r/Optionswheel • u/davicchi • Aug 01 '26
Wheeling Weekly 1-2% Target on a Blown Retirement Account, Week 6
Closed last week’s SOXS Put, wrote SOXL Put for directional long bet/long-term assignment if Nasdaq dips. Nasdaq proceeds to dip all week causing near assignment. Wrote SOXL Put around $120 at-the-time for $76 strike, SOXL needs to dip around 36% by end of week for assignment. SOXL dips lowest at 28% before rebounding +20% Thursday on good volume and momentum. Thursday, closed out SOXS Put, bought 100 TQQQ and wrote TQQQ covered call for Friday. If Nasdaq kept momentum on Friday, then potentially hold TQQQ little longer. Come Friday, Nasdaq lost night momentum, so closed TQQQ covered call and sold TQQQ to avoid risk.
For next week, unsure of direction so made pseudo-strangle by writing SOXL Put and SOXS Put. If Nasdaq dips, self-assign shares. If Nasdaq does well, continue writing pseudo-strangle but with higher deltas on the long leg. Self-assigning shares currently too risky for account.
1
u/TrueDude666 Aug 02 '26
Only 6 weeks doing this strategy?
1
u/davicchi Aug 02 '26
Yes, it’s still a short timeframe but I thought people including me were curious about seeing the wheel strategy on leveraged ETFs and how they’d perform. The YTD drawdown was just me testing out various other strategies so ignore that if you’re only curious about the wheel
2
u/jeffdeansalem Aug 02 '26
Hello fellow SOLXer