If you get assigned, you sell 100 shares at a profit and now have cash on hand. You can then sell a cash-secured put.If that expires out of the money, you keep the premium and do it again.If you get assigned, you now have 100 shares of the underlying. You then sell a covered call.Sell a cash-secured put. If the option expires out of the money, sell another.So, how does this work in the wheel strategy? It’s this simple:On the other hand, covered calls involve selling a call option while already owning at lea ...