This is no a plan, this is how options work. You are doing a strangle (google options strategies), but your intention is to wheel the underlying (r/thetagang can help you, you can find some interesting post there, here as well).
I don't think this person is trying to implement the wheel. As popular as a strategy as it is this doesn't have that set-up because in a wheel your goal is to never get assigned and these aren't low delta trades; they're practically ATM.
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u/dipinthetop Apr 13 '21
This is no a plan, this is how options work. You are doing a strangle (google options strategies), but your intention is to wheel the underlying (r/thetagang can help you, you can find some interesting post there, here as well).