Option Classroom (3) - Sell Put+Sell Call Car Wheel Battle There are always excellent friends in the comment section. When I was replying to my message, I saw a friend's comment and originally wanted to talk about Buy Put first, but when I saw that the friend mentioned Wheel's strategy, I talked about it first. Essentially, the Wheel strategy is a combination of buying low and selling high while continuously collecting option premiums. Let me give a simple example, assuming the current price of Bitcoin: native is $60000: Step 1: Sell 60000 Put Because I want to buy at the bottom of $60000, I need to sell PUT. The concept of selling PUT is that I want to buy Bitcoin at $60000. Let's put the date on July 7th, assuming the royalty is $500. At 4:00 pm Beijing time on July 7th, there were two results Result 1: If BTC expires above 60000, I did not buy BTC and directly earned $500. Result 2: If BTC expires below 60000, I will be exercised. Even if the price of Bitcoin drops to 58000 US dollars, I will buy BTC at 60000 US dollars. So how much do I buy? 60000+500=$60500, so I actually bought Bitcoin worth $60500 with $60000. If I buy it, then the first step of selling PUT is over. Step 2: Sell 63000 Call I bought Bitcoin for $60000 earlier, but since I am here to make money, I still need to sell this BTC. Considering that BTC has been fluctuating between $60000 and $63000 recently, I plan to sell it at $63000. Of course, the current price is still 60000. So I will sell a Call at the $63000 level because the location is quite far away. If I only choose July 8th, there won't be much royalty, and I think it will take at least three days to have a chance to rise to $63000. So I chose the Call that expires on July 10th, assuming the royalty is $200. So by 4:00 pm Beijing time on July 10th, there will be two results Result 1: BTC expired above 63000, successfully sold BTC, and earned an additional $200. Of course, even if Bitcoin rises to $65000, I can only sell Bitcoin for $63000, and I don't have any money for the excess over $63000. Result 2: If the BTC expires below $63000, my BTC must not have been sold, but I still received a royalty of $200. So at this point, I will continue to hang it for $63000, for example, until July 12th. Assuming the premium is still $200, I will repeat the process of Sell Call, selling it to make money and the premium. If I can't sell it, I will earn the premium and hold BTC. After I sell it, I will still choose to continue buying Bitcoin at $60000, so I will continue to sell put. If I buy it, I will sell call. This is a car race. This approach is similar to the current grid, but the advantage over the grid is that it has a premium. Regardless of whether the transaction is made or not, there is a return on the premium, which is also a more attractive aspect of options. My current strategy is to buy for $60000 (or lower) and sell for $63000 (or higher). In this way, if I make a deal, I am willing to do so, and if I don't make a deal, I will earn a royalty. Of course, Sell Put+Sell Call can be used in both bull and bear markets, but it is not very suitable for one-sided trends. Instead, it is best used for oscillating trends. @Gate Crypto、 US stocks, Hong Kong stocks, South Korean stocks, gold CFD、 Predicting one-stop trading in the market