Options Boot Camp 387: Kicking Butt with the Wheel Strategy

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Oh Alright everybody, that music means we are back. It is Wednesday, Education Wednesday, as is known around these parts. Time for a little bit of OBC. My name, of course, Mark Longo from the Options Insider Radio Network. You're home now for nineteen plus years of options podcast goodness, thirteen plus of that. With this crazy guy here doing a little bit of OBC. Of course, if you want even more in your life, maybe you wanna sit down with mister Doctor Vicks and talk a lot of Vol, get some

Secret insights into the big risk management conference just went down last week, as well as uh all sorts of other fun, the options insider dot com slash pro. We just did that yesterday. It was a really good time. Uh so check out the pro if you have not yet. It is a good time. And speaking of good times, it's been pretty much 13 plus years of good times with this black-headed guy himself, a Mr. Dan Pasarelli from Market Taker Mentoring. Mr. P, welcome back.

To Education Wednesday, sir. How are things in MTM Link? Hello Mark. Uh things are pretty great over here as a matter of fact. Lots of exciting things happening in my world.

There are a lot of exciting things happening actually. So let's get to them now. A very special edition of the options drills. Time for our favorite pastime, ups and grow. We're gonna take the spread. The show and teach you how they can be employed to achieve a specific objective. All right, buddy, welcome to the options drills. And this is an option drills unlike any other we've ever done in the history of this show. Why? Because we don't have a drop for the show that says

Options boot camp book club. Maybe we need that. But that's what we're doing today. You know, Dan, these markets are wild. Some might say insane. They're very heated. People get fired up on both sides. There's a lot of chaos. There's a lot of headline drama.

I I thought we'd step back from the abyss today, Mr. Dan. Let's get a little bit more ten thousand foot. Let's calm everybody down a little bit and talk about something fun. Because quite frankly, you know, I joke all the time, but it isn't every day here on the network that we have somebody Come out with a new book. When it does come out, it's usually the result of months, if not years.

worth of effort on their part, working silently, hunched over the keyboard late into the night, cursing their decision to ever embark. on yet another book journey. So when it comes out, it's kind of like having a child, Dan. So I I salute your effort here. And here I am. I am holding it. If we had the video version out, listeners, you can see I am holding it in my hot little hand. Build consistent wealth with options. That's right.

I got it before all of you did. So nana nana boo-boo to you. Subtitled A New Mindset. For covered call and cash secured put investors. So all sorts of good stuff. Written by some guy, Dan P. I'm not really familiar with him. Maybe I'll have to have him on the show one of these days. But Dan, right off the bat, good stuff. I love it. I do have one small bone to pick.

Which is first off, the highlight so far of my journey has been this blurb on the back by some uh options insider guy I'm not familiar with. I hear he's pretty good too. We should have him on the show as well. My only my only real complaint is that you have me below Steve Sears. Like, what are we doing? What are we doing here? I'm below Steve Sears. Do they even do striking price still? I don't know. But uh, I don't know. I might have to take Umbridge of that.

But and then you put me alongside people like Russell Rhodes, the guy who was on my pro Q and A yesterday, I have to slum it with him on the back of the book, and then Carly Garner, the girl's on my twyfo like all the freaking time, I have to slum it with them. Like do we not see the distinction? Next time, Dan, I'm gonna need to demand my own dust jacket on the cover, on the back of the jacket first.

And then on the inside where you have even more, I I will definitely require my own page. So make sure these notes are passed along to the publisher, please. We'll do full color glossy insets. Yes. Uh yes. Yes, we need all of that. But let's get down to businesses. I'm obviously having fun here, listeners. But there is a lot of fun to be had here in this book. First off.

A pretty hefty tone, Dan. You know, if I was angry at someone, I'd I'd say I could fairly well bludgeon them with this, and it would do some damage. So well done, sir. A hefty tone. Yeah, thank you. Uh it ended up being longer than I planned it to be, actually. Uh I just there was more and more I wanted to put in as I was writing and so it just kinda got longer and longer.

I remember when Russell sent me his last book, which was a number of years ago now, it was like a pamphlet that c really came out really thin. So I'm glad to see a a meaty options tone back on the shelf. That guy or gal who's running through the airport late for their flight, but then they stop and say, Oh, building consistent wealth with oppos, that might make some good plain reading. Your book is is suitably hefty for that. But let's, well, before we get to the subtitle.

I do have to know, Dan, you did dedicate it to, I believe, your favorite movie, Citizen Kane, because it is dedicated to Rosebud. Who is Rosebud, Dan? Inquiring Minds Want to know. Well, a rosebud was my best friend for Good fifteen years. But my name is not Rosebud, I d you got it wrong. You spelled it wrong in the book. Again, another issue I have with your public Yes. Uh, you know, I uh I was 50-50 between uh you and you and Rosebud, but uh Rosebud actually just passed away about a week ago.

A week. Oh, so that's a late uh that's a late dedication then. Yeah, yeah. Uh yeah, she w you know, she was she was sick for a while and um Poor girl, but um yeah, she was a good good friend. The other thing I love about this is uh you know, once you get past, you know, all all the love for the book, which again, that one blurb really stands out amongst all the rest.

But I do love that they still saddle every options book, Dan, with a multi-page disclosure. I uh you know, what are we doing? It's the year of our Lord twenty twenty-six. Kids are talking about and debating iron condors on Reddit. Do we still need to saddle every options tome with you go download the characteristics and risks of standardized options? Options are not suitable for everyone. You know what? Spoiler alert, they are suitable. There is a use case for options.

That is suitable for everyone. I don't care if you're a grandmother 100 years old only likes T-Bills, or if you're some hard flying, you know, 25-year-old who wants to design go balls to the wall. There is an options use case for you. So I think we can get past this and I get it. The publishers are risk averse, Dan. If you wrote just a plain stock book, would they still saddle you with such a meaty disclosure, sir?

Y you know, you I know you're gonna think this is cra I know some people are gonna think this is crazy. But they actually uh Wiley has their own disclosure and it there were some things not in there and I'll tell you what, man, I uh you know I I don't like to overhype anything, so I actually had to talk them into extending that disclosure somewhat. You had them add on to the disclosure? I know.

You're like, disclose me more. Here I am fighting the good fight on your behalf, about to contact your publisher and read them the riot at. And lo and behold, you're the reason it's two pages long. I know. I know. It's crazy. It's crazy. I'm crazy. You know what? I don't feel I have been disclosed enough.

Please disclose additional information. Uh all right, let's get to this'cause this is kind of interesting. The subtitle kind of left off the page and before we get to the layouts and everything else, uh let's talk about this. It's not just I mean people think oh a book about the wheel.

It's a book about the mechanics of the wheel, how to put it on. And there certainly is that in there. But the subtitle is kind of revealing. It says a new mindset for covered call and cash secured put traders. Let's start there. What are we talking about? What's this new mindset, sir? Well, yeah, there there are a number of books written out there about the mechanics of the And it they'll say, Oh, it's great and they'll maybe even cite uh all the white papers that say that it works.

But here's the thing, man, like you and I like we're on the front lines. We talk to people who actually trade these, like retail traders, even sometimes institutional traders. who tried it and it's supposed to work and it's proven to work but it doesn't work. And really the main thing is that people don't necessarily always have the right mindset for it. They're kind of focus on on the wrong things and um and don't focus on some of the important things that

They don't tell ya in any of the other books on the wheel. So I wanted I wanted to create something that was actually really a hundred percent hands on, practical, so that anyone who's ever tried the wheel before, where intellectually you you get how it works, or if you didn't try the wheel before I wanted to give a practical guide where It you can make it work for you and give you that mindset and that information and all the little tips and tricks that are necessary to make it work.

So you're saying when I approach the trade and I come to it and I say, Oh, those puts, those are paying me 75 cents. That's a lot of juice. I want to capture it. And then if it goes against me, now I'm gonna wheel out of it. You're saying that's the wrong mindset, sir? Well, it needs some intent behind it.

Uh, you know, I mean, we've talked about on the show before so many times. I mean, how many times have you heard people say, Oh yeah, I'm gonna sell this foot and if I get assigned, I'm okay owning the stock. Until they get assigned and they end up holding the stock. Then they freak the F out. Yes, they do. Um, but you know, you shouldn't. I mean, most most of my cash cured put trades, I'm dying to get assigned. Please assign me.

Um, and you know, and if I don't get assigned, that's okay too, because I focus on what I call the skate return on cash and i I set it up so that it's a win-win trade either way. Gotta say, we've been doing a lot of wheeling and portillos of late uh in our in our pro. And it's been fun. It's been fun. And it's also tasty and delicious because it gives you an incentive to go support the stock with a a tasty, delicious Portillos Italian beef dam. But I but I digress.

out there. Let's let's get into some of the some of the fun. I mean, we talked about this before, but really quickly Uh for our listeners out there, obviously new people listening to the show all the time, you know, why now? Why did you looked at the the full panoply, the full options offering on the bookshelf? And you said, you know, you know what's missing is a whole book about the wheel. Why are we doing the wheel now? Well, I mean, I guess uh uh really a couple of reasons. One is

J it's just been my journey. You know, when we left the trading floor, I mean the thing that I was good at was m making markets and gamma scalping and all those sort of esoteric things. And I had to learn to trade. And as I learned to trade, I also um I I wanted to use options in my investing. And despite the fact that I traded hundreds of covered calls on the trading floor, I you know, I ended up making them Delta Neutral and that kind of thing. So it took me time to really dial in.

trading the wheel and I I don't know. I mean just relatively speaking, as far as all the trades I make, I I think that that is the one that I really developed the most skill with and and really learned some things that that people aren't really that familiar with. And gosh, man, when I hear people talk about

Oh, you uh I tried uh covered calls and cash cured puts. They don't work. You end up giving up upside and you have all the downside risk and they have all these things that could be taken in the right context as True criticisms, but depending on how you treat it, they don't have to be criticisms, they can actually be strength.

Interesting. You know it it's fascinating. It seems like there's a a lengthy options tome of just about every strategy on the planet. How is it possible there's there's no book on the wheel until now dance? Wow. Y you know, y I mean, the ones that are out there, you know, they're short, they're pamphlety, um, they they show the mechanics.

And I mean I remember talking to somebody uh in this business about about um you know the book. He goes, how can you write a whole book on the wheel? Like it just You know, yeah I mean I I couldn't fill more than twenty pages. And I'll tell you what, man. I could probably do a part two. I got to the point where I had to start thinking about what I can condense and what I could cut out because I've just got so much to say about it.

I hear a build consistent wealth with options extended edition coming in the near future. So let me remind you, listen, I am holding this in my hand. This is uh this is a meaty tone. Like I said, you could do some damage with this thing. So it is not the uh the short pamphlet. Out there. If you want to go deep on the wheel.

Dan's got you covered out here. You mentioned also in the preface here to the book, or even on the on the book jacket, Dan, you mention The book's three pillars. There are three pillars to approaching the wheel trade. So what are they? What are the three pillars of the wheel, sir? Ha ha Looking on the jacket itself. I mean th there's a couple of things.

One, because the wheel is an investing strategy and not a trading strategy, we really, really need to think differently about it. We really need to rewire our brains. for probabilistic thinking about money in general. Um we need to think in terms of return on risk. um and annualized returns and what is real about annualized returns and what are some fallacies that need to be thought of differently in order to actually make it work.

So that's one, rewiring your brain. And another is establishing clear and grounded objectives. Through self understanding. Um if you don't set objectives for your covered calls and real objectives, not oh yeah, I'd be fine owning the stock there if I get assigned. Oh no.

Um, you know, but really like what do I want out of this trade? What is my goal and why am I setting it up that way? And then you're gonna construct better trades, you're not gonna get caught off guard and you're gonna be happy with outcomes. And then finally the third pillar is

being able to implement a step by step methodology for every scenario. And we do that with what I call the cycle recycle trade. And it's just, you know, this idea of Having having a wheel trade on constantly in some scenarios. Is kind of the key to making it work. There's kind of two ways to think about it. One we can think like in an active wheel investor, and the other is we can think of it as a passive wheel investor. So You mind if I go down this rabbit hole for a minute?

Let's dig, sir. I love it. We have the seven pillars of Islam, and now a new addition to the canon, the three pillars of the wheels. Yes. Yes. So look, you you can look at the wheel from from a passive methodology. And that is, hey, look, I'm just always going to have on either a call If I own the stock or if I get assigned on my call and end up selling the stock, then I'm going to immediately wheel into the put.

And and that can work and and that's what the white papers show works, and there's reason for that. It's because of what we call the risk premium. Options are usually overpriced because option buyers are willing to pay a little bit more for that insurance than it's actually worth so they can sleep at night. And so that's passive and that's easy and it actually does work if you have the discipline to just make sure you're continuing it. But we can make it even better.

By trading as an active wheel trader. And when we say that there's a risk premium and options are usually overvalued, overpriced, I should say. That's that that's true in every respect, including the respect that They're usually overvalued, but they're not always o overvalued. Sometimes we're in uh either like just a one-day scenario or a or a few day scenario, or sometimes longer term regimes.

where implied volatility is actually underpriced and selling options is arguably a a bad idea, a a a losing proposition. And so for those more rare periods, but still periods that exist. There are a lot of wheel traders, and I do this with some of my wheel trades, where I look and I make sure that I analyze the volatility to see if it is indeed overpriced.

Before I actually make the trade. I take that extra more active step in assessing the volatility to verify that yes, in this case, options are overpriced and therefore I have an edge in selling them.

Let's get into that edge a little bit. We're gonna go deep here today, listeners. Folks wanna know what they're getting if they buy this weighty tome, so we're gonna tell them, Dan. Chapter one, we got how many chapters do we have? We have uh 19 chapters. Again, a weighty tome. Chapter one, Dan Alpha and Building Wealth. I assume you're establishing there how you could add a little bit of alpha to your game with the covered call, sir, and indeed the cash secured push.

Yeah, yeah. I mean that's the key to building consistent wealth. I mean, look, you know, um you can just you can just go and buy Put all your money into shares of SPY and statistics show that you're likely to make about ten percent a year on average. It won't be ten percent every year it, but on average, that's what it is historically done. And that's great. You double your money in about seven point two years.

Um but when you when you use options as an overlay to that strategy, you can do even better. And if you're making, even if you just eke out another two percent. You're doubling your m money. at a faster rate and it compounds faster. And you do this for, you know, I I'm especially talking to the younger folks uh out here. You start that now, it makes a literally a massive difference in your life by the time you're ready to, you know, start cashing out.

Chapter two caught my eye, deriving better tools. What are we doing with new tools for the wheels? Yeah, so uh um going through the process of really amplifying my own covered call and cash cured put trading. There there are a lot of times where I want to get assigned. But there's sometimes when I don't want to get a sign. There's sometimes when I want to sell that call that's close enough to the money where I have a big meaty time premium, but far enough where I'm not likely to get assigned.

And I am one of the opponents to the concept that we use implied volatility to assess you know, uh the market's expectation for moves. I I think that implied volatility is always mispriced. And so I had to find another way. to be able to get a handle on how how far is the stock likely to move. And I spent a lot of time going through every indicator.

that's out there, you know, learning about them, trying to find one that I could really use and make my own, but but there isn't. There's not an indicator that's set up exactly for cover calls and cash cured puts. So I had to create my own in this case. Oh, I like it. New tools indeed. Uh chapter three and four, we've covered on the show many times. Chapter three, how and why covered calls work.

Chapter four, how and why cash secured puts work. If you need refreshers on those listeners, go into the archives. There are legions of episodes over the past 13 years. Breaking that down. But chapter five caught my eye, Dan. It kind of leaps off the page. It might be my favorite chapter title of the bunch. It's straight up OG Covered Call Set. That sounds like a title of the show. Dan, what what do we do? What's a straight up OG covered call, sir?

Well, you know, th I mean, th there's a lot that's that's in the book that's not talked about in other books, but It it is a a proven thing that just the regular covered call works when you do it in cycles, when you trade in cycles. And so I just wanted to start out getting people on the right page that like, look, this is just the straight up regular OG way that people trade covered calls. And and this actually worked.

Uh in future chapters I'm gonna show you how to make it even better and show you how and why management makes such a big difference, but let's all get on the page with some best practices on how to set up just a straight covered call. And then chapter six listeners, also a fun title, perhaps not quite. As uh as sexy as chapter five. But still pretty good. Cast puts classic dish special sauce. Uh dare I say it, Dan, some of that Italian heritage shining through.

Yes, yes. I I I had to put in a a Sunday gravy reference. in there. I didn't you know I I I don't share my recipe. I don't share my recipe, but um you know, the had it had a reasonable analogy. I I think I can pretty much relate anything to food. Um that just s how my how my brain is wired, I guess. And then chapter seven you threw in an old school term you don't hear as much as we used to hear it on the floor all the time, which is buy rights.

And opportunistic improvements on covered calls, sir. So we're getting a little opportunistic here. Yeah, you know, um when it comes to when it comes to um covered calls because we because we use them for different things. Um I think it's important to make some distinctions about what exactly the covered call trade is. And you know, there are some times when I'll trade Well and I'll make the distinction here, a buy right.

Uh and the distinction I make between just covered call, which is sort of the broader category, and then a subcategory of buy right. is I'm buying the stock and selling the call at the same time as part of a single trade or at least, you know, within minutes apart. Uh, because that's something different than, oh, I've had the stock on for, you know, I've I've owned the stock in inventory for five years.

Now I'm gonna sell a call because I think it's not gonna go up that much. You know, it's a it's a very different mindset. And mindset is such a humongous key to to this. Like I, you know, like Points out in in the jacket.

And then chapter eight, the wheel, where the rubber hits the road. Now is it really where the rubber hits the road or is it where the rubber meets the road, sir? I might have to Google that, but uh break it down for us, sir. Oh, boy. I'm sure that was endless debates with the publisher.

We we did have some really weird esoteric grammar and and such debates, but um yeah, so uh well, I don't know. Uh I'm going with hits. I'm gonna I'm gonna stick to my guns on this one, but Yeah, and and you know that sort of sets up uh for the intro to the next chapter, the cycle recycle trade, where if if your whole goal is to make one covered call trade.

I mean, it doesn't matter. Uh but if your goal is to trade the wheel and and have a continuous cycling in and and and and then resetting and recycling back in. Her recalls and cash carryed puts the wheel only works when it's traded as a continuous system. Well, you mentioned uh the next chapter, chapter nine. This is the cycle recycle trade. Uh this is pivotal. Dare I say it. Your book jacket says this is the centerpiece.

Of the book. So chapter nine, Dan. I could argue this is where the rubber meets the road. Chapter nine. Yeah, yeah, that's that that really is the the centerpiece of it. Uh it's it's the hard just This idea of that you have to trade in cycles and why you have to trade in cycles. And how to trade in cycles because it's not always just, oh yeah, roll a call, roll a call. Oh, I get a sign, sell a put. Like you can do that in a very passive way and and that can work really, really great.

But it it ends up getting a little bit more complicated than that. And, you know, it's it's important to to to know that and and to act upon it. And then chapter ten, we were talking about this earlier, the mindset rewiring your brain for investing, getting a little psychological, are we?

Yeah, that's that's really that's really probably my favorite chapter of of this whole book. Um 'Cause you know, I've s I've spent a lot of my trading journey over the past maybe five, well gosh, probably even more now, seven, eight years or something like that. on just behavioral economics and and talking to and meeting people who are sort of at the forefront of this, um, including uh Dr. Sarner, who's actually a friend of mine, uh, who I quote in this book. She's up at Northwestern.

who had a lot of really, really great things to say and and helped me out. I I I just kinda wanted her to look at some of the behavioral psychology things I was talking about and make sure I I was on par just to um you know, proof the the chapter and she just came back with all this great stuff and I was like, oh my goodness, do you mind if I quote you in here? And and then she was willing to let me do that.

Then chapter 11. I didn't know you were a big skater, sir. It's skater trade. How objectives drive results. So for you, I guess when you sit down at your desk in the morning to trade, it's either I go to the skate park or I do some trading. Yeah, if if I'm feeling all you-ish that day, I'm going to the skate park. And then you go straight to the orthopedic surgeon. Exactly. No, but you know, I mean that's a that's an important thing and and it's it's a very, very simple concept.

At the onset of any trade, I ask myself, I say, okay, is my objective to sell this option and not get assigned to skate on it, keep the premium? Or is it to get assigned and trade into or trade out of the underlying stock? If I don't know that objective, I uh you you have no business trading the wheel. You need to know that.

And then you also need to know chapter twelve, listeners, the trifecta. Of analyses. So not only one listeners, not even a duo of analyses, a trifecta. What are our three analyses that we're doing? Indeed, so really with any option strategy but including and especially covered calls cash cure puts

We want to do some technical analysis and that the indicator that I created is a technical analysis indicator, the PAS indicator. Um We need to use that and things like RSI and especially support and resistance, like sort of the most primitive of technical analysis, but probably the most important.

But we also need to use fundamental analysis. Now, you know, we're trading straddles or credit spreads and fundamental analysis. Most option traders don't even think about it. Um, but when we're investing using the wheel, we it's pretty important to work some fundamental analysis in and You know, uh that's an been another part of my journey over the past several years is is getting really good with that. And then of course volatility analysis. We need all three of them.

Yeah, fundamental analysis. You don't hear that even more. Even from you, I know you've kind of gotten lured to the dark side of technical analysis, and certainly a lot of people are these days because they're all living zero day, so ain't no time for book value, sir. But but that said, uh it is interesting to hear it uh included in there. Thirteen, lucky number thirteen, sir. We are recording from the thirteenth floor of this building as we speak, so clearly it is lucky.

Uh but metrics for edge and locking in advantages, sir. What what are we talking about? Yeah, so if you don't have an edge on your option trade, you're trading at a at a disadvantage. And so we always need to focus on having an edge on our trade. And that edge can come from technical analysis, it can come from fundamental analysis, and it can definitely come from volatility analysis.

Uh and so we need to not just kind of have a loose idea, but really have specific metrics if we actually want to identify and lock in in advantage. Chapter fourteen. We were just talking about this last week. Good timing, sir. It's all about taxes. Plus throw in commissions and a little thing called liquidity, sir. Yeah, that really touches at the heart of the expense part of the wheel, something that people kinda think of a little bit, but usually they just think about commissions.

They don't think about liquidity and slippage and and taxes and um you know I I I go far out of my way to state in the book in a couple of places that I'm not a tax expert. Uh, but I thought it was important to share a couple of things and at least give people ideas of what what's research and what to talk to their accountant about. Um, so yeah, that that's a really important chapter too, especially the liquidity portion.

Chapter 15, sir. This is interesting. Specific situations and optimizing for optionality. How do we optimize for some optional? And what are some of the specific situations we're encountering? Yeah, so you know, like I said before, um covered calls and cash secured puts are very versatile. I mean you can actually do you can actually set out to have several different objectives.

And, you know, I I mean I started out talking about when options are likely or not likely to to get assigned because that's gonna affect our management and and

If we're hitting our objectives and, you know, if it's hard to borrow, how does that affect the you know, the specific option premium? All these little nuances that, you know, they're the little hinges that swing the big doors. Um I mean, i if I understand how put call parity can kind of get thrown off kilter because of things like hard to borrow and and interest rates and how interest rates affect the theta, like all these things They they make or break you as a wheel trade.

Then we get to some trends, sir, and indeed the end of those trends in chapter sixteen. Yeah, that that's one of the criticisms that people have for covered calls and cash geared puts for that matter, is that in trending markets, well, they don't work. You just keep giving up upside. And there's truth to that. But if you set your objectives properly from the beginning and you have the right tools for managing the trades, you have very specific criteria for adjustments.

You can overcome those trends. You you can overcome the trending markets that are supposed wheel killers. Um, they they don't have to be. Even in those just relentlessly upward thrusting markets that last for nine months sometimes, covered calls can still work really well in those markets if if you have the right management criteria.

Then chapter 17 and 18, kind of a combo. 17, the skate. objective cycles and chapter 18, the trade objective cycle. So Dan, when I'm looking to skate and when I'm looking to trade, what are what are some of my cycles I should be looking for? Yeah, I thought it was important for people to really be able to to do it by the time they finish this book. So I put in some case study. Those chapters have case studies of hey look, here's uh a trade where I wanted to skate.

Here's how I set up the trade. Here's how I managed it as it played out. And then the same thing with the trade. Hey, I wanted to get assigned on this. Here's how I set it up. Here's why I set it up. Here's exactly the criteria I looked at. Here's how I managed it. So that by the time people are done reading this, they they're armed with the tools they need to succeed. And then I do like the the chapter title for the final chapter, nineteen as well. How are you doing? And goodbye.

Yeah. Yeah. Yeah. Kind of self explanatory, but Dan, how are they doing? And also goodbye. Is it a very tearful, long, drawn out goodbye? Is it 30 pages? Uh no, that was that was the shortest chapter, but um you know in order to track results and man, this actually set me down a rabbit hole. The the best online brokerage firms out there, you know, your thinkorswims, your fidelities, your tasty trades. They're the they're the gold standard.

But use them to try and track your results on wheel trades. You you can't do it. They see it as all individual trades, yeah. Right. So we need certain metrics in order to measure our success and we need certain tools in a certain way to do it. So That's what I laid out there. Um, so people who like to keep spreadsheets or I'm actually in the process of working on a platform that does it even better than a spreadsheet, you know, this gives you the tools.

to to measure your success so that you can improve and and you can truly master this really great strategy. I was just dealing with that myself the other day. We were looking at some of our Portillo wheels and just the platform has it where I have the stock assigned to me ages ago. And that's all they're looking at from a PNL. They don't they don't even count the the many months

Of, you know, puts we've sold and calls and coverage strangles and everything else. Uh, it's all just noise to them. It's all about the underlying. So you're right, there needs to be. A little bit of an adjustment just for just for the trader's sanity. Like, yeah, I've done all this work. Why don't you recognize it? So uh there is a little bit of that frustration. I like that, Dan. Well, Dan, we did kind of a comprehensive breakdown of the book, but that said.

If there's anything else you want to mention, anything else you want to leave the folks with about the book, have at it, sir. The floor is yours. Well, for some audience segments including and especially the options boot camp listeners. Um, I I wanted to do something special for you. And so if you go to the the book website, which is just the initials of the title of the book, bcwwo.com. BCWO.com. I actually give you some bonuses that sort of accompany the book.

And um and then you know give you the link because you can pre-order the book actually right now. So if you go to the book website, bcw o there first, start there. uh get on the list and grab the bonuses and then just scroll down and you can get it pre-ordered and I'd be really, really excited uh and grateful if you do.

In this day and age, the pre-orders do help. So uh get over there, listeners. BCWWO, that stands for build consistent wealth with options. And if you're gonna buy it anyway, might as well pre-order and get the bonuses, right, Dan? Yeah, yeah. Um that's something that I'm really, really glad to be able to do for uh for the listeners of Options Boot. And when is the official release date for the book? It is in seven days for those of you who are listening live. No, seven.

Don't go to Amazon, go to Dan's URL. And uh buy it there. I mean Amazon obviously at the end of the day you're buying on Amazon down the road. That's all nice and we thank you all for everyone who's listening many years down the road. Uh but right now in this early window the pre-orders do matter. So get over there.

D C W W O say that five times fast dot com is the place to go to kick the tires and light the fires. I'm thinking that what should we call this episode? Should we just call it the wheel kicks ass? What do you think? on uh iTunes and a few other stores as well, but uh it could be a fun one. By the way, Dan, since we're having fun, I thought I'd leave you with this because I saw this in our chat as we were talking and it brought a smile to my face. I did not realize this.

You know, in this heated, just very polarized world we live in, social media, a toxic spew of garbage, there is one lone one lone respite, one lone oasis. From the madness. Our chat I did not even know this existed. It is very much financial as well, so it dovetails it all. I just learned from our chat, geniuses that they are, that Count Von Count, the Count from Sesame Street, is on Twitter. Apparently he has been for a long time. His handle is just Count Von Count.

He says I love to count. He has a quarter of a million followers. And guess what, Dan? All he does is tweet numbers. Today's number is 5788. I love this. I love everything about it. I've always the count was my guy growing up. I love the count on sesame. I love that our chat all loves the count. And you know what? If you're getting frustrated with the world if it's driving you crazy, if you think social media is a toxic cesspool, you're not wrong.

But maybe maybe let the count shine a little bit of number fun into your life, Dan. Who d who wouldn't be happy when you see the count scroll across your timeline, sir, right? I love to count 578 with an exclamation point. That's uh that's today's number, listeners. So there you go. Uh that's our free bonus for the day. You're welcome. We just improved.

Your life. And you know what? If you want to improve your trading, maybe you wanna do some wheel trading on them. And it might be worth I'll have to talk to them as well. Maybe about uh What Dan was just talking about, about adding some sort of wheel tracker into the system. It's kinda hard because there's different moving legs and the the underlying systems don't sometimes like

putting those together. But that said, if you could say I'm doing a wheel now, maybe you just flag it as this is the wheel. And then you could have a chain of continuous returns factored into that. But you could check it out for yourselves, what they have for the wheel. Over there at Tasty Trade, Tasty Trade dot com slash podcast, the place to go to kick the tires and light the fires. That's gonna do it for us.

for myself, for the folks over there at Tasty Trade, for the blackheaded one, and for the OG legend the Count himself. We'll be back in a little bit. With all things futures on the futures rundown. Back again after the closing bell for the Hot Options Report, yet another reason why you should be subscribed to the full network. What are you doing?

Back again with the rest of our content throughout the rest of the week until we're back next Education Wednesday, another episode of Options Boot King. Stay safe up. Old trading walks into a bar. New trading raises it. That's Tasty Trade. Keep focused with news feeds that matter. See opportunity differently in analysis mode. Chart your heart out with over 300 indicators.

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