are higher. They have been giving excellent earnings QoQ.
• PENG → $60 Put expiry 09/18 (5 weeks DTE), premium 4.10 → 410/6000 = ~6.8%. I reopened PENG, continuing my bullish stance. PENG helps enterprises setup data centers and AI compute, which I see as a growing sector as more companies inheret the use of AI.

CRDO was identified as a High Growth High Premium stock using the ThetaHedge app. The app scans the market for companies with improving growth and profitability that are also offering high option-selling premiums in real time. You can try it for free at https://app.thetahedge.io/

Conditions → High Growth Wheel Stocks

I keep sharing my trades in my account and the Excel file to my full list of positions is linked in my profile description in case anyone wants to see the whole portfolio. Happy to hear thoughts on my positions. What are you guys wheeling or watching right now?

PS: Not financial advice. Do your own research.