To get the transcript and MP3, go to: https://www.rockwelltrading.com/coffe...

Intro: 00:00
Overview Of "The Wheel" Strategy: 00:35
Part 1 - Selling PUTs: 1:02
Part 2 - Assigned UBER: 2:39
Part 3 - Sold CALLs On UBER : 3:53

I'm a huge fan of trading "The Wheel." This strategy requires just a few hours a week and I'm able to trade it even while on the go. So in this video, I'm going to show you an example of a "Wheel" trade I took in UBER while travelling through Germany with my two kids this past summer.

Here's the breakdown of the trades I've taken in UBER as part of a Wheel Trade:
1) Trade: Sold the 7 of the 30 strike Put Options that Expired August 14th for $25 = $175
2) Trade: Bought 400 Shares of UBER at $30/share = $12,000 Stock Buying Power
3) Trade: Sold 4 of the 31 strike Call Options that Expire August 28th for $52 = $208

Now taking a quick look at my account you'll see that right now I have around $1000 in unrealized profits (i.e. if the markets were to tank those profits vanish). So today I want to go ahead and take around $600 off the table today depending on our fills.

Doing the math on the trade, right now I can close the trade today and would realize about 93% of the max profit for this trade (once again dependent on the fill)...that's pretty good! Especially with UBER's looming battle with the state of California over its contract workers. Now, could UBER continue to climb higher? Of course! But for me, taking the profits and running makes the most sense to me.

If you'd like a more complete breakdown of "The Wheel" strategy, check out this video here:    • The "Wheel" Options Strategy - A Step...  
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