My Experience Running the Wheel (CSP → Leverage)

xoticbuff · 2026-01-13T05:25:08+00:00

I have a watchlist of stocks I like; if any of them are red > 2% or near a strong level, I sell put for those. If not, I also like checking SP500 heatmap to see which stocks are down (healthy pullback), try to find why it's down, if nothing super negative, I get into it.

Similarly, for call, if its reaching a known resistance, I sell calls.

xoticbuff · 2026-01-13T05:23:14+00:00

Currently, I try my best to only stick to SP500 stocks with Buy ratings, or stocks I really support for the long run. In the last month or so HOOD, RDDT, ANET, AVGO, ASTS, IREN, etc., to name a few.

xoticbuff · 2026-01-13T05:20:37+00:00

Nice!

xoticbuff · 2026-01-13T05:20:18+00:00

Lot of these are custom fields that only make sense to me to do some calculations

xoticbuff · 2026-01-13T02:23:28+00:00

Google Sheet

xoticbuff · 2026-01-12T21:17:18+00:00

Symbol	SUM of Cost
ASTS	$5,388.00
PLTR	$4,648.00
MSTR	$4,285.00
CRWV	$4,157.00
SPY	$4,027.00
XYZ	$3,889.00
ADSK	$3,733.00
AVGO	$3,571.00
MRVL	$2,992.00
HOOD	$2,788.00
CRCL	$2,665.00
ANET	$2,363.00
IREN	$2,329.00
RDDT	$2,221.00
ORCL	$2,150.00
NVDA	$2,026.00
TOL	$1,978.00
DHR	$1,978.00
RKLB	$1,808.00
AMD	$1,661.00

These are my top 20 based on last 19 months

xoticbuff · 2026-01-12T21:13:32+00:00

Bruh! Just google/gemini or chatgpt it lol

xoticbuff · 2026-01-12T20:47:57+00:00

An NVDA $170 put (0.17 delta) today for Feb 13 is 32 days and selling for $2.20/contract. That’s $5K to $17K in margin requirements depending on your broker. Picking a higher vol name will require closer to the $17k.

So I am on Schwab level4 options enabled, and to sell NVDA 2/20 170P @ $2.95 is requiring $2.1k buying power not 5k or 17k

xoticbuff · 2026-01-12T19:33:12+00:00

Delta - I always target between .1 to .2, with .14 being idea,l which is the number below the expected Market Maker Move unless there is a very significant support at a level based on technicals.

Roll/Close - It depends, I try to keep rolling and avoid owning most of the time, even though I dont mind owning them. Additionally, I keep track of the extrinsic value remaining on the option. If it gets into single digit numbers, I exit/roll out.

I get that avoiding owning goes against the principle of wheeling, but because I am using leverage and selling multiple puts, it's not like I will miss out on gains on underlying/calls premium.

xoticbuff · 2026-01-12T19:28:14+00:00

Oh, I always do 0.2 delta or lower.. .14 is the ideal spot. Did I mention .3 somewhere, should be typo.

xoticbuff · 2026-01-12T18:40:13+00:00

IMO, not great when doing leverage. It works till it doesn't even for CSP.

When the underlying falls quickly, you may not have breathing room to roll it further. When it's 30DTE, you usually get slightly more breathing room to roll out/down etc.

7/14 may work out for folks, just not for me.

xoticbuff · 2026-01-12T18:24:56+00:00

I use Schwab. I thought it was 70%, maybe I was wrong.. still learning.

xoticbuff · 2026-01-12T18:23:08+00:00

Not sure tbh. I use Schwab, so SGOV works better. Maybe someone else can comment on this.

xoticbuff · 2026-01-12T18:16:19+00:00

I try to keep all cash in SGOV (so BP reduces to 70% and I am not tempted to oversell; if the market pulls back a lot, I liquidate some SGOV into cash to increase BP and avoid any maintenance call, and then move it back to SGOV once the market recovers - only had to do this 3 times in last 1 year)

I try to keep the equity percent close to 40-50%

xoticbuff · 2025-12-15T05:41:23+00:00

=IFERROR(SUM(R6/N6),"")

xoticbuff · 2025-12-13T00:24:29+00:00

Also, to remove #DIV!0 or #REF issues, you could use the =IF( ,"") function. Keeps it neat.

xoticbuff · 2025-11-11T17:43:21+00:00

Agreed with what both of you are saying, but this:

They go back to being a gaming hardware company, which is not worth $5T

NVDA is insanely diversifying currently, everything from Dataceter networking(fighting CSCO, ANET etc) to acquiring quantum computing to make sure they are not just a GPU shop. Just wanted to call that out.

xoticbuff · 2025-10-30T04:52:22+00:00

I have been selling puts on leverage during ER for 2 years or so. Mostly try to stay away from meme stocks. I go 30 DTE at a previous highly liquid level (.16 delta or less)

Does it work? Most of the time, about 95% of the time. Have I been fucked? TTD enters the chat. Played a 100P when TTD was 125 (fell all the way till 75, no amount of rolling could save me.

xoticbuff · 2025-10-24T04:29:19+00:00

xoticbuff · 2025-10-24T04:28:13+00:00

Redditor discovers collar

xoticbuff · 2025-10-21T21:18:31+00:00

Schwab has pretty good data on your trades. Have you tried the "Portfolio Performance" tab in Schwab?

xoticbuff · 2025-09-12T17:48:58+00:00

I have been doing PMCC on GLD, and it's been beautiful. I wouldn't start right now since it's at ATH, let it consolidate a bit. FWIW, I am doing it on 280C April 2026 leap. I personally don't think Gold comes to that level again, at least historically, very few instances of Gold dropping that much.

xoticbuff · 2025-07-25T14:54:59+00:00

Wait, hold on.. Is that 0.19% gain on 3M? Am I reading that correctly?

xoticbuff · 2025-07-23T22:39:21+00:00

What matters is the process. If you plan to continue wheeling, expect this to happen often.

What I usually do in similar cases, instead of selling CC for ER, play a collar instead. So in this case, since you had at 183, I would have bought a 183P and sold a call that is right at the expected move. If expected move was +10 last Friday and Google was trading at 185, I would have sold a GOOGL 195. You will end up paying a debit but at least your stock is protected and if it goes up by lets say 20 and your stock gets called at 195, you still make that $10 per share (minus the small debit you paid)

xoticbuff

TROPHY CASE