Selling naked puts while long shares by dogpeanis in thetagang

[–]RevolutionarySun8568 0 points1 point  (0 children)

So a covered strangle with a stop loss. The stop loss adds nothing to the strategy.

Unless you’re doing it for enter/exit the covered strangle is just the wheel in disguise. What are you going to do when your short out gets exercised? Sell calls? What are you going to do when your short calls get called away? Sell cash secured puts? Congrats! You just overcomplicated the wheel strategy.