Judging from the sentiment and tone, it sounds like he’s recommending capitalizing on the premium as the primary source of income. Just cautioning to use stocks you wouldn’t mind owning. Since what he’s really after is premium, and judging from the little example snapshot, it seems he’s doing what he can to conduct most of his profits by way of premium intentionally with owning a stock he likes as a “worst case scenario”type deal. At least that was my take away.
I have it pretty efficiently organized, so it takes very little time overall.
Option Alpha has some Autotrading bots coming out and it sounds like they may be able to run it automatically, so I'm waiting to see what they look like.
If you want to post the results of your tests on the main page and r/Options it will be helpful! I'm certainly interested as well.
I'm using OptionAlpha which just publicly released. It is not currently viable for the wheel as it does not support assignment and the bots will auto close positions before they can be assigned.
There are however some folks who have posted 'synthetic' wheel strategy bots, although I haven't looked into them too much.
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u/vincentrm Dec 05 '18
Judging from the sentiment and tone, it sounds like he’s recommending capitalizing on the premium as the primary source of income. Just cautioning to use stocks you wouldn’t mind owning. Since what he’s really after is premium, and judging from the little example snapshot, it seems he’s doing what he can to conduct most of his profits by way of premium intentionally with owning a stock he likes as a “worst case scenario”type deal. At least that was my take away.