LogFAQs > #951932275

Btw if anyone wants more info on the lower risk strategy of wheeling here's my results with fubo so far.

At most I had 9 contracts sold at a time.

Last Friday I got assigned for the first time at $32 at a time (Honestly I just felt like owning 100 shares at 32 wouldn't be bad, I could have rolled)

I have 6 open outstanding contracts with an average strike price of 33.5. If I let myself get assigned on all 6 contracts and don't roll any my cost basis for 700 shares will 27.37. Currently my cost basis is negative for my 100 shares (I have made more in premium overall than I paid for these shares, they are basically free for me and I will start selling covered calls on them).

Some important things to note:
-I started wheeling when the stock was around ~45. I am profitable on this stock with a bullish strategy despite the stock having dropped to ~31ish.
-I did keep cash on the sidelines and introduced more contracts to my wheel when the stock dropped a lot. (I roughly doubled my number of contracts)
-I generally roll the day before or the day of expiration.
-I almost always roll if i can. Only exception will be if the stock price is within a dollar of the strike price and I want to get shares at that point. It has always been easy to roll for a profit.
-This is a high IV stock that I don't mind owning. You can't do this with every stock. You shouldn't do this with any stock with high IV unless you like the underlying.
-I have a margin account. Selling a CSP takes away from your buying power (normal or in some cases margin for me) but does not count as being on margin. I have never been on margin or gotten charged any interest but I have dipped into using margin buying power.

Edit: I forgot to post the spreadsheet lol. https://docs.google.com/spreadsheets/d/1TjQP4l8VqOUntFdryhO6idvnv2NWFadd9cZ-8DRpsQ4/edit?usp=sharing

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DPOblivion beat us all.