Wheel Watcher — Bull Spreads

SPY$755.78

Sell 680 ($3.67) · Buy 635 ($2.02) — Dec 18 (49 DTE)

3.8%trade return

Net credit$1.65

Max loss$43.35

Breakeven678.35

CUSHION10.0%

Ann. return28.4%

Long delta−0.0505

SPY$755.78

Sell 673 ($4.17) · Buy 624 ($2.30) — Dec 31 (62 DTE)

4.0%trade return

Net credit$1.87

Max loss$47.13

Breakeven671.13

CUSHION11.0%

Ann. return23.4%

Long delta−0.0503

QQQ$690.49

Sell 600 ($4.72) · Buy 549.78 ($2.31) — Dec 18 (49 DTE)

5.0%trade return

Net credit$2.41

Max loss$47.81

Breakeven597.59

CUSHION13.1%

Ann. return37.6%

Long delta−0.0493

QQQ$690.49

Sell 590 ($4.98) · Buy 540 ($2.62) — Dec 31 (62 DTE)

5.0%trade return

Net credit$2.36

Max loss$47.64

Breakeven587.64

CUSHION14.6%

Ann. return29.2%

Long delta−0.0497

Oct 30, 2026 closing setups, as spreads

Ticker	Expiry (DTE)	Spot	Short put	Short bid	Long put	Long bid	Long ask	Long delta	Net credit	Width	Max profit	Max loss	Breakeven	Trade return on risk	Ann. return on risk	CUSHION
SPY	Dec 18 (49)	755.78	680	$3.67	635	$1.98	$2.02	−0.0505	$1.65	$45.00	$1.65	$43.35	678.35	3.8%	28.4%	10.0%
SPY	Dec 31 (62)	755.78	673	$4.17	624	$2.26	$2.30	−0.0503	$1.87	$49.00	$1.87	$47.13	671.13	4.0%	23.4%	11.0%
QQQ	Dec 18 (49)	690.49	600	$4.72	549.78	$2.20	$2.31	−0.0493	$2.41	$50.22	$2.41	$47.81	597.59	5.0%	37.6%	13.1%
QQQ	Dec 31 (62)	690.49	590	$4.98	540	$2.45	$2.62	−0.0497	$2.36	$50.00	$2.36	$47.64	587.64	5.0%	29.2%	14.6%

All four rows were computable — no row was unavailable, and no price was invented. The QQQ 549.78 strike is shown exactly as quoted in the chain.

Annualised return on risk assumes the same trade repeats every cycle for a year, which it will not — it is a comparison aid, not a return forecast.

SPY$755.78

Buy 783 ($6.30) · Sell 810 ($1.25) — Dec 18 (49 DTE)

434.6%trade return

Net debit$5.05

Max profit$21.95

Max loss$5.05

Breakeven788.05

Upside cushion7.2%

Ann. return3237.7%

Long delta0.2993

SPY$755.78

Buy 786 ($6.80) · Sell 816 ($1.34) — Dec 31 (62 DTE)

449.5%trade return

Net debit$5.46

Max profit$24.54

Max loss$5.46

Breakeven791.46

Upside cushion8.0%

Ann. return2646.0%

Long delta0.3021

QQQ$690.49

Buy 728 ($9.60) · Sell 769 ($1.94) — Dec 18 (49 DTE)

435.2%trade return

Net debit$7.66

Max profit$33.34

Max loss$7.66

Breakeven735.66

Upside cushion11.4%

Ann. return3242.2%

Long delta0.3027

QQQ$690.49

Buy 733 ($10.12) · Sell 778 ($2.00) — Dec 31 (62 DTE)

454.2%trade return

Net debit$8.12

Max profit$36.88

Max loss$8.12

Breakeven741.12

Upside cushion12.7%

Ann. return2673.8%

Long delta0.2994

Oct 30, 2026 closing setups, as call spreads

Ticker	Expiry (DTE)	Spot	Long call	Long bid	Long ask	Long delta	Short call	Short bid	Short delta	Net debit	Width	Max profit	Max loss	Breakeven	Trade return on risk	Ann. return on risk	Upside cushion
SPY	Dec 18 (49)	755.78	783	$6.20	$6.30	0.2993	810	$1.25	0.0993	$5.05	$27.00	$21.95	$5.05	788.05	434.6%	3237.7%	7.2%
SPY	Dec 31 (62)	755.78	786	$6.70	$6.80	0.3021	816	$1.34	0.1012	$5.46	$30.00	$24.54	$5.46	791.46	449.5%	2646.0%	8.0%
QQQ	Dec 18 (49)	690.49	728	$9.36	$9.60	0.3027	769	$1.94	0.1014	$7.66	$41.00	$33.34	$7.66	735.66	435.2%	3242.2%	11.4%
QQQ	Dec 31 (62)	690.49	733	$9.72	$10.12	0.2994	778	$2.00	0.1003	$8.12	$45.00	$36.88	$8.12	741.12	454.2%	2673.8%	12.7%

All four rows were computable — no row was unavailable, and no price was invented. All eight legs last traded Oct 30, 2026.

Annualised return on risk assumes the same trade repeats every cycle for a year, which it will not — it is a comparison aid, not a return forecast. The annualised figures here are very large because the trade return itself is large (a small debit next to a wide spread); the maximum profit still requires the price to finish above the short strike at expiry.

Returns assume maximum profit for each trade. They are not expected returns. A bull put spread reaches maximum profit only when the price finishes at or above the short put strike at expiry; a bull call spread reaches maximum profit only when the price finishes at or above the short call strike at expiry. Annualised figures further assume the same maximum-profit trade repeats every cycle for a year, which it will not. Prices are worst-case fills (sells at bid, buys at ask); a real fill may differ.

Bull Spreads

A bull put spread sells a put and buys a lower put on the same expiry. A bull call spread buys a lower call and sells a higher call on the same expiry. Both are defined-risk bull spreads: the put version collects a credit, the call version pays a debit.

These spreads use the same timing rule as the cash-secured put setups — a Bollinger Band (20, 2) lower-band touch with the close above the 200-day SMA — and the same short legs. The spread adds protection; it does not add a new signal.

How the spreads are built — deltawise

Short leg: the ~10-delta put from the CSP setup, same expiry.
Long leg: the put on the same expiry whose Black-Scholes delta is closest to −0.05 (about 5 delta), computed with the chain's own implied volatility, the spot price, days to expiry / 365, and a 4% risk-free rate. Only legs with a real bid above zero are used.
Prices are worst-case fills: sells at bid, buys at ask. Net credit = short bid − long ask. Width = short strike − long strike. Max profit = net credit. Max loss = width − net credit. Breakeven = short strike − net credit. Trade return on risk = net credit / max loss (per trade, not annualised). Ann. return on risk = (net credit / max loss) × (365 / DTE). CUSHION = (spot − short strike) / spot.
Planned, not built: fixed dollar widths (for example $5) as an optional toggle, alongside deltawise widths.

What deltawise means here, in plain terms: a 5-delta long leg sits far below the short leg on these names — widths of $45 to $50 — so the credit is small next to the maximum loss, and return on risk is only 3.8% to 5.0% on a worst-case fill. The spread is defined-risk, but at this delta pairing it is not a high-return trade; a narrower long leg (higher delta, or a fixed dollar width) would raise the credit share of the width and shrink the maximum loss, at the cost of a higher chance of the spread going to maximum loss.

How the call spreads are built — deltawise

Long leg: the call on the expiry whose Black-Scholes delta is closest to +0.30 (about 30 delta), computed with the chain's own implied volatility, the spot price, days to expiry / 365, and a 4% risk-free rate. Only legs with a real bid above zero are used.
Short leg: the call on the same expiry whose delta is closest to +0.10 (about 10 delta).
Prices are worst-case fills: sells at bid, buys at ask. Net debit = long ask − short bid. Width = short strike − long strike. Max profit = width − net debit. Max loss = net debit. Breakeven = long strike + net debit. Trade return on risk = max profit / max loss (per trade, not annualised). Ann. return on risk = (max profit / max loss) × (365 / DTE). Upside cushion = (short strike − spot) / spot — how far the price can rise before the short strike. It is not the put cushion.
Planned, not built: fixed dollar widths (for example $5) as an optional toggle, alongside deltawise widths.

Source and bid check

Source: yfinance option chains, fetched Saturday, Oct 31, 2026. Quotes are the Friday, Oct 30, 2026 close — most legs last traded Oct 30; the SPY 673 short leg last traded Oct 23, its bid shown as quoted Oct 30. Spread prices are worst-case fills: short legs at bid, long legs at ask.

Short put	Chain bid used	Oct 30 briefing bid	Difference
SPY 680, Dec 18	$3.67	$3.81	−$0.14
SPY 673, Dec 31	$4.17	$4.24	−$0.07
QQQ 600, Dec 18	$4.72	$4.71	+$0.01
QQQ 590, Dec 31	$4.98	$4.98	$0.00

Computed rows use the chain bids and asks, so the short and long legs come from the same chain snapshot. The two SPY differences are small quote revisions between the briefing snapshot and the chain fetch, not a different day's data.

Source (call spreads)

Source: yfinance option call chains, fetched Saturday, Oct 31, 2026. Quotes are the Friday, Oct 30, 2026 close. There is no frozen call figure to compare against; both legs of every spread come from the same chain snapshot, priced at worst-case fills (sells at bid, buys at ask).

Not financial advice. Educational snapshot only. Verify any quote with your broker before trading.