Managing a multi-ticker options portfolio requires consistent weekly maintenance to track expired positions, adjust cost basis, and set up new trades. This comprehensive weekly review demonstrates the complete workflow for maintaining a covered call and cash-secured put portfolio across multiple positions.
Following a systematic weekly review process ensures accurate cost basis tracking, prevents missed opportunities, and maintains clear visibility into all active positions. This article walks through the complete maintenance workflow using real positions across CLOVE, MVIS, RUM, NVAX, and GRAB.
A proper weekly review follows a specific sequence to ensure nothing gets missed and all positions are properly maintained. The systematic approach makes managing multiple tickers straightforward and prevents tracking errors.
The first step in every weekly review is clearing out options that expired worthless the previous Friday. This updates your active positions and frees up collateral for new trades:
Started with 400 shares, one call contract and two put contracts that expired December 2nd. After clearing the expired options, the position showed clean 400 shares of stock with no active options. Collateral dropped to zero since no puts remained in play.
Before setting up new trades, you need to know exactly where each position stands. Reviewing cost basis ensures you set strikes that align with your profit targets:
Your covered call strike should typically be at or above your cost basis without premium to ensure you profit on the shares if assigned. However, if you've collected substantial premium, you might accept assignment below your share cost basis while still realizing overall profit.
After clearing expired positions, it's time to sell new covered calls on your shares. The strike selection depends on your cost basis and market conditions:
The final step is playing the opposite side by selling puts below your current position. This bilateral trading strategy generates income whether the stock moves up or down:
Let's walk through specific positions to see how the weekly review process works with actual trades, strikes, and decisions.
CLOVE presented an interesting challenge with limited premium available and the stock trading well below cost basis. Here's how to handle difficult positions:
With stock at $1.34 and cost basis at $2.01, selling a $2.00 strike call offered no premium for nearby expirations. Had to extend three weeks out to December 23rd to get $1 premium on the call. On the put side, sold 2 contracts at $1.00 strike for December 23rd, collecting premium while waiting for price recovery.
When stock price is significantly below cost basis, you have two options: sell far out-of-the-money calls with minimal premium while waiting for recovery, or accept a small loss on shares while keeping all premium collected. The bilateral approach of also selling puts continues generating income while potentially averaging down your cost basis further.
MVIS showed how to manage a smaller position while still generating premium on both sides:
Even with smaller premium amounts on lower-priced stocks, the bilateral strategy continues building position and collecting income. The key is managing expectations and staying consistent with the process.
RUM demonstrated how to handle stocks with wider bid-ask spreads and multiple active contracts:
When options show wide bid-ask spreads (like 20 cents or more), you can often capture better fills by pricing between the bid and ask. Start with a limit order at a better price than the mid-point. If it doesn't fill, you can adjust lower, but frequently you'll get filled at the better price when market conditions shift.
NVAX provided an interesting lesson on how option assignment timing works with after-hours price movements:
This situation highlights an important rule: options assignments are based on the closing price during regular market hours, not after-hours prices. While initially confusing to see the stock below the strike after hours without assignment, this creates an opportunity to sell another put at the same strike for additional premium.
GRAB showed a position already optimized with active contracts on both sides, requiring no action:
When positions already have active contracts on both sides with time remaining, the best action is often no action. Let the current contracts play out before setting up new trades.
This weekly review also addressed an important strategic decision about trading platforms and capital allocation. Understanding platform strengths and commission structures impacts long-term profitability.
Commission-free trading platforms like Robinhood offer clear advantages for option sellers, especially on lower-priced stocks where $0.65 per contract can meaningfully impact profit margins. However, more sophisticated platforms offer capabilities that may justify the commission costs as your strategy evolves.
For stocks trading under $20 where option premiums might be $0.50 to $2.00, avoiding $0.65 per contract saves 10-30% of your premium. This makes commission-free platforms highly attractive for wheel strategy execution on lower-priced stocks.
The strategy outlined in this review involved gradually transitioning capital from commission-free trading back to a more sophisticated platform for additional trading strategies beyond the wheel:
When moving to a new platform, focus returns to tickers with strong option premium characteristics:
Throughout this weekly review, one tool proved essential: accurate cost basis tracking. Without clear visibility into your true cost basis across all positions, you cannot make informed decisions about strike selection.
MyATMM tracks three critical cost basis calculations that inform your trading decisions:
Original cost basis started around $39.50. Through consistent put assignments and premium collection, cost basis pulled down to $28.00. Even though current calls are sold at $28.00 (giving up $0.26 per share from cost basis), all the premium collected means overall profit when assignment happens. Plus, continuing to sell puts below market keeps pulling cost basis lower, making future assignment more profitable.
A purpose-built cost basis tracker transforms the weekly review process from tedious to systematic:
Your brokerage shows your current positions but doesn't track cost basis the way option sellers need it. MyATMM factors in all premium collected, all assignments, and all cost basis adjustments to show you exactly where you stand before making your next trade.
This weekly review consistently demonstrated the power of playing both sides of every position. Rather than simply holding shares and selling covered calls, the bilateral approach generates income in both directions.
Selling covered calls and cash-secured puts on the same stock creates multiple advantages:
On RUM with 400 shares: Sold 4 covered calls total (2 from previous week still active, 2 new) and sold 1 cash-secured put. If stock goes up, calls profit. If stock goes down, put premium profits and potential assignment improves cost basis. Either direction generates income.
When playing both sides, strike selection follows clear guidelines:
Each put assignment lowers your cost basis. Lower cost basis means call strikes can be set lower while remaining profitable. Lower call strikes have higher premium and higher probability of assignment. Assignment frees up shares to repeat the cycle.
At the time of this review, the portfolio was showing approximately $1,400 unrealized loss, primarily driven by NVAX position. Understanding how to view portfolio performance in the context of an option selling strategy is essential.
A common misunderstanding when evaluating wheel strategy performance is focusing solely on unrealized stock losses while ignoring premium income:
300 shares with cost basis that started at $39.50 and is now at $28.00. Current stock price around $16.50 shows significant unrealized loss, but all the premium collected and cost basis reduction means the position is working as designed. As cost basis continues dropping through put assignments, the stock just needs to recover to low-$20s instead of high-$30s to achieve profitable assignment.
The wheel strategy and bilateral trading approach require patience and consistency:
This comprehensive weekly review demonstrated essential practices for managing a multi-ticker options portfolio:
A consistent weekly review process combined with accurate cost basis tracking creates the foundation for successful long-term options income generation. The systematic approach demonstrated in this review ensures you maintain control of all positions and make informed decisions every week.
Options trading involves significant risk and is not suitable for all investors. Selling covered calls limits upside potential, and selling cash-secured puts requires sufficient capital to purchase shares if assigned. Stock prices can decline below put strikes, resulting in losses. Wide bid-ask spreads can impact entry and exit prices. Past performance does not guarantee future results.
This content is for educational purposes only and should not be considered financial advice. Every trader's situation is different. Always conduct your own research and consider consulting with a qualified financial advisor before implementing any options strategy.
Stop struggling with spreadsheets and brokerage statements. MyATMM provides purpose-built cost basis tracking for option sellers, making weekly reviews fast and accurate.
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