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📅 P&L Calendar
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📚 Strategy Library
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Click any strategy to see the full guide. Click on cards to apply a strategy to a specific ticker.
🎡 The Wheel
Paul Gunnerson · 8,000+ trades
INCOME
📅 Triple Calendar
Ripple · 82% win rate
NEUTRAL
📅 Double Calendar
Ravish Ahuja · Coming soon
SOON
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🎡 The Wheel
Paul Gunnerson · 8,000+ trades · 5 years
INCOME
Risk: 4–5/10
Target: 15–18%/yr
📥 Entry Rules
Beginner:
20 delta · 30 DTE · OTM strike you'd own the stock at
Advanced:
30–45 delta · Weekly 7 DTE · 2–3 strikes from ATM
Universe:
S&P 500 / NASDAQ 100 · IV above 30 · $20–$300 price
Fundamental check:
Revenue + EPS growing YoY · Write your "why own" paragraph
💰 Strike & Capital
Strike
Price you'd happily own stock at
Capital
Strike × 100 per contract
POP Target
80%+ beginner · 55–70% advanced
IV Sweet Spot
IV Rank 30%+ · Prefer 50%+
📤 Profit Taking
CSP expires OTM:
Keep 100% premium → sell next CSP
Assigned:
Accept stock → begin selling covered calls
Called away:
Accept → collect gain + premium → restart
🔄 Roll Rules
When:
Approaching expiry or going ITM
How:
Buy to close · Sell next expiry at better strike
Below purchase price:
Roll covered call down — monitor 2x daily
Key rule:
Strike always stays above current stock price
🛑 Stops & Guardrails
Never sell around earnings — close 2 days before
Never trade stocks you wouldn't hold for years
Never enter if IV below 30 — premiums too thin
Never trade biotech without deep conviction
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📅 Triple Calendar Spread
Ripple · 82% win rate · Since 2019
NEUTRAL
Risk: 2–3/10
Target: ~100%/yr
📥 Entry Rules
Underlying:
QQQ (preferred) · SPY · SPX · High volume indexes only
Sell leg:
21 DTE · Friday expiry only
Buy leg:
28 DTE · Same strike · One week further out
VIX rule:
Below 12–13 = reduce size or skip entirely
Strikes:
Always multiples of 5 only (635, 640 — never 638)
📐 Strike Calculation
Middle
ATM — nearest $5 multiple
Outer Strikes
Straddle price + 5pt buffer
Example QQQ 638
635 · 665 · 605
Profit Target
10% of debit paid · Exit immediately
📤 Exit Rules
Profit target:
10% of debit — exit same day it's hit
Hard exit:
7 DTE on sell leg — exit regardless of P&L
Typical hold:
2–10 days
🔄 Adjustment Rules
Price breaks out:
Add 4th calendar at new strike
Extreme move:
Add 5th calendar (rare)
Old breached calendar:
Leave it — worth too little
🛑 Stops & Guardrails
Never have sell leg expire AFTER FOMC or CPI
Never trade when VIX below 12
Never use strikes not divisible by 5
Never skip paper trading first
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