Wheel strategy options attract traders who want to generate consistent cash flow without constantly predicting market direction. The approach blends two familiar options positions: selling cash-secured puts and, after assignment, selling covered calls. It can be run on liquid stocks or ETFs, and it works best when the trader is comfortable owning the underlying at a lower price. The wheel is not a magic formula. It requires strike selection, expiration management, collateral planning, and accurate record-keeping. Without discipline, a single bad assignment or poorly timed roll can erase months of premium. The sections below explain the mechanics, selection criteria, risk controls, and practical tracking habits that separate a repeatable wheel…