Two closed at target. Here’s what’s next.

The Start Here page has the full position list with live progress on every open trade.

Two closed at target. One I had to catch myself. Here’s the difference.

CAT and GS both closed at 50% profit this week. Neither required a decision on my part — I set GTC buy-to-close orders when I opened each position and they fired automatically. CAT closed at $10.80. GS closed at $9.30, slightly better than target because GS beat earnings and ran higher. The system did its job.

Then there was AAPL. I caught it manually at 51% profit — but only because I was paying attention. There was no GTC in place. That’s on me, not the strategy. I fixed it: missing GTC alerts are now built into my morning dashboard so that gap doesn’t happen again.

That’s the honest version. The system works when you build it right. When you don’t, you find out.

Merck (MRK $110 put, May 15) is still running — 31% of the premium captured, GTC working, 24 days left.

What I Opened This Week

With May positions running toward their targets, I opened two new positions for June expiry:

Caterpillar (CAT) — $700 put, June 18

Same stock, lower strike. CAT is at $796.70 — that’s a 12.1% cushion. $22.20 per contract, already 29% of the way to the profit target in the first week. CAT’s order book doesn’t evaporate overnight. If I get assigned at $700, I own it at a discount and sell covered calls. Plan B works.

Walmart (WMT) — $115 put, June 18

WMT is at $128.10 — 10.2% cushion. $2.11 per contract, 10 contracts, already 27% captured. People don’t stop buying groceries when the market gets nervous. That’s the whole thesis.

Both have GTC buy-to-close orders at 50%. Set it and move on.

Why June Instead of May

45 days to expiration is the sweet spot — that’s where time decay accelerates and the premium-to-risk ratio is best. May 15 is only 25 days away. Opening new May positions now would mean breaking the rule.

June 18 is 59 days out — the nearest standard expiry beyond 45 days. Open at 59, close at 50% profit around day 30. That is the cadence. Same rule, every time.

Where Things Stand

VIX closed last week at 17.48. Lower volatility means lower premiums. That’s real. But the wheel doesn’t stop — you adjust size and strike selection, and keep running the same system.

Full position list — every strike, every cushion, every % toward target — is on the Start Here page. I update it when positions close, not just on Mondays.

Until next time, keep the wheel turning.

— Keith

The Income Wheel | theincomewheel.com

Nothing in this newsletter is financial advice. I am documenting how I personally trade — not telling you what to do with your money.