Mike 📈 ThetaEdge

Building ThetaEdge — a focused options screener for iOS & MacOS. Theta sellers, Greeks, IV.

[Mike 📈 ThetaEdge @thetaedgeapp]

Three things I learned building it:
→ Yahoo's IVs are off 5-10% on illiquid strikes
→ Most screeners surface ATM, not highest premium %
→ Delta ≠ probability of profit
https://t.co/unA9ijSrAm

[Mike 📈 ThetaEdge @thetaedgeapp]

@DGInvestingX @HertzyTrades Technicals help frame the strike, but you're right. News risk is hard to hedge in an income portfolio. I usually just size smaller going into known events.
Do you reduce position size before earnings or avoid those weeks entirely?

[Mike 📈 ThetaEdge @thetaedgeapp]

@JonnyFutes @Cblanq131026 Switching sides of that trade changes everything. Theta eating your longs is brutal. But when you're the seller, it's working for you daily.
Did moving to futures solve the directional problem or just the theta one?

[Mike 📈 ThetaEdge @thetaedgeapp]

@The_Wealthmind Year one is mostly learning what NOT to do. Biggest early mistake I see: chasing high IV without checking why it's elevated.
What stocks are you running covered calls on?

[Mike 📈 ThetaEdge @thetaedgeapp]

@CoveredCallsCFM Selling covered calls means theta decay pays me rent\. That's exactly how I think about it. Collecting premium on shares I'd hold anyway.
Are you running the full wheel or just the covered call side?

[Mike 📈 ThetaEdge @thetaedgeapp]

@JasonL_Capital Rule 1 is the whole game. If assignment feels like a punishment, wrong stock. I track this in ThetaEdge. Forces you to pre-qualify the name before placing the trade.
What's your go-to sector for CSPs right now?

[Mike 📈 ThetaEdge @thetaedgeapp]

@O1Txtx Discipline IS the edge. You can have a perfect wheel setup and still blow it by chasing a bad entry after a loss.
How do you personally reset after a trade goes against you?

[Mike 📈 ThetaEdge @thetaedgeapp]

@ChartsRUs0 @sgtsse The % return on collateral is the only metric that matters for CSPs. $90 on $2k in a week is 4.5%. Annualized that's serious income.
What IV environment are you looking for before you pull the trigger on $RDW?

[Mike 📈 ThetaEdge @thetaedgeapp]

@CoveredCallsCFM Covered calls turn patience into income.
That's exactly it. Getting paid to wait on stocks you'd hold anyway changes how you think about the position.
What's your typical strike selection process?

[Mike 📈 ThetaEdge @thetaedgeapp]

@Bobdog1922 @Fidelity @RobinhoodApp That's the move. Put your cash to work twice. Earning yield on the collateral while collecting put premium is one of the underrated edges of the wheel.
What strikes are you targeting on those CSPs?

[Mike 📈 ThetaEdge @thetaedgeapp]

@INSPIRETHEPEAK Exactly right. Theta accelerates hardest in the last 2 hours. That's the seller's edge, not the buyer's. Buying 0DTE after 2pm is basically paying someone to take your money.
What's your preferred DTE for selling?

[Mike 📈 ThetaEdge @thetaedgeapp]

@slugtaylor08 Clean setup. Getting assigned on the swing trade then transitioning to a covered call is exactly how the wheel works in practice.
Are you rolling that $500 strike if $MSFT runs past it, or letting it get called away?"

[Mike 📈 ThetaEdge @thetaedgeapp]

@DGInvestingX @HertzyTrades 1.5% per cycle adds up fast when you stay disciplined.
Interesting that you switch between ATM and .25 delta based on whether you actually want the shares.
A lot of traders pick a delta and never adjust for conviction.

[Mike 📈 ThetaEdge @thetaedgeapp]

@mekus1234561 NFLX puts can work if you're genuinely okay owning 100 shares at $85. Check IV rank first. You want elevated IV before selling. If assigned, the CC cycle starts.
What's your cost basis target on NFLX?

[Mike 📈 ThetaEdge @thetaedgeapp]

@TradingWarz Sunday night setup, 5 mins, done. That's the whole point of systematic premium selling. I run the same discipline on the wheel. Less noise, more process.
What DTE are you targeting on your SP500 puts?

[Mike 📈 ThetaEdge @thetaedgeapp]

@TheOptionGoblin This is what people need to see. Small account, disciplined execution, real income. The wheel works when you pick the right stocks and manage assignment properly.
What tickers carried most of your premium in May?

[Mike 📈 ThetaEdge @thetaedgeapp]

@LEAPTRADER_ CSPs are the entry point for most wheel traders. Collect premium, get paid to wait, and if assigned.
You own shares at a discount and start selling covered calls. That's the full cycle.
What ticker are you running this on?

[Mike 📈 ThetaEdge @thetaedgeapp]

@Invest_Brandon Both legs matter. CSPs build the position at a discount, covered calls reduce your cost basis further. Neither alone gets you there. The cycle is the edge.
What stocks are you running puts on right now?

[Mike 📈 ThetaEdge @thetaedgeapp]

@wheel_options Exactly this. Assignment means the strategy worked.
You got shares at your target price. Then you flip to covered calls and keep collecting. Fear of assignment usually means you picked the wrong stock.
You running weeklies or monthlies?

[Mike 📈 ThetaEdge @thetaedgeapp]

@DGInvestingX @HertzyTrades Strong month. NVDA and PLTR wheelers have been eating well. The unexpected pump is always a nice surprise when you're already in position from a CSP assignment.
Which ticker gave you the biggest premium this month?

[Mike 📈 ThetaEdge @thetaedgeapp]

@Jplumtrades Fair enough. "If I miss it, I miss it" is a lot cheaper than forcing an entry after a 9-week run.