Sell Options for living, the complete beginner’s guide to the wheel strategy

Selling a cash secured put in Robinhood (affiliate link)
Selling a Covered Call in Robinhood (affiliate link)
  1. You sell a Cash Secured Put on a stock (collect $$), if stock stays ABOVE your strike price by expiration, you keep the premium and done! Repeat step 1.
  2. In the unlikely event that you get assigned 100 shares of the stock, You turn around and sell Covered Calls on it (collect $$)
  3. The strike price of the cover call is ideally above the Assigned price of the stock by expiration and your 100 shares get called away(collect the difference)
TradeIV.com
  1. I like to find stocks that are trading near their previous support. The only timeframe I look at for stocks are the daily chart. Ideally, I want to see the stock that are beaten down due to no news (due to market wide down turn), and the price of the stock is trading near their previous support level.
Stocks that are trading near their previous support, but still are in a general uptrend
High IV scanner from TradeIV.com

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We write about the art of selling options for a living, mostly the Wheel strategy. #thetagang