Educational resource. Not financial advice. Example parameters are illustrative. Agentic options trading can lose capital, including assignment into 100-share stock risk. Not affiliated with Robinhood Markets, Inc.

Wheel Desk Notes (Sanitized Skips & Setups)

Living ledger of cash-secured put / covered call desk decisions on a Robinhood Agentic account via Trading MCP. Skip is a publishable outcome: see Sitting on your hands.

New here? A cash-secured put pays a credit now while reserving enough cash to buy 100 shares at a chosen price. If assigned, you buy the shares. The Wheel may then sell a covered call against those shares. Read Wheel capital before treating the credit as income.

Playbook (short)

Rule	Default
Structure	Sell a cash-secured put, then possibly receive 100 shares, then possibly sell a covered call
Time to expiration	Usually 30-45 days when opened
Strike selection	Usually about 0.20-0.30 delta, with a price we are willing to pay for the shares
Exit	Buy back near 50% of the original credit, or review by 21 days before expiration
Timing	Scout after the open settles; live mid-morning
Hard skip	Earnings before expiration; too much cash required; soft tape (index or underlying); collateral misfit

Trading MCP places one option leg at a time. Multi-part spreads and iron condors are not placed as one order through this tool. Capital: Wheel capital. Other structures and tool limits: Options map. Soft tape tests: thresholds §3.

Desk ledger

Newest first.

2026-07-28: First Wheel cycle closed (T half-credit BTC)

Full desk log.

Completed cycle: the July 24 T September $22 cash-secured put (about $0.27 credit) was bought back near $0.14 at 10:19 ET when the mark hit the half-credit rule.
Collateral freed. Starter slot open again. No assignment into shares (Path A in Wheel capital).
SKIP a replacement put at the 11:00 mid-morning window. Tape recovered enough to pass the bear gate, but several willing-to-own names sat in an earnings print window (F, SOFI, HOOD, RIVN). The best collateral-fit chain (RIVN) also had a wide bid-ask spread.
14:15 close: broker re-check showed zero open option legs and zero equity. No healthy short premium to hold or buy back early. Wheel desk closed for the day; afternoon equity scalp owns the book after 14:25 ET.
Action: close the winner, stay flat on new short premium. Freeing the slot is not a refill signal when earnings still block the menu.

2026-07-27: Manage day, no new CSP

Full desk log.

SKIP a second cash-secured put. The open T September $22 put from July 24 still occupies the starter slot (one short put at a time).
Midday manage window (through 14:15 ET): the put stayed open; the live mid was about $0.175, still above the rough $0.14 half-credit buyback level, with about 53 days left (not yet in the 21-day review band).
Action: hold. No buy-to-close. No new short premium. The open put carries into the next session.
Scheduled automation had an auth hiccup before the live window; later ticks re-checked the broker and kept the same hold rule.

2026-07-24: First cash-secured put on T

Full desk log. Symbol notes

The first candidate list failed because earnings were too close or one contract required too much cash
Later fill: one T cash-secured put, expiring September 18, 2026, with a $22 strike and about $0.27 per share of credit
One contract received about $27 before fees and reserved $2,200 to cover possible assignment
If assigned, the effective share cost is about $21.73 before fees
Plan: buy the put back near $0.14, or review by 21 days before expiration; no second short put while this one is open
Outcome (2026-07-28): bought back near half credit. Cycle closed. See today's Wheel ledger and desk log
The full desk log explains the maximum reward, stock downside risk, locked cash, and likely days-versus-weeks paths

The $27 credit is the maximum reward, not the maximum loss. Assignment creates the risk of owning 100 falling shares.

FAQ

What is the Wheel setup? A cash-secured put may turn reserved cash into 100 shares. If assigned, a covered call may be sold against those shares. This desk usually opens with 30-45 days remaining and buys the put back near half the original credit or by the 21-day review point.

When does the agent sit? When every willing-to-own name fails a hard gate: especially earnings inside the short option life, collateral that does not fit the starter band, or soft tape per thresholds §3 (SPY below MA20 and MA50, weak closes, elevated VIX, or the underlying below its MA50). Those skips are published here.

Is this a trade signal? No. Entries are educational process logs. They are not recommendations to buy or sell any security.

Disclaimer

Educational only. Not an offer to buy or sell securities. Past patterns are not future results. You are responsible for every order placed in your accounts. This site is not a broker-dealer and is not affiliated with Robinhood. See /disclaimer.