{"slug":"the-wheel-strategy","qid":"stages","label":"The wheel pair at entry, the SPY peak, the dip, and the final session","post_title":"The Wheel Strategy: How the Loop Works","post_url":"/blog/the-wheel-strategy#q-stages","columns":["stage","spy_price","put_value","call_value","put_moneyness"],"rows":[{"stage":"1. Sold the put (May 1)","spy_price":720,"put_value":23.05,"call_value":7.22,"put_moneyness":"below 740 strike"},{"stage":"2. SPY peak (Jun 2)","spy_price":759.63,"put_value":2.79,"call_value":23.5,"put_moneyness":"above 740 strike"},{"stage":"3. SPY dip (Jun 10)","spy_price":722.88,"put_value":18.7,"call_value":3.17,"put_moneyness":"below 740 strike"},{"stage":"4. Final session (Jun 15)","spy_price":753.91,"put_value":1.16,"call_value":15.41,"put_moneyness":"above 740 strike"}],"shape":"table","sql":"SELECT multiIf(date = '2026-05-01', '1. Sold the put (May 1)',\n               date = '2026-06-02', '2. SPY peak (Jun 2)',\n               date = '2026-06-10', '3. SPY dip (Jun 10)', '4. Final session (Jun 15)') AS stage,\n       round(avgIf(underlying_close, ticker = 'O:SPY260618P00740000'), 2) AS spy_price,\n       round(avgIf(option_close, ticker = 'O:SPY260618P00740000'), 2) AS put_value,\n       round(avgIf(option_close, ticker = 'O:SPY260618C00740000'), 2) AS call_value,\n       if(avgIf(underlying_close, ticker = 'O:SPY260618P00740000') < 740,\n          'below 740 strike', 'above 740 strike') AS put_moneyness\nFROM global_markets.options_greeks\nWHERE ticker IN ('O:SPY260618P00740000', 'O:SPY260618C00740000')\n  AND date IN ('2026-05-01', '2026-06-02', '2026-06-10', '2026-06-15')\n  AND implied_volatility > 0.02\nGROUP BY date\nHAVING countIf(ticker = 'O:SPY260618P00740000') > 0\n   AND countIf(ticker = 'O:SPY260618C00740000') > 0\nORDER BY date","computed_at":"2026-07-31T03:05:06.049471+00:00","elapsed":0.010760689}