If it's the underlying is mean reverting, isn't that a foolproof money making machine ? I'm not sure why this sounds like a dumb proposition to you. Can you elaborate ? I would really be interested in hearing about how to do this with poor man synthetics, since there would be no assignment. I get it, selling ITM cash secured put is the equivalent of a covered call without the requirements of owning the stock. But the second phase of the wheel is to switch to selling cash secured puts once the underlying has been called out from you. What's the equivalent for that phase ?