The Iron Wheel
Lost among 30 trades? One wheel campaign. One P/L number.
Sell a put, get assigned, sell a call, roll it out — it all adds up to one running number: profit and loss, cash tied up, and where you break even.
Wheels, covered calls, cash-secured puts, and poor man's covered calls (PMCC).
Every roll, one position
Assigned? Rolled out? It stays one wheel, not a row in a spreadsheet.
The real number
Commissions included, so it tracks your account closely.
Nothing sneaks up on you
- What expires soon
- Time value gone, assignment coming
- Never sell a call below break-even
Every trade on one underlying becomes a campaign — FIFO accounting with commissions, Reg-T or TIMS margin, live prices.