I set my buying power to $500,000 because that is the buying power that I have in the account. Now regarding this strategy, Im just giving you the highlights of the strategy here. My Wheel Strategy Spreadsheet. 251. This trading strategy, The Wheel, is perfect if you are trading for income. With the PowerX Strategy it is super easy and we can use the fixed ratio money management to grow your account quickly. My Wheel Strategy Spreadsheet. So if money management and growing your account quickly is important to you, I recommend The PowerX Strategy. All the traders have to do is sell puts for the amount they were willing to buy the stock for as the strike price. https://blog.orats.com/backtest-basics-how-to-set-up-the-wheel-strategy Wheel. The basics of this betting strategy are simple: each time you place a bet and you lose, you should repeat the same bet but with 2x the money. Wheel. Short Put / The Wheel This one is my favorite theta gang strategy, and especially because I put on these trades on stocks Im willing to buy and hold anyways. The Wheel Option Play could be considered quadruple income if the stock inside the play paid a dividend while you were holding it waiting for the covered call to go in-the-money. The stock I I put together a shareable version. And part of the PowerX Optimizer is the real income calculator. The first advantage the wheel strategy has is that it gives traders is a way to make money why they wait for a stock to become more affordable. However, it does not means the Martingale betting strategy works on the roulette wheel. The game looks simple enough and has the potential of winning you lots of money with just a single spin of the wheel. If one or more of the favorites do finish in the money, the bettor is almost certain to lose money. Ever since the conception of roulette, gamblers have been trying to come up with a winning strategy to beat a game that seems to be all about pure luck. PowerX Optimizer supports two separate strategies: The PowerX strategy, as well as The Wheel strategy. I was asked after posting yesterday to share the spreadsheet that I use with the wheel strategy to tracking my trades and monitor my cost basis. Posted by 2 months ago. Now I was assigned and own GDXJ, and therefore I can move on to step number three of The Wheel Strategy and sell covered calls. 5 2 4 2. The Best Trading Strategy Summary . Close. A protective collar strategy is performed by purchasing an out-of-the-money put option and simultaneously writing an out-of-the-money call option.