Wealth Building With Options

In this episode, Dan tackles one of the most overlooked parts of trading the Wheel: accurately tracking results over time. A single cash-secured put or covered call doesn't tell the whole story. To understand how a Wheel position is actually performing, you need to account for every option credit and debit, assignment, stock transaction and completed cycle associated with the underlying. Dan expla...

Dan explains how certain Wheel trades can create an opportunity to “double dip” by collecting option premium from both sides of a stock position. The strategy is a covered strangle, combining stock ownership with a short call and a short put. Dan uses a real position in The Metals Co. (TMC) to show how this setup can develop naturally while trading the Wheel. Dan walks through why he chose to sell...

Dan sits down with Kevin Davitt, head of Nasdaq's Index Options Content, to explore the evolution of options markets and how index options can fit into strategies familiar to individual investors. Kevin brings experience as an options market maker and former senior instructor at the CBOE Options Institute, giving him a unique perspective on how options markets, technology and education have change...

Dan sits down with Robert Savage of Savage Markets to explore the macro forces shaping today's investment landscape. With more than 40 years of experience in global markets, Robert brings a unique perspective from his career in foreign exchange, commodities, options, research and market strategy. He explains how options data can provide forward-looking information and why investors should pay atte...

AI can be a powerful research assistant for investors, but only if you know how to ask the right questions. In this episode, Dan shares the AI prompts he uses to research potential stock investments, analyze companies and dig deeper into fundamentals. From simple questions about what a company actually does to more advanced analysis of financial ratios, earnings trends and discounted cash flow, Da...

As he does during his live weekly Wealth Builder Trade Room, Dan takes listeners inside his own IRA to demonstrate how he manages Wheel trades in real time. He walks through several positions and explains the thought process behind deciding whether to sell puts, write calls, roll an existing position, wait for a better opportunity or simply let the trade develop. Using examples from his actual por...

Dan sits down with Market Taker Mentoring head coach John Kmiecik for a candid conversation about the Wheel strategy, what they’re seeing from real traders, and why a strategy that can sometimes feel “boring” may be exactly what many investors need. John shares how students are incorporating the Wheel into their portfolios, including traders with smaller accounts, and why the strategy can provide...

Finding a great Wheel trade starts long before choosing a strike price or expiration. In this episode, Dan walks through his step-by-step process for finding candidates for covered calls and cash-secured puts. The process begins with a fundamental distinction: Are you evaluating a stock or ETF you already own or searching for a completely new opportunity? From there, whether you want to skate and...

In Part 2 of this series, Dan expands on the metrics every Wheel trader should understand by focusing on break-even calculations, cumulative discount effect, stock price basis and the often-overlooked role of interest rates. These metrics provide a more complete picture of long-term performance by tracking the combined impact of option premium, assignments, stock price movement and capital efficie...

Dan introduces the performance metrics he relies on to evaluate every Wheel trade. Rather than focusing on option premium alone, he explains how measuring returns correctly helps investors compare opportunities, improve decision-making and treat trading like a business. By understanding the numbers behind each trade, investors can benchmark their performance and make more informed choices over tim...

In this episode of Wealth Building With Options, Dan Passarelli walks through a real-world covered call case study using AT&T stock. Rather than focusing on theory, Dan explains the decision-making process behind managing a dividend-focused Wheel strategy—from entering the trade with cash-secured puts to determining when it's time to exit using covered calls. If you've ever wondered when to se...

Dan welcomes Market Taker Mentoring Head Coach John Kmiecik for a behind-the-scenes discussion about how real investors are using the wheel strategy. Drawing from John's experience coaching hundreds of options traders, they explore the common habits, misconceptions and breakthroughs they see from beginners to advanced traders, along with the techniques that consistently lead to better results. The...

Dan explores the trade objective approach to cash-secured puts by breaking down a real Adobe trade from his own account. Inspired by Warren Buffett's well-known use of cash-secured puts, Dan demonstrates how investors can use them strategically to acquire high-quality stocks at attractive prices or generate income while waiting for the right opportunity. Throughout the episode, Dan shares every st...

My Exact Process for Covered Calls Episode Summary What separates a covered call from a consistently profitable covered call? In this episode, Dan Passarelli walks through an actual Amazon covered call from start to finish, explaining every decision he made—from selecting the expiration and strike price to managing the trade after entry. Along the way, he introduces the PAS (Price History Anchored...

Can the Wheel Strategy be successfully packaged into an ETF? In this episode, Dan Passarelli sits down with Rob Pascarella, co-founder of Peerless ETFs and Head Trader of the Peerless Option Income Wheel ETF (Ticker: WEEL), to discuss the creation of the first ETF designed to systematically implement the Wheel Strategy. Rob shares his journey from engineer to portfolio manager, explains why put-se...

Dan walks listeners through a real-world cash-secured put case study using Target Corp. (TGT) as an example. He demonstrates how to evaluate a trade from start to finish, including technical and fundamental analysis, option selection, trade execution, liquidity considerations, and management planning. The episode emphasizes that successful wheel trading is not just about understanding option mecha...

Dan sits down with Steve Quirk, Chief Brokerage Officer at Robinhood Markets, for an in-depth conversation about retail investing, options trading, market behavior and the evolution of the modern trader. Steve shares insights from nearly four decades in the industry—from starting on the trading floor after the 1987 market crash to helping shape trading technology at TD Ameritrade and Robinhood. Da...

Dan explores a counterintuitive idea: Sometimes the best way to use the Wheel Strategy is not to use it at all. While covered calls and cash-secured puts can be powerful tools for generating income and reducing portfolio volatility, there are market environments—particularly strong trends and low-volatility conditions—where selling options may limit opportunity more than it helps. Dan explains how...

In this episode, Dan explains how covered calls and cash-secured puts can still work in trending markets if traders understand when to roll, when to close and how to plan before the trade is ever entered. Using examples from Build Consistent Wealth With Options, he breaks down how support, resistance, premium, market regime and trader psychology all factor into managing wheel trades when the stock...

In this special episode, Dan and Market Taker Mentoring head coach John Kmiecik discuss one of the biggest challenges traders face: consistency. They explore why smart, hardworking traders still struggle despite studying strategies, taking courses and spending years trying to improve — and why the missing piece is often structure, accountability and personalized coaching rather than more informati...

Dan sits down with longtime options industry veteran Kevin “Lex” Luthringshausen to discuss the evolution of options trading, retail trading technology and what separates successful traders from struggling ones. From Lex’s early days as a market maker at the Chicago Board Options Exchange to today’s AI-driven trading landscape, the conversation explores how the industry has transformed over the pa...

Dan breaks down which market environments are most favorable for the wheel strategy and why. While sideways, range-bound markets create ideal conditions for consistent income through covered calls and cash-secured puts, trending markets introduce new challenges. Dan also dives into the psychological side of trading, explaining how regime changes can trigger emotional responses that impact decision...

In this milestone episode, Dan celebrates the official release of his new book, Build Consistent Wealth With Options. He reflects on the journey behind the book—years of trading experience, teaching and refining the wheel strategy—and thanks listeners for being part of that process through the podcast. What began as a companion to the book evolved into a full educational series, documenting the co...

Dan breaks down the poor man’s covered call, a strategy that uses a longer-term in-the-money call instead of stock, paired with a shorter-term out-of-the-money call sold against it. The result is a capital-efficient alternative to a traditional covered call, with less downside exposure but its own tradeoffs in time decay, volatility and assignment risk. Dan explains how to set these trades up, wha...

Dan explains why cash management is more complicated than it first appears for wheel traders. It’s not just about how much of your account is “in cash,” but how much is actually available to trade, manage positions and respond to new opportunities. Dan walks through how account size, skill level, market conditions and strategy type all affect cash allocation, and he shares a real-world example of...