Learn the wheel, one clear lesson at a time.
Short primers on cash-secured puts, assignments, and covered calls. New posts appear here as we publish them.
Published July 26, 2026
Options 101: the concepts, explained with pictures
A visual introduction to options: calls and puts, strike, expiration and premium, buyers versus sellers, moneyness, and how it all leads into the wheel.
Read article →Published July 23, 2026
What is delta? The greek that tracks price moves
Delta explains how much an option's price moves when the stock moves $1 — and doubles as a rough probability of finishing in the money and a shares-equivalent hedge ratio.
Read article →Published July 19, 2026
Theta and time decay: the option seller's edge
Why time is on the seller's side — what theta measures, how decay accelerates near expiration, and why 30–45 days is a common sweet spot for selling premium in the wheel.
Read article →Published July 17, 2026
What is gamma? How fast delta changes
Gamma is the greek behind delta — it measures how quickly delta itself moves as the stock moves. It is largest at the money and near expiration, and it is the main reason short options feel calm and then suddenly wild.
Read article →Published July 16, 2026
What is vega? Sensitivity to volatility
Vega measures how much an option's price moves when implied volatility changes by one point. It is largest at the money and with more time to expiration — and it explains why option sellers quietly root for calm markets.
Read article →Published July 18, 2026
Implied volatility and IV rank: timing your premium selling
What implied volatility means for option sellers, how IV rank and IV percentile put it in context, and why selling premium when IV is elevated tilts the odds in your favor.
Read article →Published July 15, 2026
What is rho? The interest-rate greek
Rho measures how an option's price responds to changes in interest rates. It is the quietest greek for short-dated trades — but it explains why calls and puts behave differently as rates move, and why it matters most for long-dated options.
Read article →Published July 20, 2026
Wheel strategy basics: CSP → assignment → CC
A plain-language walkthrough of the options wheel: selling cash-secured puts, getting assigned shares, and writing covered calls until shares are called away.
Read article →Published July 25, 2026
Choosing a strike for cash-secured puts
How to pick the strike and delta when selling cash-secured puts — balancing the premium you collect against how often you get assigned, and sizing so assignment is a plan, not a surprise.
Read article →Published July 24, 2026
Assignment, explained: what happens when your put is exercised
A plain-language guide to option assignment in the wheel — when it happens, what early assignment and dividends mean, how your cost basis is set, and why assignment is a feature, not a failure.
Read article →Published July 22, 2026
Managing covered calls without capping your gains
How to sell covered calls on assigned shares — choosing a strike above your cost basis, understanding the upside cap, and deciding what to do when the stock rallies or falls.
Read article →Published July 21, 2026
Rolling options: buying time for a credit
What it means to roll a short option out, down, or up — how to think about net credit, when rolling helps, and when it just delays an exit you should take.
Read article →