10 months into a wheel position and still underperforming SPY — would you try to get assigned or keep grinding premium?
u/MF266 ·
Reddit — r/thetagang
· May 28, 2026 at 02:10
· ⬆ 20 pts
· 💬 52 comments
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I’ve been running the wheel on CAVA for about 10 months.
Current setup:
* Assigned at $88
* Current stock price around $82
* Total premium collected: $1,319
* Premium return: 14.99%
* S&P over the same period: 18.33%
* Underperforming SPY in the 10 months by about -3.34%
I’m looking at the next call to sell and I’m debating how to think about this.
Would you:
1. Sell a higher strike and try to maximize profit if assigned, even if the credit is smaller?
2. Sell closer to the money and keep chipping away at the underperformance with more premium?
For example, the $88 call gives me better premium now, but the $90/$91 strikes give more upside if assigned.