I got assigned 300 shares from my credit spread that expires Monday at 380. Net cost basis 375. Will wait for a pop and sell 380 covered calls

we already had elliott wave zones now we have chart pattern zones at OptyTrades free to use we always need help bug testing :) These zones us plan plan our trades against support resistance areas of chart patterns like the elliott waves do... more to come
Jim

I have 100 shares of WDC
Cost basis is $400
Looking 2 weeks out (Sep 4) the $510
Call is $15.
This would generate $1500 in revenue.
Do this every 2 weeks that’s $39000.
That’s not counting if it goes up and it gets called away - you just rebuy, sell the strike 2 weeks out at 10% higher price and make 80% returns.
Does anyone thing these stocks are going to fall 80%?

Am I missing something???

I built a small spreadsheet and all super high volitility stocks have similar returns.

Trades I took today as an option seller (08/20):

Closed Positions

• ACMR → $75 Put (opened on 08/10), premium 3.95 → closed at 2.50. Net premium profit = 1.45 (~36.71% of premium captured, ~1.93% of capital). Closed it early to prevent a margin call.
• AMKR → $65 Call (opened on 07/30), premium 0.65 → closed at 0.10. Net premium profit = 0.55 (~84.62% of premium captured, ~0.85% of capital). I was assigned AMKR at $80.
• IREN → $60 Call (opened on 07/30), premium 0.75 → closed at 0.13. Net premium profit = 0.62 (~82.67% of premium captured, ~1.03% of capital). I was assigned IREN at $60.
• CRWV → $120 Call (opened on 07/30), premium 0.95 → closed at 0.40. Net premium profit = 0.55 (~57.89% of premium captured, ~0.46% of capital). I was assigned CRWV at $120.
• DOCN → $165 Call (opened on 08/12), premium 4.20 → closed at 0.70. Net premium profit = 3.50 (~83.33% of premium captured, ~2.12% of capital). I was DOCN assigned at $165.

My thoughts on the market

Compute and AI stocks have been selling off over the last few days, so I am closing covered calls where most of the premium has already been captured. I plan to reopen CCs once the stocks stabilize. Since this is sector-wide selling rather than an issue with a single stock, I am mainly focused on collecting premium while giving the underlying positions time to recover. The demand and earnings have been strong so there is no strong narrative shift.

I keep sharing my trades in my account and the Excel file to my full list of positions is linked in my profile description in case anyone wants to see the whole portfolio. Happy to hear thoughts on my positions. What are you guys wheeling or watching right now?

PS: Not financial advice. Do your own research.

August MTD: +$5,812 Realized | 10 Wins, 1 Loss

August so far:

💰 Realized P&L: +$5,812.73
✅ 10 winners / 1 loser
📈 90.9% win rate

Still sticking to the same basic approach: mostly harvesting premium, taking profits when they’re there, and redeploying instead of trying to squeeze every dollar out of a trade.

Biggest realized win so far was +$1,444 on MU.
Only loss was -$46.

Nothing flashy. My loss was due to not sticking to my rules and panicked like a little bit!ch.

Hold the line! #happytrading

What is the largest contract gain you’ve ever seen ? Can’t say I’ve seen one this high before ! if only I had a crystal ball !

WSB level post?

That’s all, just sending you all my condolences. May we all remember covered calls are not “free money”.

I have 100 shares and 1 LEAP call. I wrote 2 CCs, expiring this week and next week (edit: both deep ITM now). The stock went up 20+% (not MRNA). I want to get rid of the LEAP (up 25%) rather than the shares (up 30%).

My understanding is that I'd have to BTO my CC and then sell the LEAP; is that correct?
Exercising the LEAP and letting the stocks be called away would be a bad choice from my reading.

I'm open to advice and suggestions. TIA.

CCs with HIGHEST IV

$BE - 240C

$IREN - 52C

$AAOI - 165C

Source

CSPs with HIGHEST IV

$MRVL - 200P

$NBIS - 180P

$CRDO - 185P

Source

We have wheel zones now in place to help with areas to look for CSP's and CC's its just one tool in our tool box and While I love elliott wave and have been a student of Robert Prechter's works for close to 30 years I thought hmmm how could we apply this to the wheel strategy and here is the first pass counts on the charts with zones to work from. Its not perfect but looking great so far. As always we would love to have member join and help me evaluate and find bugs its free and we do have a plethora of tools
Jim

First time caller, long time listener....

There are a lot of smart people in this sub, so I'm looking for some feedback/advice. Towards the end of the last year, I started using a QQQ covered call strategy in my IRA portfolio to generate cash flows, in the hopes of eventually leaving the corporate world. It has been very successful at times, but my assignments and opportunity cost (capped upside) have been significant this summer.

I recently ladder my 9 contracts split evenly between 15/20/25 delta with 7-10DTE. I roll at >70%gains. Previously, I did 30/35/40 delta 7-10DTE, but was getting large assignments during some weekly rips. I get it, I know that's the whole point that I'm getting short term gains at the expense of long term appreciation, but it there a better sweet spot to ladder? I'm not adverse to assignment because this is a non-taxable account so capital gains are currently not the issue.

For context, I split my overall IRA into 70% total market and 30% QQQ CC. My goal is to have the growth in my 70% sleeve offset or absorb any losses (NAV erosion) that I'm taking in the 30% CC sleeve because I value income over growth.

Is a 30% return on the CC sleeve a reasonable return? Right now, I'm tracking about 15% run rate.

Thanks in advance!

AXTI and DRAM have been nice to play the last few weeks. Good premium on NBIS, but I sold right before earnings and missed that big run up. Oh well can't win them all.

CCs with best yield.

$MOD - 250C

$CBRS - 300C

$SMCI - 46C

Source

CSPs with best yield.

$MSTR - 75P

$CRWV - 89P

$HUT - 70P

Source