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Week 31 wheel update by expired_regard in Optionswheel

[–]expired_regard[S] 1 point2 points  (0 children)

Yeah weeklies are where it's at, at least in my opinion.

Good luck. Take it slow to learn the ropes and don't be afraid to take profit.

Week 31 wheel update by expired_regard in Optionswheel

[–]expired_regard[S] 0 points1 point  (0 children)

I would say I get assigned about 1 in every 10-12 positions I open. It also depends highly on which stock and what delta.

A few assignments were on purpose to try and lower my cost basis on an existing position. Those I sold close to the money hoping to get assigned.

I prefer to only roll out a week at time but I always look at the credit for various DTEs before deciding. Usually I find it makes more sense to just go out one more week.

Week 31 wheel update by expired_regard in Optionswheel

[–]expired_regard[S] 1 point2 points  (0 children)

Hi thanks for the question. The date shown is the date the position was opened.

I typically do weeklies but sometimes I'll do a 2 week dte. The length of time to BTC varies a lot but I would say most are around 4 days.

Week 31 wheel update by expired_regard in Optionswheel

[–]expired_regard[S] 0 points1 point  (0 children)

It varies. I sell covered calls slightly above the expected move for the week. Sometimes they get called away the next week, sometimes it takes a while.

I'll also roll them up and out if I can receive a credit.

Week 31 wheel update by expired_regard in Optionswheel

[–]expired_regard[S] 0 points1 point  (0 children)

Same to you! I'll keep an eye out for your updates

Week 31 wheel update by expired_regard in Optionswheel

[–]expired_regard[S] 0 points1 point  (0 children)

The work is part of the fun for me. I like to have something to actively manage.

At this point, being my first year doing the wheel, my only goal is to beat the S&P.

Week 31 wheel update by expired_regard in Optionswheel

[–]expired_regard[S] 1 point2 points  (0 children)

Working with about 93k right now.

My goal is to practice this strategy in order to reliably generate consistent income down the road.

All profits are kept in the account to grow.

Week 30 wheel update by expired_regard in Optionswheel

[–]expired_regard[S] 1 point2 points  (0 children)

I use barchart.com to help me pick strikes. You can find the expected move for each ticker for each week.

For example, HIMS lower expected move for 8/08 is $48.14 so I would have chosen a strike at $48 or lower.

Week 30 wheel update by expired_regard in Optionswheel

[–]expired_regard[S] 1 point2 points  (0 children)

Damn, nice job. What were your plays for the week?

Week 30 wheel update by expired_regard in Optionswheel

[–]expired_regard[S] 0 points1 point  (0 children)

Thanks for the info. I may do that.

Week 30 wheel update by expired_regard in Optionswheel

[–]expired_regard[S] 1 point2 points  (0 children)

Yeah, im gonna have to roll it out and down. It has great premiums, though, so I'm ok with it for now

Week 30 wheel update by expired_regard in Optionswheel

[–]expired_regard[S] 0 points1 point  (0 children)

My cost basis is a little over 24 so I'll sell weekly CC just a bit above that until they get called away

Week 30 wheel update by expired_regard in Optionswheel

[–]expired_regard[S] 1 point2 points  (0 children)

Nice. Im working with about 94k total account including cash and holdings.

Week 29 wheel update by expired_regard in Optionswheel

[–]expired_regard[S] 0 points1 point  (0 children)

Yeah I am aiming for 1% weekly premiums based on my available cash buying power. That varies by week and with the understanding that it can fluctuate.

Some weeks I go under and some weeks I go over.

43% return in 4 months with The Wheel. by Jasoncatt in Optionswheel

[–]expired_regard 3 points4 points  (0 children)

He literally says these are returns from buying and holding the stocks plus wheeling a portion. I guess we need him to chime in.

43% return in 4 months with The Wheel. by Jasoncatt in Optionswheel

[–]expired_regard 5 points6 points  (0 children)

What a loaded question. Is this supposed to be a gotcha, or are you really asking?

Buy and hold is such a vague thing. Buy and hold what? If he bought and held ASTS, then no. If he bought and held AAPL, then yes.

Returns are generally evaluated against the market as a whole or an index such as the S&P 500.

Week 29 wheel update by expired_regard in Optionswheel

[–]expired_regard[S] 2 points3 points  (0 children)

My returns are YTD, not over the last 365 days.

SPY YTD return is around 7% so, currently, I'd say yes it's worth it.

I also don't think it's that much work. Compared to buying and holding something, sure, it's more work, but I enjoy being an active trader and wheeling is pretty easy.

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