What are you asking? LOL. I get the premium...who cares about spot price? https://seekingalpha.com/article/4629850-tsly-etf-best-move-to-avoid See TSLY is doing the exact same thing but with a synthetic long. I am doing it with actual shares. I basically figured out from my basement what it probably took a room full of finance grads to figure out. Right down to the weekly adjustment. I could have told them that...go for the IV premium near expiry.
What do you call dividends then? This is the same thing...oh wait are MM taking back premium now? lol
In a wheel, are long the stock and short the call (ie short a synthetic put) or flat the stock and short a put. So you are always losing money when the underlying is going down and don’t make any money (beyond the premium) when underlying is moving up. Feels a little like a missionary position, doesn’t it?