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Chapters:
00:00:00 – The Wheel Strategy Plus Covered Strangles = Selling Options on Steroids
00:00:27 – Placing an Option Trade
00:00:52 – Covered Strangles and Covered Calls
00:01:20 – Making Money with Options Trading
00:01:47 – S&P 500 Weekly Chart Analysis
00:02:19 – Dealing with Market Volatility and Doubts
00:02:47 – Sticking with the Trade Plan
00:03:52 – Trading Strategies on Gold
00:04:20 – Gold Trade going south in my IRA… all good!
00:04:45 – Selling a Put Option on Gold
00:05:21 – Adjusting Options Strategy for Profit
00:05:50 – The Wheel Strategy with Coverage Strangles
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So what does my wheel strategy plus covered strangles equals selling options on steroid strategy look like I do it on gold and bonds I excuse me on gold and S&P es so I go zero to two days to expiration so like tomorrow that’s a big juicy premium
That’s a big juicy premium I would sell an at the money put and bring in $800 there’s a 67% chance that I’ll keep at least $1 is $825 but if the market closes tomorrow which is Friday Friday December 23rd excuse me uh February 23rd well then I would be placed one long
Future at the 5065 strike price let’s pretend that happened like today let’s pretend that like yesterday I was a signed at whatever the market was trading at right now you know which is not true because the Market’s gone straight up then I like to sell seven
Days to expiration so one week 16 Delta coverage triangles so this 16 Delta put a week from today is 4985 and then 16 Delta covered call covered call and i’ bring in about $700 probably a profit of 71 plus pretend I was long one es right here if the market
Rallied by next week past this strike price oh no Joseph you’re losing money you’re losing money on the long Future No I mean yeah I guess I’m capping my upside but I would make from 71 to 50 that’s 80 times 50 I would make $4,000 on the long future and keep this
Premium $738 for selling this naked excuse me this covered strangle this 16 Delta covered strangle um do I want to stick to my trade plan do I want to stick to my trade plan am I cool owning the S&P 500 what did I say at the beginning of this
Video y’all if we never bought the S&P 500 at alltime highs we never buy it hold on let’s just look one more time in case y’all jumped on late let’s go back to the S&P 500 weekly chart I’m zooming out I’m zooming out this is the es weekly chart this goes
Back to the crash to 2008 all right and up yeah we’ve had some pullbacks covid 2022 but y’all oh no new high oh no I can’t buy this I can’t look what happened look what happened new highs new highs new highs new highs new okay pullback new highs freaking covid new
Highs 2022 that year did suck but look it didn’t go straight down y’all down up down up down up people that dollar cost averaged in are now an amazing position but is this forming a double top am I about to top myself out of this oh my
God what do I want to do on a video that I know thousands or hundreds of people are gonna watch what do I want to do do I want to stick with my trade plan am I okay owning the S&P 500 and getting paid to do it screw it yes all right so
Tomorrow 5070 strike price I’m going to bring in about $800 let’s take a screenshot of this for my friends the income Navigators and let’s go to Joseph puckets wheel strategy plus coverage strangles equal selling options on steroids Channel where’s my channel where’s my channel I’m no longer doing that here we
Go yes I know that e s is at alltime highs am I okay owning es and getting paid $800 to do it in just this one DTE 50 Delta which is option J at the money put yep all right let’s attach the screenshot so my friends income
Navigator can see what I just did or what I’m about to do $813 it’s going to take make about $112,000 bu power I’m going to bring in $89 after commissions and fees done let’s do the same thing on gold y’all really like gold here what do I already
Have on what is this short put on gold oh that’s that’s in Lauren’s iray yeah hold on just Jose’s trading account y joose if you’re trading golden orang Ira you’re crazy look at Gold’s done in your IRA screwed you man yeah but Gold’s at much better prices now and Lauren’s
Benefiting yo her account’s up $3,800 mine’s flat for the year once my gold position’s in better shape I’ll be in great shape but anyways let’s do it on gold so I’ll bring in $35 I’m G take a quick screenshot of this for my friends at income Navigator
Hold on oh no no it’s do mid price so $300 let’s let that cook for a second um I really love gold here so I am sticking with my plan I just sold this one DTE at the money 50 Delta put in GC and brought in was it $300 brought in
$300 okay so if gold Falls by tomorrow below this strike let’s say it falls 10 points from here well then I’ll be long one a future at 2030 so that means my long future will be down $1,000 but I brought in 300 so really I’m only down
700 well if so then I’ll just start selling 7 to 10 days to expiration 6 Delta coverage strangles actually I’ll probably do more like 14 and 13 bring in another 450 bucks and then if gold rallied by March 1st Above This strike well then that would be 30 points
That’ be uh 40 points uh 35 points I’d make $3500 that long future and keep this 440 okay so that’s my wheel strategy plus coverage strangles that I do on the S&P and gold
5 Comments
Chapters:
00:00:00 – The Wheel Strategy Plus Covered Strangles = Selling Options on Steroids
00:00:27 – Placing an Option Trade
00:00:52 – Covered Strangles and Covered Calls
00:01:20 – Making Money with Options Trading
00:01:47 – S&P 500 Weekly Chart Analysis
00:02:19 – Dealing with Market Volatility and Doubts
00:02:47 – Sticking with the Trade Plan
00:03:52 – Trading Strategies on Gold
00:04:20 – Gold Trade going south in my IRA… all good!
00:04:45 – Selling a Put Option on Gold
00:05:21 – Adjusting Options Strategy for Profit
00:05:50 – The Wheel Strategy with Coverage Strangles
If you are wheeling futures, don't you look at future expiration before selling puts – do you need to have time to sell covered calls?
And can you also mention buying power used if you are assigned?
After your initial assignment of 1 ES futures contract, you start your covered strangle. If the market continues to drop instead of go up, do you get assigned another contract if it drops past your naked put side of the strangle? Great video mind you, thanks.
I can email my spread sheet tracker I use. It’s great for wheeling if you like mate.
Want to work with me? Learn more at http://tradewithjoseph.com – Happy trading and stay GREEN! 😊