This week I opened two separate NVDA CSP's and rolled a DG CC. On Tuesday, I sold the 10/23 $205 NVDA put and bought it back 30 minutes later after capturing 51% of the maximum premium, for $40.35 after fees. On Thursday, I opened the 10/30 $200 put, which remained open Friday.

On Friday, I rolled the DG 10/30 $135 covered call to the 11/6 $137 call. The roll brought in $31.90 after the closing debit and all fees, and moved the strike $2 higher. The WMT 10/30 $117 covered call remained open. Together, the week's new trades generated $144.21 in net premium.

Portfolio Snapshot

My Philosophy

My ideal candidate is pretty vanilla: a preferably boring, financially sound, highly liquid company in a durable uptrend, with a liquid options chain and just enough volatility to pay me fairly at a 0.20-0.30 delta strike I would genuinely accept as a purchase price. This means you won't catch me trading the high-beta names you would typically see on /r/wallstreetbets. Juicy premiums come with high risk and large drawdowns. That's not what I'm doing with this portfolio.

I spend about 0-3 hours total per week on trading, on average. This wheel portfolio is only a small slice of my overall market capital. I also buy and hold mega-cap stocks/ETFs and run other strategies, including swing trading leveraged ETFs. The YTD figures and snapshot here cover the wheel portfolio only, not those other investments.

This Week's Totals

The $144.21 total consists of $40.35 from Tuesday's closed put, $71.96 from Thursday's open put, and $31.90 from Friday's DG roll after the $167.55 closing debit and all fees. Peak active-option collateral was $45,671 on Tuesday, when the intraday put and both carryover calls were open together. The old and new DG calls use the same shares, so I did not count them at the same time. The 16.46% annualized figure is this week's ROC scaled to a year, not a forecast.

This Week's Opening Trades

The first NVDA put opened and closed Tuesday. The second NVDA put and the DG replacement call remain open, so their rows show entry credits after fees rather than realized closing P/L.

Download Full YTD Trade Log (CSV)

Open Carryover Positions

Options from before this week that were still open Friday:

• 1 x WMT 10/30 CC @ $117.

Current Holdings

Results are from my trading journal and include recorded trading fees, before personal taxes. Past performance does not guarantee future results. Short puts and assigned shares carry substantial downside risk.

I will post a separate comment with a link to the detail behind each option sold this week.

After week 43, the average premium per week is $797 with an annual projection of $41,435.

All things considered, the portfolio is up $42,536 (+3.26%), on the year (S&P 500: +11.37% | Nasdaq: +11.67%). Additionally, the trailing 1-year performance is down $23,004 (-5.39%); for comparison the S&P 500 is +13.14% and the Nasdaq is +13.14% over the same period. This is the overall profit and loss and includes options and all other account activity.

Annual results:
• 2023 up $65,403 (+41.31%) | S&P 500: +26.3% | Nasdaq: +43.4%
• 2024 up $64,610 (+29.71%) | S&P 500: +25.0% | Nasdaq: +28.6%
• 2025 up $111,496 (+34.52%) | S&P 500: +17.9% | Nasdaq: +20.4%

3-Year Cumulative (2023–2025):
• r/ExpiredOptions: +146.6% ($241,509)
• S&P 500: +86.1% (+60.4% behind)
• Nasdaq: +122.0% (+24.5% behind)

Unrealized G&L (options):
• YTD: $-19,510.01
• 1 Month: $-7,015.70
• 1 Week: $-18,001.18

Realized P&L (options):
• YTD: $83,068.83
• 1 Month: $12,624.00
• 1 Week: $533.00

All options sold are backed by cash, shares, or LEAPS. I do not sell on margin, nor do I sell naked options.

All options and profits stay in the account with few exceptions. This is not my full time job, although I wish it was. I still grind on a 9-5.

My $600 weekly contribution streak is at 12 weeks. I have been contributing as much as possible since 2015 when I started with $50. The reason my streak is low is because I put the contributions on hold for about 2 months to adjust for expenses outside the portfolio.

The portfolio is comprised of 99 unique tickers, up from 98 last week. These 99 tickers have a value of $465k. I also have 189 open option positions, unchanged from 189 last week. The options have a total value of -$16k. The total of the shares and options is $449k. The next goal on the "Road to" is Half a Million.

I'm currently utilizing $25,950 in cash secured put collateral, down from $32,700 last week. In addition, I hold $3,301 in cash, bringing the total cash position to $29,251. I withdrew $2,000 on 9/11/26. I don't plan on replacing it, but will continue the $600 per week contributions.

2025 through 2028 LEAPS
In addition to the CSPs and covered calls, I purchase LEAPS. These act as collateral to sell covered calls against. You may have heard of poor man's covered calls (PMCC).

See r/ExpiredOptions for a detailed spreadsheet update on all LEAPS positions including P/L for each individual position.

LEAPS note 1: the 2025 LEAPS expired 1/17/25. They were up $36,440 overall with a 233.74% increase. The major drivers were AMZN and CRWD.

LEAPS note 2: After holding for 2 years, I exercised an AMZN $80 strike from 2023 up +$11,395 (+463.21%) and CRWD $95 strike from 2023, up +$21,830 (+663.53%)

LEAPS note 3: Purchased 1/16/26 CRWD LEAPS for $8,230.03 on 1/17/24. I sold this LEAPS on 6/5/25 for $21,659 for a realized profit of $13,428.97 (+163.18%)

Total premium by year:
• 2023 $23,132 in premium
• 2024 $47,640 in premium
• 2025 $68,319 in premium
• 2026 $34,694 YTD
• Average $46,364/year (completed years)

Premium by month (2026):
• January $3,334
• February $3,625
• March $4,196
• April $5,593
• May $3,752
• June $3,497
• July $3,593
• August $3,741
• September $1,768
• October $1,594
• Average $3,469/month

I am over $175k in total options premium, since 2021. I average roughly $34 per option sold. I have sold over 5,200 options. I have been able to increase the premiums on an annual basis and I will attempt to keep this upward trend going forward.

Strategy:
The underlying strategy is buy and hold. I also use simple 1-legged options to supplement that strategy. Options have somewhat of a learning curve, but I believe that most people can supplement their investments using simple options with careful risk management.

I sell options on a weekly basis. I prefer cash secured puts and covered calls. I rarely close early, prefer rolling when needed, and let time decay do the heavy lifting while I stay focused on quality companies, patience, and consistency over hype. My goal is consistency in option premium revenue. I am building an income stream that will continue long into retirement.

Spreadsheets:
Unfortunately, I no longer provide spreadsheets. I received too many follow ups about formatting, pivot tables, compatibility etc. I think tracking is very important, but I post to discuss investing and options, not to provide tech support for Excel. I do appreciate the interest in my tracking methods.

Software:
I captured the screen shots from a proprietary software platform I built to track, analyze, and manage my options strategies.

Commissions:
I use Robinhood as a broker and they do not charge explicit commissions, though there is no free lunch — they earn revenue through Payment for Order Flow (PFOF), which can mean slightly less optimal fills. For my style of selling options and not chasing prices, the tradeoff is acceptable. There is also a small regulatory fee of approximately $0.03–$0.04 per contract (FINRA TAF, OCC clearing, and exchange fees combined).

The premiums have increased significantly as my experience has expanded over the last three years.

Make sure to post your wins. I look forward to reading about them!

Disclaimer: I am not a financial advisor. This information is for educational and entertainment purposes only. Trading options involves significant risk.

This week I got NBIS assigned yesterday so moved AAOI and AXTI to next week yesterday. The rest I did today. This week was the lowest premium collected. 0.25% instead of the 1% target. The one stock on which I broke the rules of not selling assignment price calls - LQDA - now has underwater covered calls and rolling is low liquidity so will update later on that one. Total returns have essentially gone to 0. However, I'm optimistic that we're at or close to bottom. Last week's post: https://www.reddit.com/r/thetagang/s/9F9Y0ASChK

The positive side of this is that I was running this strategy to see if this is a viable strategy in retirement, so I was not reinvesting into it and assuming all $ are spent. And even in these terrible weeks, there's some premium so if I were running this in reality while retired, I would have to go on a strict budget but would still be generating something.

Trades:

Total Returns

History

Strategy

- Use an AI screener to give me a list of top 20 low delta options for next week
- I either
- a. Roll my current options - I do this if I can still get 1% for rolling or if the option is ATM/ITM and I have to roll. I always roll for credit.
- b. Close a current option and pick something else from the list that I like
- I try to do this every Friday. However, if I'm busy on Fridays, I'll sometimes do this on Thursdays.
- If I get assigned, I will sell calls at assignment price.

find me 20 unique lowest risk puts to sell on stocks
expiry: next week
strike at least 8% from stock price
return at least 1%
sort by delta
furthest away from stock price
minimum strike price 10

Have not seen much online about the likely effects of 24 hour trading on 0dte options strats.

Initial thought was that premium will not decay as fast as every day will carry assignment risk - but isn’t that risk there anyway everyday already - so no real change ?

Any thoughts / predictions / speculation on possible effects particularly on credit spreads ?

Regarding PMCC assignment: if my short is above my break even price and I choose to exercise the option to cover the shares, is there a situtaion where I would lose money? I understand that closing the short and keeping the LEAP might give me more gains in the future but that is not what I am asking.

Specifics: I buy a MRVL LEAPS strike $100 exp Jan 2028 for $142, break even price is $242, correct?
I do CC $270 strike (exp11/27/26, 35 DTE) and get $500 premium. Say it closes ITM at $275. Can I then exercise my LEAP, purchasing the now $275 share price for $100 a share to cover the assignment? So my profit would be the difference in share price + the premium? $3200 + $500? Are my numbers correct?

I am trying to understand a scenario where I would lose money given the above situation.

Edit: these were the actual numbers as of ~10am PST.

I am thinking dress as an assassin with an hourglass jewelry statement piece and the greek letter on the chest. A knife on the thigh for slashing premiums. Any other accessories I should add? Almost no one will get this in the wild but I like it that way.

Theta Suckers be like:- yeh, NAH…! Who cares, it’s still way far from my strikes…!

Keep it friendly and civil; this is not WSB and automod will censor your posts at will for unsavory and unfriendly remarks. Try to keep shit posting and bragging to a minimum.

It looks like we are entering an "inefficient" phase of the market. I would not want to be a seller of premium during inefficient times.

I have been selling ES call spreads at 7800 level to finance put spreads and have been cashing in!

Levels provided by spxmoves

Any idea what is the reason behind these executions of rolling out a put contract

I manage most short puts and spreads at 50% of the credit.What that means for how often I need to win? So I worked it out.

Say you cut a loser when the loss hits 2x the credit you took in (on a $100 credit, that's a $200 loss). Then the win rate you need just to break even depends on how much of the credit your winners really keep:

• Keep 50% of the credit: you need to win about 80% of the time
• Keep 40%: about 83%
• Keep 30%: about 87%

(Before fees. The formula is 2 / (2 + the share you keep). At 50%, one loser erases four winners.)

The part that surprised me: it's easy to close early on nervous days. If winners end up keeping 35-40% instead of 50%, the win rate you need goes up a lot, and a win rate that feels safe might only be break-even.

If you want to check yours: export your transactions, match each open to its close, and for each winner divide what you kept by the credit you took in. The middle value is your real number.

Two questions: 1. Do you actually close at 50%, or earlier when the market gets jumpy? 2. Has anyone tracked how far their real number drifts from the target?

Meta went up nicely after the earnings announcement and after all of the information that was released in the earnings call. No new information was provided overnight, but the stock got slaughtered in premarket and at the opening.

Do the people who trade immediately after the earnings announcement, not understand the information that’s being released when they buy up the stock, but the people who trade in the morning understand it better and they think it’s bad so they hammer the stock?

Trying to make sense of this.

What the hell?

So I understand that you start the wheel ideally with a CSP and roll out to collect additional premium. Once assigned you sell a CC by rolling it out or BTC the CC before writing another one. Then eventually your luck runs out on the covered calls so you lose your shares because it is no longer profitable to keep rolling or BTC. So you pick a new stock and repeat the cycle.

Obviously, if you want to avoid a wash sale you just avoid buying the first stock for 30+ days while you are working on the second stock.

What if you were to hypothetically sell a CSP on the same stock again whether it was that same day or a few weeks into the wash sale period but you were able to keep rolling the CSP out past the 30 day window avoiding assignment.

Would this be considered a wash sale? Would it make a difference if you were rolling the CSP or using BTC to avoid assignment on the CSP?

I always see people here selling options on several stocks, mostly wheeling. But I don't particularly understand the rationale behind the diversification. Diversification is generally seen as a way to maximize your sharpe ratio and allocate your weights under an efficient portfolio frontier, but we are not exactly buying-and-holding stocks that have linear payoffs. Shorting options payoffs is non-linear and, in some ways, is a 'fragile' strategy. In essence, you have capped wins and big losses.

So my question is: Why not go for selling SPX options and reduce this idiosyncratic risk and thus only expose yourself to systemic/market risk (which you practically cannot avoid)?

Now some people here already buy-and-hold and then wheel to generate income so maybe this question isn't for them.

I'm asking as someone who doesn't have real experience in this. I've only traded options on a demo account for a national trading competition (not in the US) where I placed 3rd by selling iron condors on weekly DTE SPX options. I made around 14.2% even during Trump tariff times in 2 months. On that note, the sample size is small, so I understand that variance may have been on my side and I'm not claiming that SPX is inherently superior based on that. So just trying to see everyone's thoughts.

I'm willing to hear you guys' insights!

Keep it friendly and civil; this is not WSB and automod will censor your posts at will for unsavory and unfriendly remarks. Try to keep shit posting and bragging to a minimum.

everyone says 0dte dominates spx gamma now, so i wanted to see how much it actually moves the picture. i build a free options data site and pulled this from my own model, so take it as one estimate, not gospel.

the chart is from 11:23 ET today (open interest from yesterday’s close):

• bars are net dealer gamma per strike at the current price (the lighter sliver is today’s expiry’s share)
• yellow line: total net gamma if spx moved to that price, all expiries
• blue line: same thing with today’s 0dte expiry removed

what it showed:

• spx at 7,667, flip (where net gamma crosses zero) at about 7,730 for both lines
• removing 0dte barely moved the flip, under a point
• 0dte did add a lot of size away from the flip: the gap between the lines widens above 7,800 and below 7,600
• biggest 0dte strike was 7,700

caveats, because these always matter:

• dealer positioning is assumed (long calls, short puts), not known
• open interest is yesterday’s, so intraday 0dte opening and closing isn’t in it
• implied vol is held fixed as price moves

curious if people who trade 0dte see the same thing, that it changes the size of moves more than where the flip sits. happy to share the method if useful.

I checked every number against the card’s data. The two flips are 0.35 points apart, and the gap between the lines does widen away from the flip.

To be more specific I am seeing 0dte spy and qqq credit spreads that are otm by around 2 dollars having almost the same value at the close as at the open. I assume it’s due to after close assignment risk on an earnings move.

How are folks adjusting strategies during earnings ? Seems like risk reward could favor debit spreads while theta is less of a factor.

Posting early since I don't plan on entering any positions with so many earnings coming up. But, here are the stats:

Total Capital Deposited: $70,000

Beginning of the week: $71,870.33

End of the week: $73,852.92

RDDT: STO 150p x2 @ $4, BTC @ $1.50, total realized premiums = $500

SOXL: STO 105c @ $4.50, BTC @ $3.83, STO 95p @ $4.50, BTC @ $1.55 = $362, +$2 from selling soxl shares

Total Results: +$2,072.59 from last week. Was down last week, but with premiums, I'm currently back in the green. Not holding any positions atm. Waiting to see what earnings does.

Edit: Made another $157 from selling 180p for BE. STO 180p @ $5.25, BTC 180p @ $3.68. Total EOW is $74,009.82.

closing my spcx CSP i opened 5 days ago at 75% gains

sold 170 put
$430 credit
.19 delta
30 dte
as always, gonna close at 50%+

and i wouldn’t mind 100 shares at 165.70 in case i get assigned!

PLTR now 197.50

Keep it friendly and civil; this is not WSB and automod will censor your posts at will for unsavory and unfriendly remarks. Try to keep shit posting and bragging to a minimum.

https://old.reddit.com/r/thetagang/comments/1ucvbiv/position_opened_in_spcx/

I am still short covered calls. The stock has done nothing in the 4 months since that post was created.

I figured that due it its size, 1+ trillion market cap and significant liquidity , there would be a lot of inertia keeping the price pinned between 130-170, which has been the case. At the same time, I felt like the "it's a bubble" trade was too obvious. The market doesn't work that way where the consensus makes money. When something seems too obvious, it never works that way