If you get assigned why not do the same thing on the upside as well? If you're assigned shares do the 1:2 ratio spread by buying a 40 delta call and selling two 30 delta calls against it. Just like on the put side it would limit your premium but you'll make a little extra on your way out.
Have a journal going on butterflies as weekly plays at the moment. Plan to start doing the wheel in SPY around March and will keep a journal on it.
You had amazing winnings so far, can you please post the overall profit since you started? Thank you!
I got my first assignment with the market pullback this past week. Currently long 1200 SPY shares at 377. I'm down $8k on my current shares not accounting for any of the premium I've brought in. This is my first assignment since I started this journal in November. I'll update again on Monday when I have the opportunity to sell some covered calls against my shares. Overall totals: Current Balance: $467,100.15 Profit: $10,982.03 = 2.4% SPY is currently up 2.7% since I started so still underperforming the overall market, although I am closing in the gap from my previous PnL update. I'm still optimistic that I will outperform the SPY in the longer duration. I've also considered taking some of the premium from the short put to buy call spreads on some mini pullbacks but haven't committed to that as of yet.
Weekly is the plan unless we see a more substantial pullback, then I may need to go further out in time.
Currently long 1200 SPY shares @ 377 from last week's short put expiring ITM. Made up most of my unrealized losses on the shares with today's rally and sold some 385 calls against my shares. Looking for an exit right around the prior high. +$540 SOLD -12 SPY 100 (Weeklys) 5 FEB 21 385 CALL @.45