1. Wheel Strategy

Cash-Secured Put → Assignment → Covered Call → repeat. Combines stock accumulation with continuous option premiums.

▸ At a Glance

📋 Setup

DTE 30–45Delta 0.20–0.30IV-Rank > 30Underlying with stable fundamentals

⚙️ Mgmt

Keep shares on assignmentimmediately sell Covered Callclose CSP at ~50% profitroll strike rather than realize loss

🎯 Target

Ongoing premium in both phasesstock accumulation at desired priceexit on fundamental breakdown of underlying

Structure:

CSP on stock/ETF you want to hold long-term (Delta ~0.20–0.30)
On assignment: keep stock, immediately sell CC on it
On CC assignment: stock called away — back to CSP
Premium cash flow continues in both phases

✅ Predictable cash flow
✅ Clear exit plan
✅ Works in sideways and uptrend phases

⚠️ Caps upside potential in strong rallies
⚠️ Ties up capital per position
⚠️ Crash risk from stock holding

💡 Konkrét példa

Phase 1: Cash-Secured Put

SPY $540 · Sell OTM Put $525 Δ -0.25 → Premium ~$4.90 · Assignment = Buy 100 shares

📊 SPY — 14. Feb 2026 Preis: $540.00 · IV Rank: 42

— PUTS —							Strike	— CALLS —
OI	Vol	IV%	Theta	Delta	Ask	Bid		Bid	Ask	Delta	Theta	IV%	Vol	OI
7,900	1,100	18.4	-0.12	-0.80	23.00	22.80	560	0.44	0.54	0.20	-0.09	15.1	380	2,900
12,400	2,000	17.2	-0.20	-0.65	15.40	15.20	550	1.85	2.00	0.35	-0.15	15.7	1,100	7,000
21,900	4,700	16.2	-0.25	-0.50	10.00	9.80	540	9.80	10.00	0.50	-0.25	16.2	4,700	21,900
18,200	3,300	15.8	-0.19	-0.25	4.95	4.80	525	22.30	22.50	0.75	-0.19	15.1	1,100	6,200
9,000	1,800	15.5	-0.13	-0.16	3.00	2.85	515	29.10	29.30	0.84	-0.13	15.0	580	3,900
3,900	760	15.2	-0.08	-0.09	1.70	1.55	505	35.60	35.80	0.91	-0.08	14.8	280	1,900

Phase 2: Covered Call

SPY $540 · Sell OTM Call $555 Δ ~0.35 → Premium ~$2.80 · Upside capped at $555

📊 SPY — 14. Feb 2026 Preis: $540.00 · IV Rank: 42

— PUTS —							Strike	— CALLS —
OI	Vol	IV%	Theta	Delta	Ask	Bid		Bid	Ask	Delta	Theta	IV%	Vol	OI
5,500	800	18.6	-0.10	-0.80	28.60	28.40	565	0.38	0.48	0.20	-0.08	15.2	340	2,400
10,000	1,500	17.4	-0.16	-0.65	19.80	19.60	555	2.70	2.85	0.35	-0.13	15.6	1,400	8,800
13,800	2,100	16.9	-0.21	-0.58	13.30	13.10	548	5.30	5.50	0.42	-0.20	15.8	1,900	12,500
21,700	4,600	16.2	-0.25	-0.50	8.10	7.90	540	7.90	8.10	0.50	-0.25	16.2	4,600	21,700
12,300	2,000	15.7	-0.19	-0.34	4.35	4.20	532	13.60	13.80	0.66	-0.19	15.2	1,000	7,000
7,500	1,200	15.4	-0.12	-0.18	2.45	2.30	525	19.80	20.00	0.82	-0.12	14.9	500	3,600

2. Cash-Secured Put

Put sale with cash reserved for assignment. You earn premium and potentially buy the stock at your desired price.

▸ At a Glance

📋 Setup

DTE 30–45Delta 0.20–0.30Underlying on watchlist/portfolio

⚙️ Mgmt

Close at ~50% profitroll when ITM and still convictedhold cash through expirationaccept assignment intentionally

🎯 Target

Premium = profit on OTM expirytarget entry price on assignmentrepeat setup after expiration

Structure:

Choose a stock you would buy at the strike price
Sell put below current price (Delta 0.20–0.30)
Hold cash for potential assignment in full
On expiry without assignment: premium = profit, repeat setup

✅ Low risk with cash backing
✅ Double win: premium or desired entry
✅ Perfect for beginners in options selling

⚠️ Ties up significant capital
⚠️ On crash: stock + unrealized loss
⚠️ Upside limited to premium

💡 Konkrét példa

SPY $540 · 45 DTE · Δ ~0.25 → Strike $525 · Premium ~$4.93

📊 SPY — 14. Feb 2026 Preis: $540.00 · IV Rank: 42

— PUTS —							Strike	— CALLS —
OI	Vol	IV%	Theta	Delta	Ask	Bid		Bid	Ask	Delta	Theta	IV%	Vol	OI
8,400	1,200	18.4	-0.12	-0.78	23.60	23.40	560	0.45	0.50	0.22	-0.09	15.1	400	3,100
12,700	2,100	17.1	-0.22	-0.58	16.00	15.80	550	1.90	2.05	0.42	-0.15	15.8	1,100	7,200
22,100	4,800	16.2	-0.25	-0.49	10.10	9.90	540	9.90	10.10	0.51	-0.25	16.2	4,800	22,100
18,500	3,400	15.8	-0.19	-0.24	5.00	4.85	525	22.50	22.70	0.76	-0.19	15.1	1,200	6,400
9,200	1,900	15.5	-0.13	-0.16	3.05	2.90	515	29.30	29.50	0.84	-0.13	15.0	600	4,100
4,100	800	15.2	-0.08	-0.10	1.75	1.60	505	35.80	36.00	0.90	-0.08	14.8	300	2,000

3. Covered Call

You own 100 shares and sell a call above them. Premium runs monthly as long as the stock stays below the strike.

▸ At a Glance

📋 Setup

DTE 30–45Delta 0.20–0.35Strike NEVER below cost basisStrike at resistance

⚙️ Mgmt

Strike never below cost basisroll when assignment threatenedclose at ~50% profitstrike at technical resistance

🎯 Target

Monthly additional cash flow on holdingslower effective cost basisaccept assignment at resistance

Structure:

At least 100 shares of a position available
Sell call with strike above your entry price
Optimal: strike at technical resistance
On expiry: collect premium, repeat setup

✅ Additional cash flow on holdings
✅ Reduces effective cost basis
✅ Works in sideways phases

⚠️ Limits upside potential
⚠️ On sharp drop: premium only partially buffers
⚠️ On assignment: shares called away

💡 Konkrét példa

AAPL $230 · 45 DTE · Short Call Δ ~0.25 → Strike $240 · Premium ~$3.20

📊 AAPL — 14. Feb 2026 Preis: $230.00 · IV Rank: 38

— PUTS —							Strike	— CALLS —
OI	Vol	IV%	Theta	Delta	Ask	Bid		Bid	Ask	Delta	Theta	IV%	Vol	OI
6,200	900	18.8	-0.10	-0.80	18.70	18.50	245	0.35	0.45	0.20	-0.08	16.2	320	2,400
10,500	1,800	17.5	-0.18	-0.65	12.30	12.10	240	3.10	3.25	0.35	-0.14	15.9	1,400	8,300
15,200	2,600	16.8	-0.22	-0.54	8.00	7.80	235	6.50	6.70	0.46	-0.21	15.5	2,000	12,100
21,000	4,600	16.2	-0.25	-0.50	5.50	5.30	230	5.30	5.50	0.50	-0.25	16.2	4,600	21,000
13,400	2,200	15.8	-0.18	-0.32	3.25	3.10	225	8.90	9.10	0.68	-0.18	15.3	1,100	7,800
7,200	1,100	15.4	-0.11	-0.18	1.85	1.70	220	13.10	13.30	0.82	-0.11	14.9	600	4,100

4. LEAPS / Poor Man's Covered Call

Deep ITM long call (LEAPS, 1+ year expiry) as stock replacement, selling monthly calls on top — like a leveraged covered call.

▸ At a Glance

📋 Setup

LEAPS Delta 0.70–0.85Short Call Delta 0.20–0.30DTE Short 30–45

⚙️ Mgmt

Close short call at ~50%roll short when under pressureroll LEAPS before final yearshort strike above LEAPS strike

🎯 Target

Cash flow from short call premiumsleverage on LEAPS price appreciationexit on trend break or IV-Crush

Structure:

Buy LEAPS (DTE > 365), Delta 0.70–0.85 (deep ITM)
Sell short call (DTE 30–45) with strike above LEAPS strike
Premium from shorts amortizes LEAPS cost over time
On LEAPS expiry: roll or close

✅ Significantly less capital than holding stock
✅ Leverage effect to the upside
✅ Cash flow through short calls

⚠️ LEAPS loses theta
⚠️ More complex than Wheel
⚠️ On IV crush: LEAPS value drops

💡 Konkrét példa

SPY $540 · LEAPS Call $480 Δ ~0.90 (Jan 2027) · Short Call $560 Δ ~0.35 (45 DTE)

📊 SPY — 14. Feb 2026 Preis: $540.00 · IV Rank: 36

— PUTS —							Strike	— CALLS —
OI	Vol	IV%	Theta	Delta	Ask	Bid		Bid	Ask	Delta	Theta	IV%	Vol	OI
7,100	1,000	18.2	-0.14	-0.65	26.70	26.50	560	2.90	3.05	0.35	-0.13	15.7	1,200	8,200
10,100	1,500	17.5	-0.18	-0.58	21.30	21.10	555	4.60	4.75	0.42	-0.17	15.9	1,700	11,300
15,600	2,400	16.7	-0.22	-0.54	11.40	11.20	545	7.80	8.00	0.46	-0.22	15.8	2,200	14,200
21,800	4,500	16.2	-0.25	-0.50	7.60	7.40	540	7.40	7.60	0.50	-0.25	16.2	4,500	21,800
9,600	1,800	15.3	-0.11	-0.18	1.80	1.65	510	32.60	32.80	0.82	-0.11	14.8	700	4,600
5,200	900	15.0	-0.07	-0.09	0.88	0.75	480	62.10	62.40	0.91	-0.07	14.5	400	2,800

█ Eladott oldal█ Vásárolt oldal / Hedge

5. Collar (Protective Put + Covered Call)

Protect an existing 100-share position: buy a protective put (downside insurance) and sell a call above it, whose premium finances the put. Defined range, often near zero cost.

▸ At a Glance

📋 Setup

DTE 30–60Put strike 5–10% below priceCall strike 5–10% above priceGoal: call premium ≈ put cost

⚙️ Mgmt

Choose strikes for zero-costHold put as hard insuranceSet up before earnings / vol eventsRoll call on assignment

🎯 Target

Lock in paper gains through vol phasedefined rangenear-zero-cost protection

Structure:

Base: at least 100 shares held — typically with unrealized gains to protect
Long Put (OTM) as insurance against price decline
Short Call (OTM) above — the premium finances the put (Zero-Cost Collar with matching strike selection)
Profit and loss capped to the range between put and call strikes

✅ Hard downside protection for existing positions
✅ Call premium finances the protection (often zero-cost)
✅ Ideal to preserve paper gains through vol phases or earnings

⚠️ Upside capped at the call strike
⚠️ With zero-cost, upside is sold to buy protection
⚠️ Three components = more commissions and management

💡 Konkrét példa

AAPL $230 · Long Put $220 · Short Call $240 · Net Debit ~$0.90

📊 AAPL — 14. Feb 2026 Preis: $230.00 · IV Rank: 38

— PUTS —							Strike	— CALLS —
OI	Vol	IV%	Theta	Delta	Ask	Bid		Bid	Ask	Delta	Theta	IV%	Vol	OI
5,800	850	18.8	-0.10	-0.80	18.70	18.50	245	0.35	0.45	0.20	-0.08	16.2	300	2,200
10,200	1,700	17.5	-0.18	-0.65	12.30	12.10	240	3.10	3.25	0.35	-0.14	15.9	1,300	8,100
14,800	2,500	16.8	-0.22	-0.54	8.00	7.80	235	6.50	6.70	0.46	-0.21	15.5	1,900	11,900
20,800	4,500	16.2	-0.25	-0.50	5.50	5.30	230	5.30	5.50	0.50	-0.25	16.2	4,500	20,800
13,100	2,100	15.8	-0.18	-0.32	3.25	3.10	225	8.90	9.10	0.68	-0.18	15.3	1,000	7,600
7,000	1,000	15.4	-0.11	-0.18	1.85	1.70	220	13.10	13.30	0.82	-0.11	14.9	550	3,900

█ Eladott oldal█ Vásárolt oldal / Hedge

💰 Income-opciók

Ebben a fejezetben

1. Wheel Strategy

2. Cash-Secured Put

3. Covered Call

4. LEAPS / Poor Man's Covered Call

5. Collar (Protective Put + Covered Call)