I replaced the RSI-3 with a MACD 1,5,1 so I can screen with the Average True Range and 5-Day Moving Average for 1st Choice, 2nd Choice, 3rd Choice and 4th Choice stocks.
All I know about anybody is what I see on the internet. BestStockStrategy, Core Position Trading and The Blue Collar Investor are about the closest to what I do now.
i was thinking about buying deep itm calls with delta close to 1 and buying atm put and selling put credit spread to finance the put. what do you think? i am nervous to do chucks thing without a put.
I never subscribed to anybody or did anybody's system exclusively (I had lost too much money to spend money on instruction). I sell puts on Weekly Options and haven't had to take assignment yet. I did get out of a lot of SPY puts about March 18 when I was starting but it turned out I wouldn't have had to, which kind of proved that the Wheel system is good. BestStockStrategy/David Jaffee used to say you've got to sell options to make money. Lately he has been doing credit spreads, but I don't like spreads of any type. When you do a spread you are buying an option. I watched some Core Position Trading/John Greathouse videos. He says Chuck Hughes and The Blue Collar Investor/Alan Ellman were influences. Alan Ellman does mention the standard deviations that I use. Oh, yeah, I figure Lee Lowell's book is about the only options trading book you really need.
Set the strike price on the Moving Average Envelope 1,22 or 1,33 that corresponds with the LOWEST Average True Range 22 or 33. ETFs generally can’t compete with stocks, so don’t mess with them.
Right now put selling is profitable as it's going up, but don't take it for granted. The market has fooled the best in the business.