Notes from the desk. The thinking behind the numbers.
Practical writing on running the wheel for income: assignment, cost basis, premium accounting, and withdrawals. No signals, no hype. The same discipline the platform applies to your numbers, applied to the ideas behind them.
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Newest first. Every entry is grounded in real positions, by people who run the wheel themselves.
Wheel strategy returns: realistic expectations for operators
What realistic wheel strategy returns look like: premium yield vs total return, why 20% claims mislead, margin math, and how closed cycles keep score.
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How to sell covered calls for income
A repeatable monthly workflow for selling covered calls: strike selection by delta, roll decisions with net-credit math, and income verified at cycle close.
7 covered call Excel formulas that won't break when you roll
Most covered call spreadsheets break the moment you roll. Seven Excel formulas that keep your cost basis, break-even, and monthly income honest through rolls, assignment, and partial lots.
How much can you actually withdraw from a wheel account?
Premium income is only income if taking it out does not shrink the machine that produces it. A framework for setting a withdrawal amount your equity base can survive.
Premium is unearned income until the wheel closes
Collected premium feels like profit the moment it lands in the account. Counting it that way is the most expensive habit in wheel trading. Here is the accounting that keeps it honest.
Assignment is the plan, not the failure
Getting assigned on a cash-secured put is not a losing trade. It is the wheel doing exactly what you designed it to do, and the moment your accounting has to get honest.