Looking to hear from someone who has continuously done options for years. I am currently practicing cc and csp. Looking into getting into wheel strategy on spy/tsla. It seems simple enough to automate and possibly 0.5% return per week.
#personalfinance #options
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So you are in the right direction. CC is your way to guaranteed no-worse scenario - but it does not guarantee gain as you can still lose if prices of stocks fall lower than premiums you collected.
For CC, you should be aware of somethings:
1. The price of weeklies is very low. You will do better with 2% in premium for monthlies than 0.5% for weeklies. So choose carefully.
2. The CC premiums are wild for highly volatile companies. So will have to track them for few months to identify what works. Each stock has own behaviour.
3. Automation is the way forward. I use IBKR APIs to automate most of the trades.
3) Do you roll or just let them expire/assign?