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Options writing with the arithmetic shown
Every worked example is priced off a real option chain and computed with the same engine that runs the app. Inputs are stated so you can reproduce them — including the places where a path is modeled rather than quoted.
The wheel strategy, end to end, with real numbers
Everyone can recite the four steps. Almost nobody can tell you what a completed cycle returned on the capital it tied up. Here is one, priced off a real chain and folded by the same engine that runs our tracker.
Read the guideMore reading
- Strategy guide9 min read
Cash-secured puts: what they actually pay, and what they cost
The annualized-return column is the one everybody screenshots. It is also the one that tells you least. Here is the whole ladder — return, probability, breakeven, and the loss that takes six winners to repair.
1 August 2026
- Strategy guide9 min read
Covered calls on shares you already own
The covered-call math you find online divides premium by cost basis. If you bought the stock years ago, that number is a fantasy — and it will talk you into selling a strike you should never have touched.
1 August 2026
- Mechanics10 min read
Strike selection: what delta and IV are actually telling you
"Sell the 30 delta" is the most repeated rule in retail options and nobody can tell you what it means. Here is what delta actually measures, where it stops matching probability, and how far off it gets on a high-IV name.
1 August 2026
- Opinion10 min read
Why closing expired options at $0.01 is wrong
Recording an expired option as a close at $0.01 costs almost nothing in dollars. What it does to assignment history, cost basis and your recorded win rate is a $599 hole in the middle of a wheel — here is the arithmetic.
1 August 2026
Take any of these trades apart yourself
Each worked example is a live builder link with its entry premium pinned — the PLTR 18 Sep $110 put at $4.90, the AAPL $325 call at $6.01. Open one, drag the strike, and the credit, breakeven and probability of profit move with it. No account, no wall.
Open the builderNothing on this blog is investment, tax, or legal advice. Options carry real risk of loss. All prices shown are 15-minute delayed.