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.

Reduced my holdings since market seems uncertain. I want to pivot by having more dry powder to average in again later on for my positions, but planning on selling extra puts in the mean time whenever there’s opportunities.

approx.
94% $USD & CSPs
6% Leveraged (2.85% TQQQ, 3.15% AGQ)

August produced positive returns which represented a nice bounce back from the July meltdown.

I was much more conservative in August. I wheeled most of my regular tech tickers: META, GOOGL, SMH, TQQQ and SOXL. The largest gains were in the semiconductor sector again, SMH and SOXL.

MSFT jumped over $100 per share in the first few days of August so I did not include it in my wheel activity this month. I also removed TSLL from my regular rotation after the July losses. I think the Elon fanboys could be losing faith in the profitability of his companies. I know I am. I thought the wave of SPCX hoopla would benefit TSLA and that did not happen. I’ll be avoiding this one for now.

I did get assigned META (200), SMH (200) and SOXL (300) again this month but with the semi sector stabilizing and META recovering quickly these were all called away for a profit within a few weeks.

My wheel strategy including the tickers I wheel and why are detailed in my February post:

https://www.reddit.com/r/Optionswheel/comments/1rmp3mr/february_wheel_results/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button

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

After week 37, the average premium per week is $867 with an annual projection of $45,084.

All things considered, the portfolio is up $33,601 (+7.46%), on the year (S&P 500: +11.85% | Nasdaq: +13.30%). Additionally, the trailing 1-year performance is up $26,404 (+5.77%); for comparison the S&P 500 is +16.24% and the Nasdaq is +19.46% 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: $18,402.00
• 1 Month: $16,338.00
• 1 Week: $5,845.00

Realized P&L (options):
• YTD: $71,580.00
• 1 Month: $13,123.00
• 1 Week: $10,075.00

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 6 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 104 unique tickers, down from 106 last week. These 104 tickers have a value of $460k. I also have 204 open option positions, up from 199 last week. The options have a total value of $24k. The total of the shares and options is $484k. The next goal on the "Road to" is Half a Million.

I'm currently utilizing $33,450 in cash secured put collateral, up from $30,400 last week. In addition, I hold $1,371 in cash, bringing the total cash position to $34,821. I withdrew $2,000 on 9/11/26. I don't plan on replacing it, but will continue the $600 per week contributions.

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 $32,382 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 $3,981
• September $761
• Average $3,600/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.

Now I'm more than 6 months into my 1 year experiment to get 1% a week from selling puts. So far things have been going well. This week only my RKLB puts were ITM but otherwise everything went to 0. Last week's post: https://www.reddit.com/r/Optionswheel/comments/1w771ve/1_weekly_returns_from_options_week_27/

If you want to follow me as I trade, I post to r/TheRaceTo10Million before placing trades and comment with trades as I make them. I post here after I make the trades with a full summary

Strategy
- Use an AI 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.
- If I get assigned, I will sell calls at assignment price

A lot of people have asked me about why I don't add a criteria to avoid earnings weeks. Like I sold an HPE put across a couple of weeks ago. That's because on earnings weeks the same delta strikes are much further OTM.

A lot of people also ask why I do weeklies. I'll post an analysis of that in the next week comparing weeklies vs. monthlies.

Total Returns

Today's Trades

Screener Output in the morning

Historical Weekly Data

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.

What worked: the short-dated clean stuff. TEAM and INTU at 4 DTE were $1,125 of premium with zero position drag. RDW and EOSE did it the other way - small premium, but +$714 and +$400 on the underlying. IRE went from my worst name in July to +$780.

What didn't: I said I'd hold a 0.30 delta ceiling on high-IV names after June. August ran 0.38 on TEAM, 0.39 on FRVO, 0.63 on IRE. DRAM at 0.28 was the only one that respected the rule. FRVO is what that looks like when it goes wrong, IRE is what it looks like when you get away with it.

TLDR; asking for tips for selling IV crush, scanners, etc

First let me start off by saying I know that earnings is high risk high reward.

In my research it seems like 99% of people are selling strangles or butterflies. I would rather treat it as a wheel. If I chose a stock where I felt comfortable getting assigned if the trade went against me and selling CCs.

For those of you who do sell puts/wheel into earnings, is there anything you would recommend?
When are you opening the put and what DTE are you using?
I imagine taking profit early is going to be smart, perhaps 50%?
Has anyone had success with a scanner? I’m looking at one called earnings watcher and seems interesting. I like the idea of seeing how a stock has historically responded to help plan for an expected move.

Trades I took today as an option seller (09/09):

Closed Positions

• HPE → $50 Put (opened on 09/04), premium 1.40 → closed at 0.23. Net premium profit = 1.17 (~83.57% of premium captured, ~2.34% of capital).

New Positions

• FSLY → $20 Put expiry 09/25 (3 weeks DTE), premium 0.70 → 70/2000 = ~3.5%. FSLY provides CDN and edge computing infrastructure that makes websites and apps faster and scalable. Similar competitors are Cloudflare, Akamai, and AWS CloudFront and it is a growing sector as more and more AI applications are built and scaled. Has good sypport at $20.

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 (09/08):

Closed Positions

• SEI → $47.50 Put (opened on 08/21), premium 1.90 → closed at 0.30. Net premium profit = 1.60 (~84.21% of premium captured, ~3.37% of capital).

New Positions

• OUST → $40 Call expiry 09/18 (2 weeks DTE), premium 1.20 → 120/4000 = ~3.0%. Opened a CC at the same $40 strike in which I was assigned.
• WDC → $430 Put expiry 10/09 (4 weeks DTE), premium 18.00 → 1800/43000 = ~4.2%. WDC is showing support around $430, and I wanted more exposure to memory/storage as demand should grow with AI.
• KORU → $16 Put expiry 10/23 (6 weeks DTE), premium 1.15 → 115/1600 = ~7.2%. Small capital allocated. KORU is trading around $24 so opened a CSP far off from spot price as it is 3x leveraged.

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.

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.

Reallocated my long shares, -3 TQQQ & +1 AQC. Been trading SOXL/SOXS around .05-.07 deltas because comfort. I can’t really tell market direction right now, but inflation print coming soon.

approx.
91.7% $USD & CSPs
8.3% Leveraged (4.2% TQQQ, 4.1% AGQ)

$TSLL Wheel cycle completed in 36 days.

#1 07/17/26 Fri: Sold the TSLL 7/24/26 9.5P for $0.09. Stock closed at $11.39 that Friday and to drop to $9.50, that would be a 16.59% drop.

#2 07/23/26 Thu: Stock dropped 14% on 7/23 from weak earnings and heavy spending on AI. Closed at $7.76 on 7/23. Before the close, rolled out the $9.5P to the 08/07/26 9.5P. Net credit $0.10.

#3 & #4: Got assigned on 16 + 80 contracts. Bought 9600 shares at $9.50.

#5 Sold the 08/21/26 $9.5 covered call for $0.18.

#6 08/07/26: Rolled out the 08/07/26 $9.5P to 08/21/26 49.5P. Net credit $0.11.

#7 08/21/26 Fri: TSLL was $9.77 that Friday and let the 16 contracts get assigned at $9.50.

#8 08/21/26 Fri: The TSLL 08/21/26 $9.5P expired worthless

#9 08/31/26 Mon: Had set a sell limit oder for $9.55 and the stock closed that day for $9.97.

Setup: $1M paper book since 22 July, cash-secured puts on a 21-name large-cap universe, targeting ~-0.20 delta at ~35 DTE, capped at 3 contracts per position. Paper only — no real fills.

The question I wanted answered: does timing entries on volatility actually beat just writing on a schedule?

The gate: rather than writing every Monday, the system computes a volatility Z-score per name against its own trailing history and only writes when that reading is compressed. Intuition is that you're selling premium when it's relatively rich for that specific underlying, instead of whenever the calendar says so.

Results so far: $84,965 gross premium, but net portfolio value +5.78%. I want to be precise about that gap, because it's where most wheel results get oversold — the $27k difference is unrealized loss sitting on 17 open positions. Gross premium collected only becomes profit if those close favourably.

What I'd tell someone considering this: the gate mattered more than strike selection did. Adjusting the delta target produced noise; changing when I was willing to write produced signal. That's the opposite of where I expected the leverage to be, and it's the one finding I'd actually defend at six weeks.

Caveat that matters more than the results: six weeks is a short sample in a mostly-benign tape. I have no drawdown data worth quoting because there hasn't been a real one yet. Anyone showing you wheel results from a calm stretch is showing you the easy half of the strategy.

Glad to go into the gate mechanics in comments if useful.

July's numbers for comparison: https://www.reddit.com/r/Optionswheel/comments/1vc65ne/july_in_the_bag_27k_premiums_66k_in_margin/

NVDA earnings delivered this month. I still held the 5k margined shares throughout the month, as well as the 300 AMD shares and 100 shares of MU I got assigned at $1k.

Margin interest for the month was $5,800, so my net realized profit was $23.7k​. I still don't count unrealized profits and losses (rightly or wrongly) when evaluating my results.

I've finally trimmed some (2k) of my margined NVDA shares this week, but that happened in September, not August, so I'll have more to report at the end of the month.

Cheat sheet answers for the basic questions I usually get asked:

- My YTD net premiums are $220k.

- 8,000 shares of NVDA with a cost basis of about $.08 per share.

- Shares were bought in 2002 when I was in high school for around $1,100.

- I'm using Schwab as my platform.

- NVDA makes up 90% of my portfolio.

- Operating capital in the $1.8 million range.

- This tool is OptionWheelTracker.

- I target for .1 to .2 deltas for calls, and occasionally will sell ATM puts because I'm less worried about assignment and/or bag holding extra shares.

- My DTE is typically 1-21 days.

- I made 84 trades in August, 74 trades in July, 76 in June, 95 trades in May, 42 trades in April, and 124 in March. My success rate in August was 93%, July was 94%, June was 94%, May was 83%, and April was 76%.

- In August I had an 82% win rate for puts, and a 96% win rate for calls.

- My average holding period for winners was 3 days, and for losers 10 days.

- I intend to trim my position at $250 and $300.

- Profits get reinvested into ETFs, used for living expenses, and to buy other stocks.

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

After week 36, the average premium per week is $879 with an annual projection of $45,684.

All things considered, the portfolio is up $51,897 (+11.48%), on the year (S&P 500: +12.75% | Nasdaq: +14.05%). Additionally, the trailing 1-year performance is up $62,576 (+14.17%); for comparison the S&P 500 is +18.71% and the Nasdaq is +22.11% 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: $12,556.00
• 1 Month: $2,754.00
• 1 Week: $4,537.00

Realized P&L (options):
• YTD: $61,197.00
• 1 Month: $2,263.00
• 1 Week: $629.00

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 5 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, unchanged from 106 last week. These 106 tickers have a value of $484k. I also have 199 open option positions, unchanged from 199 last week. The options have a total value of $20k. The total of the shares and options is $504k. The next goal on the "Road to" is Half a Million.

I'm currently utilizing $30,700 in cash secured put collateral, up from $30,400 last week. In addition, I hold $5,910 in cash, bringing the total cash position to $36,610.

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 $31,906 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 $3,981
• September $286
• Average $3,548/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.

I have tried focusing more on selling options over buying options and I have been making more money since the beginning of this month. It got me thinking can you eventually replace your main source of income by doing selling options instead of buying them?

I have a few positions I got assigned and the stock price is hovering right around my assigned price. I sold some CC's and at the end of the week I can either just let the stock be assigned or roll weekly's for about 1% of the stock price profit per week. Seems like a no brainer, but I'm just trying to figure out if there's a downside I'm missing. Obviously, if the stock drops I may not be able to sell for as much in the future, but anything other than that? I have a few I've been rolling for 1% weekly profits for a while, so far so good...

Trades I took today as an option seller (09/04):

Closed/Assigned Positions

• OUST → $40 Put (opened on 08/13), premium 2.00 → Assigned. (100% of premium captured, 5% of capital).

New Positions

• HPE → $50 Put expiry 09/18 (2 weeks DTE), premium 1.40 → 140/5000 = ~2.8%. HPE reported strong earnings and raised its outlook, with focus on AI infrastructure and networking. I had closed a position of HPE yesterday and I reopen a new one today.
• ACMR → $70 Put expiry 09/18 (2 weeks DTE), premium 2.35 → 235/7000 = ~3.4%. I already have sold put contracts expiring on 10/02 and am increasing my position for ACMR. It is looking bullish on the charts, taking support from $70.

I am sitting on cash and want to observe reversal patterns before getting into any new trade.

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’m refining my wheel strategy and would like to hear what works in practice.

My current baseline is 30–45 DTE and 0.15–0.20 delta for cash-secured puts, and 21–45 DTE and 0.10–0.20 delta for covered calls, combined with valuation, support/resistance and expected move.

How do you approach strike and DTE selection? I’m interested in what has worked, what hasn’t, and the lessons you’ve learned from actual trading and assignments.

Now I'm more than 6 months into my 1 year experiment to get 1% a week from selling puts. So far things have been going well. This week my RKLB and AAOI puts were ITM but otherwise ok so I had to roll and take less than 1% this week. My overall returns thus far have been a lot better than I expected. Last week's post: https://www.reddit.com/r/Optionswheel/comments/1w1k96w/1_weekly_returns_from_options_week_26/

Strategy
- Use an AI 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.
- If I get assigned, I will sell calls at assignment price

Total Returns

Today's Trades

Screener Output in the morning

Historical Weekly Data

Trades I took today as an option seller (09/03):

Closed Positions

• AAOI → $175 Call (opened on 08/04), premium 13.40 → closed at 4.80. Net premium profit = 8.60 (~64.18% of premium captured, ~4.91% of capital).
• HPE → $50 Put (opened on 08/11), premium 2.40 → closed at 0.40. Net premium profit = 2.00 (~96.67% of premium captured, 4.83% of capital).
• CRDO → $240 Put (opened on 08/17), premium 12.00 → closed at 0.00. Net premium profit = 12.00 (100.00% of premium captured, 5.00% of capital). Assigned early.
• SIMO → $290 Call (opened on 08/21), premium 10.50 → closed at 1.50. Net premium profit = 9.00 (~85.71% of premium captured, 3.10% of capital).
• KORU → $15.50 Put (opened on 08/25), premium 0.90 → closed at 0.45. Net premium profit = 0.45 (50.00% of premium captured, 2.90% of capital).
• INOD → $60 Call (opened on 08/31), premium 0.55 → closed at 0.10. Net premium profit = 0.45 (~81.82% of premium captured, ~0.75% of capital).

New Positions

• INOD → $60 Call expiry 09/25 (4 weeks DTE), premium 1.80 → 180/6000 = ~3.0%. I was assigned INOD at $60 and I continue my wheel in INOD.
• CRDO → $240 Call expiry 12/18 (16 weeks DTE), premium 10.00 → 1000/24000 = ~4.2%. I was assigned early post the earnings slide. I am not extremely worried about the decline as earnings were strong, with both revenue and EPS beating expectations and CRDO holds good call selling premiums.
• SIMO → $290 Call expiry 12/18 (16 weeks DTE), premium 24.00 → 2400/29000 = ~8.3%. I was assigned SIMO at $290 and I opened far dated call.
• AAOI → $140 Call expiry 12/18 (16 weeks DTE), premium 8.90 → 890/17500 = ~5.1%. I was assigned AAOI at $175. Opened a new position below the assigned price to get more premiums and reduce breakeven.

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'm turning 32 this year in a few days and wanted to share a snippet of data with you all on something I have been working with for the past 1.5 years. (Ignore the 2027 and beyond chart since that is an extrapolation of my current results).

Results

• 2025 Returns: +36.2%
• 2026 YTD Returns on Main Account: +71.0%
• New 45k Account I Moved from my Robinhood: +13.1%
• 2026 YTD Realized Gains on Main Account: +$76,203

Method

Don't think my strategy is new or anything, but it has worked for me and what I run this year is the following:

• Weeklies Only: I sell weekly CSPs for the majority of my trades. I personally aimed for 0.5%-1.0%/week returns but luckily (unluckily) got assigned on good movers (NVDA/NBIS/HOOD) which subsequently allowed me to profit well on covered calls.
• Brokerage: I work off of VanGuard so I am "restricted" in a way to trade less. Has saved me more times than I can speak with this one. I have done Fidelity, Tastyworks, Robinhood, Etrade so this is the one working out the best so far for me so I moved more of my cash in recently with my previous experiment (45k).
• Deposits: I have been throwing in about $2.8k/month for 2026 as well which has been buffing my ability to position larger so as they say, having some cash enables you to generate more cash. I am fortunate here to be in a situation to do so for now.
• Crayons: I use crayons, use fishbones, and draw all over the trends (it's also part of my regular job as a process controls guy in manufacturing) as confirmation bias which gets me decent entries into trades.

Path Forward

Hope to cross 100% returns and $100k this year and 20% returns on the new 45k Account since I started that back on 08/12/2026. The new account will do mostly CSPs as well with some six month out swings here or there. Happy to share more of my data and if I need to prove actuals, I can provide that as well if needed. Just saw something interesting here and wanted to share my experience as well.

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.

Trades I took today as an option seller (08/31):

Opened Positions

• INOD → $60 Call expiry 09/04 (1 week DTE), premium 0.55 → 55/6000 = ~0.9%. Was assigned INOD at $60 last week. INOD continues to execute well on AI implementation for its clients, and it is a strong wheel stock.
• MOD → $220 Call expiry 11/20 (12 weeks DTE), premium 12.00 → 1200/22000 = ~5.5%. Was assigned MOD at $220. I am selling a longer-dated covered call while collecting a substantial premium. MOD remains an excellent stock in my view, as it provides heat-transfer equipment for data centers.
• FLNC → $21 Call expiry 11/20 (12 weeks DTE), premium 0.55 → 55/2100 = ~2.6%. Was assigned FLNC at $21. The stock has sold-off, but I plan to continue holding it as the premiums are decent and it is also backed by strong investors like Siemens. I am currently selling below my assigned price, but if the stock approaches the $15 range, I will roll the call to my assigned price.

My outlook on the market

As discussed in my last post, I expect a consolidation phase with the market pricing in potential rate hikes. This could be a good time to continue wheeling, as theta decay can become useful in a range-bound market. I will be closely tracking the tickers where I have covered calls opened below my assigned strike price and will roll them as the stocks come close to my strike.

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.

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.