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Model both legs at once. The CSP you're thinking about selling, and the CC you'd write on the shares if you get assigned. You get the yield if the put expires worthless, the full-cycle return if the shares get called away, and the price where the whole thing turns into a loss.
Wheel setup
Same contract count on both legs.
Leg 1 · Cash-Secured Put
30 days.
Leg 2 · Covered Call (post-assignment)
Typically at or above the CSP strike.
The wheel timeline is CSP (30d) then CC (30d) = 60d total.
If the put expires OTM
Cash secured
$18,000
Premium income
$350.00
Return
1.94%
Annualized
23.66%
If the full wheel completes
Cost basis if assigned
$176.50
CC premium
$240.00
Full-cycle profit
$1,090.00
Cycle return
6.06%
Annualized (60d)
36.84%
Downside breakeven
$174.10
Two short paragraphs. Educational, not advice. Powered by the same AI behind Spoke's iOS app.
Track the CSP now. Only tap the CC option after you're actually assigned. You can't sell a covered call against shares you don't own yet.
Educational tool. Not investment advice. The wheel can hand you paper losses that dwarf the premium collected if the underlying drops far enough. Verify prices with your broker before trading.