The Wheel Strategy Explained: A Beginner’s Guide to Cash-Secured Puts and Covered Calls
You only need to remember three steps: Get paid to maybe buy a stock (by selling puts). This obliges you to buy the stock at an agreed upon strike price between now and the expiration date. Get paid to maybe sell that stock (by selling calls). Once you are assigned the stock you reduce risk by selling call options and collecting premium. Rinse and Repeat.