# skill-wheel-strategy — checklist

Review before education output. This list does not approve a trade.

## When to use
- [ ] The question is the repeating cycle, not a one-off put or call.
- [ ] Someone needs to know which phase a position is in.

## Setup
- [ ] Phase 1: sell a cash-secured put. Collateral follows the cash-secured put playbook.
- [ ] Phase 2: after assignment, sell covered calls against the shares.
- [ ] A cycle names premium use and size. It does not assume the next expiry will match the last one.

## Rules of thumb
- [ ] Put phase keeps full cash collateral. Call phase keeps the share inventory.
- [ ] Name the current phase before proposing the next contract.
- [ ] Transition triggers are assignment, expiry, or a roll. State which one applies.

## Pitfalls
- [ ] Starting the call phase without the shares.
- [ ] Starting another put while the cash is still reserved for an open put.
- [ ] Reinvesting premium into a name the holder would not want to own through a decline.

## Disclaimer
- [ ] Disclosure is present: risks, the options disclosure document, and omitted costs.
- [ ] The answer is education. It is not a signal, a recommendation, or an order.