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SFO Wheel — Overview

SFO

Grids of cash-secured puts and covered calls, joined by a roll-or-deliver decision at every expiry.

1
1 — Put grid
Sell cash-secured puts on equal intervals below the market. Each one strike × quantity in cash.
2
2 — Expiry decision (puts)
If the next expiry pays a credit, roll. If the put is out of the money, let it expire and re-sell next expiry. If it is in the money and not worth , take delivery — on Delta Exchange, buy instead.
3
3 — Covered call grid
Sell calls above the net cost ( − premiums collected) against the delivered shares or .
4
4 — Expiry decision (calls)
if the next expiry pays; expire if out of the money; otherwise give delivery — shares are called away (Delta: are sold).
5
5 — Repeat
Capital released by the call-away re-arms the put grid. Each full loop is one wheel cycle.

SFO Wheel — Overview