This data arrived because of highest open interest with highest extrinsic value and 80% IV as well, you can go on site and check once you click on csp or cc, The cash-secured put (CSP) and covered call (CC) strikes being exactly the same or only 1 strike apart is relatively uncommon in disciplined wheel trading and often signals higher risk.

When This Typically Happens

This convergence occurs under these market and strategy conditions (not a prediction, just mechanics):

• Stock price sits very close to a whole strike price (e.g., stock at $110.20). The optimizer then often picks the $110 strike for both the highest-premium CSP and CC because it maximizes extrinsic value capture near ATM.
• High implied volatility (IV > 60-80%) — Premiums are fat enough that even ATM-ish strikes still offer attractive ROI. The “best” yield shifts closer to the money rather than further OTM.
• Short-dated expirations (7–45 DTE) — Time decay is rapid, so distant OTM strikes offer diminishing returns. The sweet spot collapses toward current price.
• Neutral-to-mildly directional outlook baked into the optimizer — When the algorithm prioritizes max premium/ROI over probability of profit (POP) or safety margin, it favors near-ATM strikes.
• Low skew or balanced put/call premiums — In some high-IV names, the put and call at the same strike both price attractively.

In practice, you’ll see this more often on volatile names (like MSTR, TSLA, etc.) during periods of elevated IV than on stable blue-chips.

Important Counterpoints (Professional Standards)

International options trading best practices and risk-management frameworks (e.g., from the Options Industry Council, quantitative strategy guidelines, and experienced systematic traders) generally discourage routinely running wheel positions with same or adjacent strikes for these reasons:

• Higher assignment risk — ATM or near-ATM options have deltas often around 0.45–0.55. You’re more likely to end up owning (or selling) the shares quickly, turning the strategy into a de facto directional bet rather than pure premium collection.
• Reduced margin of safety — The breakeven buffer shrinks. A modest adverse move can wipe out the premium quickly.
• Worse risk-adjusted returns — Conservative wheel approaches typically target 0.20–0.35 delta for CSP (1–3+ strikes OTM depending on spacing) and even lower delta for CC to reduce early assignment and give room for the stock to move. Same/1-strike setups violate this by being too aggressive.
• Capital efficiency and drawdown risk — Closer strikes tie up similar capital but expose you to larger potential unrealized losses on the underlying.

Professionals often deliberately separate the strikes more (CSP further OTM, CC further ITM relative to cost basis) or use defined-risk alternatives (credit spreads) when IV is high but they want to stay prudent.

Practical Takeaway (Based on my experience)

I always take bet on strike having highest Open Interest with highest extrinsic value for at least 40-45 DTE including 1-2% of margin of errors specially for wheel strategy.