SPY Wheel Strategy by yuvalbenrobd
By yuvalbenrobd
Performance Metrics
- Author: yuvalbenrobd
- Symbol: AMEX:SPY
- Timeframe: 1 day
- Net P&L: +23,550.00 USD (+32.19%)
- Win Rate: 100.0%
- Profit Factor: —
- Max Drawdown: 4,180.00 USD (5.66%)
- Total Trades: 3
Description
SPY Wheel Strategy — MethodologyVersion: 1.0Instrument: SPY (SPDR S&P 500 ETF)Timeframe: Daily chartBacktested: April 2023 – March 2026OverviewThis strategy implements a modified covered call wheel on SPY. The core idea is simple: hold 100 shares, sell a daily covered call slightly above market, collect premium continuously, and re-enter immediately when shares are called away. The strategy is designed as a premium income machine first, with share appreciation as a secondary benefit.Options premium income is not modeled in the TradingView backtest — the P&L shown reflects share transactions only. Estimated real-world premium income adds approximately $1,500–2,500 over the backtest period on top of reported figures, depending on prevailing IV.EntryBuy 100 shares of SPY at market open on the strategy start date. This is the only discretionary entry — all subsequent re-entries are rule-based.Covered Call Leg (CC)No gate required. The CC fires every trading day while shares are held.Normal conditions (VIX 200-day SMAMacro regime filter② 20 EMAClose > 20-day EMAShort-term trend filter③ RSIRSI(14) not in 75–85Not topping out④ VIXVIX Hi to disable)200 SMA Length200Long-term trend MA20 EMA Length20Short-term trend MA200 SMA Breach Days3Consecutive days below 200 SMA to trigger exit20 EMA Breach Days2Consecutive days below 20 EMA to trigger hedge alertRe-entry ModeInstantInstant open re-entry vs CSP waitStart Date2023-04-03Backtest startDisclaimerThis script is published for educational and research purposes. It does not constitute financial advice. Past backtest performance does not guarantee future results. Options trading involves substantial risk. Always conduct your own due diligence before trading.