My Personal Omega Playbook

The written rules you will follow when running the wheel on your own account. Your capstone document.

Owner:   Version: 1.0   Date:   Next review: (quarterly)

1 — My account reality

Broker:

Account type: ☐ Taxable · ☐ Roth IRA · ☐ Traditional IRA · ☐ Other:

Total capital available for wheeling: $

Cash reserve (never deploy): $  (target: 20% of total)

Capital deployable to positions: $

Weekly time commitment: hours (target: 2–4)

2 — My universe (10–15 tickers max)

Only wheel stocks you'd genuinely be glad to own. If you can't say "would I hold this for 6 months if assigned?" with a confident YES, it's not in the universe.

Sector caps:

• Technology: % max
• Financials: % max
• Consumer/Retail: % max
• Healthcare: % max
• Energy: % max
• Other: % max

3 — My entry rules (cash-secured put)

DTE window: to days  (Omega default: 30–45)

Delta target range: to  (Omega default: 0.22–0.28)

Minimum annualized premium required: %  (Omega default: 12%)

Maximum single position size: % of total capital  (Omega default: 10%)

I will NOT sell a put if:

• Earnings inside the DTE window
• Dividend ex-date inside the DTE window
• Ticker not in my universe (Section 2)
• Annualized premium < my minimum
• Would push a sector cap over its limit
• Would use my cash reserve

4 — My management rules

Winner rule: When a put reaches % of max profit (Omega default: 50%), I will close it early and free the capital.

Roll rule: I will roll a put to a further DTE ONLY if:

• Delta has drifted above (Omega default: 0.40)
• AND the roll is a net credit
• AND the new strike is at or below my original strike

I will NEVER roll for a debit.

Assignment rule: If assigned, I will:

1. Log the true cost basis (strike − premium collected)
2. Within trading days, sell a covered call at delta to
3. Set the CC strike at or above my true cost basis

5 — My covered call rules

CC DTE window: to days

CC delta target: to (Omega default: 0.20–0.30)

CC strike rule: at or above true cost basis, UNLESS Section 6 (repair) applies.

6 — My repair playbook (when a stock keeps falling)

If assigned and the stock is now more than % below true cost basis, I will:

1. Assess: is this a company issue or a broad tape issue?
2. If broad tape → hold, sell CC far OTM (delta 0.10–0.15), wait for recovery
3. If company-specific → (a) accept the loss, sell CC at reasonable delta, or (b) hold, no CC until basis recovers
4. Document the decision + reasoning in my journal

7 — My weekly operating routine

Sunday evening (30–45 min): review last week · read Omega Sunday Trade Plan · update watchlist · plan Monday's opens.

Monday morning (20 min): execute new put opens using Section 3 rules · update Cost Basis Tracker.

Wednesday midweek (10 min): check delta drift · check 50% profit rule triggers · check upcoming earnings/ex-div.

Friday afternoon (15 min): manage expiring positions · log closed trades · prep for weekend.

8 — My drawdown / stop rules

Portfolio drawdown that pauses new positions: % (Omega default: 15% from recent high)

Single-position loss triggering a review: % (Omega default: 25% below true cost basis)

Broad-market rule: If VIX > (Omega default: 30), I will:

• Reduce new put opens by 50%
• Move DTE further out (60+ days)
• Reduce delta target (max 0.20)
• Or pause entirely and wait for VIX to normalize

9 — My journal commitment

I will log EVERY trade action (STO, BTC, assignment, CC, called-away, roll) in the Cost Basis Tracker within 24 hours.

Monthly review: total premium · number of assignments · full-cycle P&L · what worked · what to change in this playbook.

Monthly review calendar reminder:

10 — "In case of emotion" checklist

If I feel any of the following, I will pause and re-read this playbook before acting:

• FOMO on a stock outside my universe
• Panic on a red day
• Wanting to "make it back" with a bigger position
• Wanting to skip a rule "just this once"
• Wanting to hold a losing position past a rule-triggered close
• Considering 0DTE / directional / earnings gambles

Signed:   Date: