u/OptyTrades

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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

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ELliot wave counts and my CSP's and 1 CC on SOFI projections look good

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just sharing new layout options

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As I continue to build on Opty's charting capabilities we now have the ability to have your positions on the charts from multiple accounts, we can count waves and give price projections, we can store chart setups and we can store multiple chart layouts.
There is a full pattern recognition engine now as well. Stay tuned for much more we are not done yet!!

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Just added a new account to my wheel trading its a small rollover IRA and another 35500 have one small trade SOFI 16 strike expiry Aug 21st 61.00 for testing will be looking to ad a NFLX after earnings drop if the premium doesn't get crushed to bad today and other Ideas I get from OptyTrades. Not touching my large 401K yet or my other HSA those will stay more conservative for now

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this is my two accounts live outside of tax deferred and live in an HSA tax deferred. I added an energy stock to my portfolio for sector diversification I probably am a little to heavy in fintech

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I added a second account my HSA which added another 35,500K this is both accounts great start to the month

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One account in tax deferred HSA and the other normal account both in schwab TOS. Next I will add a IRA probably a few months just want to get these two running smooth and a few months of trades in the HSA account

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New trade july 17 35's CSP plus my SOFI and CCL trades. This is in my standard account, I also placed my first trades in my "new" HSA tax deferred account today as well

As I am testing my new AI trading algorithms for weeklies and 30 to 45 days as hard timeframes I am reminded as to why I don't use hard lines in my time frames but rather the best returns/timeframes that are working in my favor. One example is the SMCI CSP 2 contracts that the Algorithm took at 45.00 weekly and made 1.08 per contract. Well turns out this was the high and most weekly traders including my AI weekly trader is now going to be stuck with 200 shares as the weeklies have no premium. Now, there are several ways to fix this and I know I will get hate for my opinions but so be it!!

1. Dollar cost average but I would say that still wont fix the weeklies as its so far away and with the fact that SMCI Taiwan offices were raided yesterday there may be more trouble for the stock in the short term.
2. Look at other time frames for example if I go out to November I can get 250.00 a contract that lowers my strike by 2.50 a share plus what I already made and more importantly I get over 500.00 now in my account to sit on this and work itself out.
3. A combination of the two, however right now I would be a little careful with news write more CSP's, you can look at weeklies but check premiums at the 30 to 45 days out or what I do is often add the CSP to the same expiration date as the CC in this case say November

I am sure there are many ways besides my strategies to fix a scenario like this and why I decided to open this a - discussion on fixing a deep in the money position.

Also as I am creating the AI I have a weekly and a 30 to 45 day but really struggle due to the above as I dont trade that way I use multiple timeframes and position sizing to fix broken positions and to trade better maybe safer premium, not always but that's my goal.

Lets use this thread to discuss these issues and not use it to break people down please - open honest discussions.

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Updated Ticker performance cleaned up names and better fields plus a new wheel tracker that helps see your entire wheel trades so you don't have to go to open trades and closed trades and try and piece it together. We also added some onboarding steps to make it easier for new members. also I will be updating the AI algo to add in some technical analysis please remember the AI trading is in Beta and is for education only and "I DO NOT USE IT YET its not ready" remember everything is free as well.
We would love some more testers as well we just ask that you communicate with us in the room and help make it a much better set of tools. Let me know what I am missing and if you spot a bug.
https://www.optytrades.com/

Thanks,

Jim

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Finally got PYPL in the winning column even thought its only by 42.00 😀 look at net P/L, also look at the unrealized that was -2800 2 days ago now -1800 it could be -800 next week this is why I say that while important dont let it mess with you stocks go up and down and so will your unrealised P/L just keep wheeling and they will generally take care of themselves

Found this interesting - Michael Burry has continued to accumulate PayPal shares, which have fallen from $300 in 2021 to $41 today. He believes that the company has underperformed the market because of the slowing revenue growth, increased profitability, and CEO turnover.

I own at 54 - covered, 47 - covered and 40 Cash secured put All expire in November

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I posted about needing help on our tools for testing and I also need help testing the AI traders as well right now it's doing 30-45 DTE and weeklies the weekles don't roll at the moment they only expire ready for next week to hop back in on Monday and write covered calls on assigned it's free and need lots of help testing and ideas to make it better. hit me up if you are interested and thank you.

Hey guys, I just finished up software I built with next.js using vercel it's free and I need help testing it has a trade journal, screener for wheel stocks plus many other things but still a few bugs if anyone is interested let me know. I have a place in chat for reporting bugs. I use to journal now plus get some of my picks from

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Just rolled my june Uber to Aug theta worked again :)

Holy cow — this one surprised me.

A couple years ago I asked HR if I could do an in-service transfer of my 401K to a self-directed IRA while still employed. They said flat out no.

Fast forward to recently — I went directly to my 401K provider and asked them. Turns out once you hit 59½, many plans allow in-service rollovers regardless of what your employer tells you. HR didn't know the rule. The plan document does.

So I'm rolling a nice-sized account over to Schwab, and here's where it gets interesting for anyone who trades options:

A portion of that will go into a traditional IRA where I can sell cash-secured puts and covered calls tax-deferred. Every premium I collect grows without a tax drag until withdrawal. For a wheel strategy trader, that's a huge deal — you're compounding the full gross premium, not the after-tax number.

Lessons learned:

• Don't take HR's word for it — go to your actual plan provider
• Check your Summary Plan Description for in-service withdrawal rules
• 59½ is the magic number for most plans
• Schwab allows options trading in IRAs (Level 2 — CSPs and CCs are fair game)

Anyone else doing the wheel in a tax-deferred account? Would love to hear how you're structuring it.

Rolling one of my old HSA accounts from first am bank over to Lively. After moving the money into Schwab I found out they don't actually support options trading in HSAs — apparently Lively is one of the only ones that does. Bummed about it but what can you do. Takes 4-6 weeks to complete the transfer so patience is the play right now.

Hope this helps someone going down the same rabbit hole 😄