After my last lot of SPY shares was called away from a covered call that expired in the money on Monday, I’m starting a new wheel cycle — back to selling CSPs.
The morning trend looked relatively flat with a slight bearish undertone from a technical standpoint. I sold a put about 0.8% below the trending price. About an hour later, the market began dipping more aggressively, and the CSP quickly got filled.
I expected the price action to come down and fill Monday’s bullish gap around the 666 area before rebounding, so I sold another CSP at the same strike, this time collecting a higher premium.
The price ended up breaking below that gap fill — not ideal at first — but fortunately reversed later in the session, closing above both strikes. I kept the full premiums from those contracts.
Market sentiment feels a bit tense lately. While I’m selling CSPs here, I’m also mindful about avoiding assignment for risk management purposes.
| Side | Price | Realized P&L |
|---|---|---|
| Buy Close | 0.00 | +100.00% Closed |
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- Athena Spenser·2025-10-24Gap break scared, but reversed! Selling two CSPs at same strike? Genius premium play!1Report
- Maurice Bertie·2025-10-24Two CSPs filled, full premiums kept! Nailed the dip-reverse.1Report
- AllenBartlett·2025-10-23It's great to see you're adapting your strategy1Report