What’s open right now — week of April 14
Real trades. Real money. Documented live.
If you haven’t checked the Start Here page lately, I updated it this weekend — three fresh positions are live. You can always find it pinned at the top of the page.
What Happened to Last Week’s Trades
Last week I shared three open positions. Here is where each one landed.
WMT $115 put, May 15 — CLOSED at 50% profit
This is exactly how the wheel is supposed to work. I opened it, collected the premium, it hit my 50% profit target, I closed it and moved on. No drama. That is the whole system.
GOOGL $270 put — CLOSED at 50% profit
Same result. Hit the target, closed it, moved on. The current GOOGL position is a fresh entry at a higher strike — stock has moved up, so we moved with it.
AMD $190 put — CLOSED at 50% profit
Same story. Hit the target, closed it, done.
Three trades shared. Three closed at the profit target. That is the system working.
What’s Open Right Now
A few weeks ago, VIX spiked above 30 on geopolitical headlines. Everything sold off, and a lot of options traders panicked.
I used that window to enter 12 positions with elevated premiums. VIX has since come back down below 22. That volatility compression is exactly why several of these positions are already approaching their 50% profit targets after just one week.
Here is where I stand: 11 active cash-secured puts and one covered call across 12 different positions. Most expire May 15, a few May 22. Every single one is out of the money. Here are three worth talking about:
Caterpillar (CAT) — $720 put, May 15
Stock is at $783. CAT would have to drop about 8% before I am even at risk. I collected $21.62 per contract when I opened this. It is already at $15 — 29% profit in the first week. Industrial bellwether. A stock I would want to own at $720 anyway.
Goldman Sachs (GS) — $850 put, May 15
Stock at $870. I sold a put $20 below where it is currently trading. GS reported earnings this morning and beat estimates — EPS came in at $17.55 against a $16.86 expectation. The stock is well above my strike and the position is working.
Merck (MRK) — $110 put, May 15
Stock is at $121. Ten percent cushion. Healthcare demand is defensive — people do not stop filling prescriptions in a downturn. Premium collected: $2.04. Currently at $1.21 — 41% of the way to my 50% profit target. The kind of stock I would genuinely want to own at $110 if it got there.
The Week in Context
This is what the wheel is supposed to do in a volatile market. You are not in the stock. You are below it, getting paid to wait. The chaos above your strike is someone else’s problem.
Most of the 12 positions are cash-secured puts — I am in the entry phase of the wheel on those, collecting premium while waiting for the right assignment. The one covered call is on IBIT, where I already own the shares. Covered calls are the second half of the wheel. Both sides are running at the same time right now.
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.