Market is too risky to sell Puts, wait for a strong market. If the company your $20 puts you made $2 from 3months out goes bankrupt, you'll be $1800 out of pocket for each contract. Odds on a few airlines going bankrupt are high at this stage.
no wheels, what about just naked puts, can it be a profitable strategy? built in decay if not waiting it out to expiry, possible to close the option early - say 3mths to expiry, rinse & repeat example: on SPXL last at $36.84 (low YTD ~$17.50) sell to open a deep out of the money long naked put $18 strike price October expiry pays $1.80 on money at risk, downside to break even $18-$1.80 = $16.20, at $18 buy to close the position. https://www.barchart.com/etfs-funds/quotes/SPXL/options?expiration=2020-10-16 doing this with full cost, no margin, $1.8/$18, that's 10% for 6mths or 20% annualized. would this be a good trade? with enough available cash, could also add a ATM covered call October expiry.
Wheel is a good name for that strategy. Lots of work and you don't get anywhere financially - your broker would like it though.
Less than 1% of traders understand that, but dont forget if dividend is involved the puts are more pricey, to a noob at least it will look that way