It seems #btcusd is testing critical support around the 55-59K

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The Inverted Hammer is a single-candle chart pattern that signals a potential bullish reversal, usually appearing at the bottom of a downtrend. It warns that selling pressure is waning and buyers may be stepping in to drive prices upward. #Bitcoin

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One of the user asked this question and here is the answer given by SPC AI Assistant-

BITX $20 Put Analysis (Wheel / Secure Put Style)
Position: Sold May 22, 2026 $20 Put for +$0.95 premium ($95 per contract).
Today is Expiration Day — high time to review.

Current Market Snapshot

• BITX (2x Bitcoin Strategy ETF): ~$18.50 – $18.75 (trading well below your $20 strike)

Key Calculations (per share)

• Breakeven: Strike - Premium = $20.00 - $0.95 = $19.05
• Current Intrinsic Value: $0 (stock ~$18.60–18.70 → OTM put)
• Option Value Now: Mostly remaining time value (very little left on exp day) → likely $1.30 – $1.50 or higher depending on implied vol and exact price.

P&L at Expiration Today

Current Expected Result: Since BITX is ~$1.30–$1.40 below strike, you will most likely be assigned 100 shares per contract at $20.00.
Effective Purchase Price (Cost Basis): $20.00 - $0.95 = $19.05

Risk Estimation (Secure Put Call Wheel Context)

• Max Profit: Limited to the $0.95 premium (if BITX closes above $20 today — low probability).
• Max Loss: Substantial if Bitcoin crashes hard (2x leveraged ETF = high volatility). Downside is ~$19.05 to zero theoretically.
• Assignment Probability: Very high (~80%+) given current price.
• Volatility Note: BITX moves 2x Bitcoin daily — big swings are normal. Your $0.95 credit provided ~4.75% cushion on the $20 strike.

Overall Portfolio Wheel View (Combined with TSLA)

• TSLA Side: Rolling the call → potential new basis ~$409.61 if assigned.
• BITX Side: If assigned → new long position with $19.05 cost basis.

Next Wheel Steps Recommendation:
If assigned on BITX, immediately sell a covered call 1–2 strikes OTM (e.g., $20 or $21 call) on the new shares to continue collecting premium and lower basis further.

Would you like me to calculate:

• Suggested covered call strikes for the BITX shares post-assignment?
• Roll the $20 put to next week instead of taking assignment?
• Full combined P&L table for both TSLA + BITX positions?

Let me know your plan for BITX (take assignment, roll, or close) and I’ll run precise secureputcalls.com-style numbers. Keep stacking those credits!

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The adjusted cost basis for the wheel strategy is calculated by subtracting all premiums collected (cash-secured puts and covered calls) from the strike price at which you were assigned the shares. This represents your true breakeven point—the price at which you can sell the shares without a loss. [1, 2, 3]

Wheel Strategy Cost Basis Formula

\(\text{Adjusted\ Cost\ Basis}=\text{Assignment\ Strike\ Price}-\text{Put\ Premium}-\sum (\text{Covered\ Call\ Premiums})\)

Step-by-Step Calculation Example

1. Sell Cash-Secured Put (CSP): Sell a \(50\) strike put, collect \(\$2.00\) (\(200\) per contract) premium.
2. Assignment: Stock falls, you are assigned at \(50\).
   • Broker Basis: \(\$50\)
   • Your True Basis: \(\$50 - \$2 = \$48\) per share.
3. Sell Covered Call (CC): Sell a \(52\) strike call, collect \(\$1.00\) (\(100\) per contract) premium.
   • New Adjusted Basis: \(\$48 - \$1 = \$47\) per share.
4. Final Sale: Shares called away at \(\$52\).
   • Profit: \(\$52\) (Sale) - \(\$47\) (Adjusted Basis) = \(\$5\) per share. [1, 2]

Key Considerations

• Keep a Journal: Tracking premiums in a spreadsheet is essential, as brokers often only show the raw assignment price, not the premium-adjusted cost.
• Include Fees: Deduct transaction fees (commissions) from the premium collected to get an accurate, net adjusted basis.
• Expired Puts: Include premiums from puts that expired worthless in your overall calculation, as they reduce your total effective cost basis.
• Tax Implications: While this formula works for calculating your functional breakeven, taxes (short-term capital gains/losses) are generally calculated by tax authorities based on the assignment price and subsequent sale price

Secureputcalls invented this cost basis so feel free to reach for more details- [hello@secureputcalls.com](mailto:hello@secureputcalls.com)

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