Wheel3 legscreditbullish

Own shares, sell a call above and a put below. Two credits instead of one — and an agreement to buy a second lot if the stock falls.

The Strategy Builder does not construct this one — the reference shelf is broader than the picker. You can still build it by hand: add the legs below in the builder's leg table.

A covered call and a cash-secured put on the same name, at the same time, with shares already held. Both credits are collected up front.

The put is an agreement to buy a second lot lower. So this is a position that says: I own this, I am happy to own more of it cheaper, and I will take income for saying so.

It is more bullish than a covered call, not less. The extra credit is compensation for accepting a doubled position on a decline.

Priced off the guide's shared chain, on a $50 stock. Every figure beneath the diagram is computed from these legs by the same engine the Strategy Builder uses.

Flat above the call strike — the shares are called away and the gain is fixed.

Between the strikes, the shares' own slope, lifted by both credits.

Below the put strike the slope roughly doubles: the held shares and the assigned shares both lose together. That kink is the whole risk profile in one bend.

The condition it suits is genuine willingness to hold twice the position. That is the entry requirement, and it is stricter than either leg alone.

Capital has to cover the put's assignment as well as the shares already owned. Sizing on the shares alone understates what the position can become.

This is close to what a Recovery-style double-down does deliberately: sell a put below an existing lot so an assignment averages the basis down.

Like everything in this guide, these are descriptions of structures and conditions — context for your own decisions, not instructions to trade.