Nov 8, 2024 – Nov 6, 2026
The wheel finished $1048.29 ahead of buy & hold (earned more: $1477.29 vs $429.00).
Buy & hold Buy 100 shares and hold | Wheel strategy Puts → calls · keep premiums as cash | |
|---|---|---|
| Profit or loss | $429.00 | $1477.29 |
| Largest drop | $1539.00 | $1365.00 |
This simulation ran 2024-11-08 to 2026-11-06 (50 trades, 9 cycles).
Simulated premium was $2,877. Simulated stock / assignment P&L was −$1,400. Combined realized P&L was $1,477.
Puts were assigned on 31.0% of put trades (9 of 29). Calls were assigned away on 38.1% of call trades (8 of 21).
This simulation’s wheel P&L ($1,477) beat buy-and-hold P&L ($429) on the stored window.
Wheel drawdown was $1,365 on the engine's stored basis; measured as the deepest fall from a P&L peak on the daily P&L series it was $1,365, from the 2026-08-14 peak to the 2026-11-06 trough, and had not got back to that peak by the end of the window. Buy-and-hold drawdown was $1,539 on the engine's stored basis; measured as the deepest fall from a P&L peak on the daily P&L series it was $1,539, from the 2026-08-12 peak to the 2026-11-06 trough, and had not got back to that peak by the end of the window.
On the stored daily series the wheel was ahead of buy-and-hold on 175 of 500 days (35.0%). Its widest lead was $899 on 2025-03-11; its widest deficit was −$798 on 2026-08-12.
Wheel P&L peaked at $1,284 on 2026-08-14 and bottomed at −$641 on 2025-04-04. Buy-and-hold peaked at $1,968 on 2026-08-12 and bottomed at −$1,074 on 2025-04-04.
Of 50 priced entries, 6 used Black-Scholes fills from implied volatility, 26 used historical option bars, and 18 used Black-Scholes fills from realized volatility. The engine flagged this run as using modeled fills.
| Month | Wheel P&L | Wheel change in month | Buy-and-hold P&L | Wheel minus hold | Wheel below peak | Hold below peak |
|---|---|---|---|---|---|---|
| 2024-11 | $78 | — | $238 | −$160 | $0 | $26 |
| 2024-12 | −$49 | −$126 | −$118 | $69 | $175 | $382 |
| 2025-01 | $273 | $321 | $117 | $156 | $42 | $147 |
| 2025-02 | $347 | $74 | $97 | $250 | $0 | $167 |
| 2025-03 | $93 | −$253 | −$340 | $433 | $253 | $604 |
| 2025-04 | −$275 | −$368 | −$525 | $250 | $621 | $789 |
| 2025-05 | −$172 | $103 | −$100 | −$72 | $518 | $364 |
| 2025-06 | −$39 | $133 | $219 | −$258 | $385 | $45 |
| 2025-07 | $6 | $45 | $214 | −$208 | $340 | $166 |
| 2025-08 | $237 | $231 | $561 | −$324 | $149 | $0 |
| 2025-09 | $352 | $115 | $646 | −$294 | $34 | $83 |
| 2025-10 | $515 | $163 | $832 | −$317 | $145 | $0 |
| 2025-11 | $751 | $236 | $852 | −$101 | $0 | $46 |
| 2025-12 | $744 | −$7 | $987 | −$243 | $58 | $125 |
| 2026-01 | $649 | −$95 | $807 | −$158 | $180 | $405 |
| 2026-02 | $525 | −$124 | $470 | $55 | $304 | $742 |
| 2026-03 | $624 | $99 | $362 | $262 | $205 | $850 |
| 2026-04 | $845 | $221 | $833 | $12 | $175 | $379 |
| 2026-05 | $776 | −$69 | $647 | $129 | $244 | $565 |
| 2026-06 | $1,075 | $299 | $1,185 | −$110 | $0 | $121 |
| 2026-07 | $1,170 | $95 | $1,682 | −$512 | $0 | $67 |
| 2026-08 | $1,056 | −$114 | $1,681 | −$625 | $228 | $287 |
| 2026-09 | $333 | −$723 | $930 | −$597 | $951 | $1,038 |
| 2026-10 | −$22 | −$355 | $488 | −$510 | $1,306 | $1,480 |
| 2026-11 | −$81 | −$59 | $429 | −$510 | $1,365 | $1,539 |
18 of 45 snapshots show simulated wheel P&L above buy-and-hold over their windows. BAC is one of them.
Simulated premium equals 194.8% of the combined wheel P&L here; the median across snapshots with positive wheel P&L is 238.8%.
Compared with its financials peers JPM and XLF, BAC sits above the peer median put assignment rate of 21.3%. 0 of those 2 peers had simulated wheel P&L above buy-and-hold, as did BAC.
The separate 21-Day Rule study for BAC uses a longer 35 DTE recipe, so it is not additive to this snapshot. On that study the managed arm finished +0.6 pp ahead of holding to expiry, against a median of +2.0 pp across tickers.
| Metric | BAC | Family median | Rank (highest first unless noted) |
|---|---|---|---|
| Put assignment rate | 31.0% | 31.0% | 23rd of 45 |
| Simulated premium | $2,877 | $10,128 | 37th of 45 |
| Wheel P&L | $1,477 | $2,828 | 31st of 45 |
| Buy-and-hold P&L | $429 | $3,901 | 36th of 45 |
| Wheel minus buy-and-hold | $1,048 | −$495 | 12th of 45 |
| Ticker | Put assignment | Premium | Wheel P&L | Buy-and-hold P&L | Outcome |
|---|---|---|---|---|---|
| BAC | 31.0% | $2,877 | $1,477 | $429 | Wheel ahead |
| JPM | 20.6% | $14,692 | $8,692 | $9,751 | Wheel behind |
| XLF | 21.9% | $1,744 | $594 | $797 | Wheel behind |
BAC 21-Day Rule study — the other published study on this ticker.
One fixed recipe: no price tape, no trade list, and model fills where quotes were missing
Requested 2024-11-08–2026-11-08; actual 2024-11-08–2026-11-06.
Pricing sources: 6 IV / 26 bar / 18 HV
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