Sunday Journal | October 25, 2026
Trading Week: October 19–23, 2026

Last week, I wrote about having a strategy rather than a trading quota.

I completed just two option transactions and collected $368.66 in net option proceeds. The market wasn't presenting many opportunities that I considered attractive, so I spent most of the week waiting.

This week was different.

I completed five option transactions across five existing stock positions, generating $1,012.97 in net option proceeds after transaction fees.

That's approximately 175% more than the previous week.

But the increase in income isn't necessarily the most important part of the story.

What matters to me is how that income was generated.

I didn't purchase additional shares to manufacture trading opportunities. I didn't open new cash-secured puts simply because I wanted more premium.

Instead, I concentrated on managing positions I already owned.

Some adjustments allowed me to increase my potential stock selling price. Others allowed me to collect additional premium while maintaining existing strikes.

And in one case, I deliberately chose to let an option expire rather than pay to close it.

Here's how the week unfolded.

These figures represent the actual credits and debits from my completed option transactions, including all reported transaction fees.

They represent net option cash flow, not total investment profit.

The market value of the underlying shares can rise or fall independently of the option premiums collected.

I began the week by adjusting my Walmart covered calls.

I own 200 shares with an original purchase price of $122.72 per share.

My existing November 6 calls had a $114 strike. I rolled both contracts to November 20 at a $117 strike.

The adjustment cost me $0.15 per share, plus $2.66 in transaction fees, for a total cash outflow of $32.66.

Normally, I prefer collecting credits when rolling covered calls.

But a roll doesn't necessarily have to produce an immediate credit to be worthwhile.

By spending $32.66, I increased my potential stock sale proceeds by $600 if both contracts are assigned at the new strike rather than the old one.

That improves the combined assignment outcome by $567.34, assuming assignment at the respective strikes and considering this roll alone.

The trade-off is that I extended the expiration date and paid additional money to maintain the position.

I still wouldn't recover my original stock purchase price through assignment at $117, but the adjustment moved me closer to that objective.

For me, that was a reasonable trade.

On Wednesday, I adjusted my SPCX covered call following favorable earnings developments.

I rolled my October 21 $152.50 call to the October 30 $155 call.

The transaction generated $128.66 in net proceeds.

I accomplished two things with this adjustment.

First, I increased my potential stock sale price by $2.50 per share, or $250 on my 100 shares.

Second, I collected additional option premium.

That's an attractive combination when the economics are available.

I extended the expiration by nine calendar days, but I'm comfortable with the new $155 strike.

If the shares are called away at that price, I'll accept the assignment.

If they aren't, I'll evaluate the next opportunity.

My Micron position required a different approach.

I purchased 100 shares at $1,061.73 per share.

Before this week, I had collected $3,166.59 in net option proceeds against this position.

MU subsequently declined substantially, leaving me with a difficult choice.

I could continue waiting for the stock to recover before selling another call, or I could accept a lower strike and begin collecting additional premium.

On Wednesday, I sold one October 30 $1,020 covered call for $4.20 per share.

After fees, the transaction generated $419.33.

My cumulative net option proceeds on this current MU position are now $3,585.92.

That brings my premium-adjusted economic cost to approximately $1,025.87 per share.

The important point is that my new $1,020 call strike is below that adjusted cost.

If the shares are assigned at $1,020, the combined stock and option transactions would produce an estimated loss of approximately $587.08, assuming no additional adjustments or costs.

I'm aware of that outcome, and I'm comfortable with the trade-off.

At the time I sold the call, MU was trading more than $100 below my strike.

That gave the shares considerable room to recover before reaching $1,020.

I'll monitor the position. If MU rallies significantly, I may evaluate another adjustment, but I'm not assuming that a favorable roll will always be available.

If MU declines further, the option premium provides only partial protection against additional stock losses.

This trade wasn't about eliminating risk.

It was about accepting an outcome I could live with in exchange for an opportunity to collect more income.

On Friday, I rolled my Tesla October 23 $377.50 covered call to October 28, maintaining the same strike.

The adjustment generated $409.67 in net proceeds.

I originally purchased my 100 Tesla shares at $357.93.

Assignment at $377.50 would produce a stock gain of $1,957 before accounting for option premiums and transaction costs.

I'm comfortable selling the shares at that price.

But extending the call five calendar days allowed me to collect another substantial credit without lowering my potential selling price.

I considered that a worthwhile opportunity.

Of course, extending the call also prolongs my exposure to movements in Tesla shares, and the covered call limits my upside if the stock rallies significantly above the strike.

Those are trade-offs I'm willing to accept.

SOFI remains a position I'm interested in reducing or eventually exiting.

I own 600 shares.

Before Friday, I had three October 23 $15.50 covered calls outstanding against 300 of those shares.

I rolled those three contracts to October 30, maintaining the $15.50 strike.

The adjustment generated $87.97 in net proceeds.

That leaves 300 shares covered by calls and another 300 shares uncovered.

I considered selling three additional covered calls against the remaining shares.

But SOFI has an upcoming earnings announcement, and I decided to wait.

That decision preserves flexibility.

If the stock rallies following earnings, I can evaluate whether to sell the uncovered shares or write calls at a more attractive strike.

If it declines, I'll reassess the position with the new information available.

I don't need to commit every share to a covered call simply because I own it.

Sometimes maintaining flexibility is worth more than collecting another small premium.

My Citigroup position provided a different lesson this week.

Sometimes the best decision is to leave a position alone.

I own 100 shares of C, acquired through assignment of a $129 cash-secured put.

Last week, I sold an October 23 $129 covered call, collecting $57.34 in net premium.

As expiration approached, the stock was trading approximately $8 below the strike, and the call had declined to just $0.01.

Earlier in the week, I placed a day-only order to buy back the call for $0.02.

The order expired without execution.

Rather than submit another order and incur additional transaction costs, I decided to let the option expire.

On Friday, October 23, the call expired worthless.

I retained all 100 shares and kept the original $57.34 net premium.

There was no need to pay to close an option that was already nearly worthless.

I can now evaluate another covered call when the premiums and strike prices become attractive.

Importantly, the $57.34 was collected last week and was included in that week's results.

I'm not counting it again this week simply because the option expired.

That's an important distinction when tracking actual option income.

These three weeks illustrate something important about my approach.

The income isn't consistent from week to week.

Some weeks present numerous opportunities. Others present very few.

I don't consider a quiet week a failure.

And I don't consider a high-premium week successful merely because the cash flow is larger.

Every trade still needs to make sense in the context of the underlying position, its risks, and my willingness to accept assignment.

The option proceeds are real cash flows, but they don't erase unrealized stock losses or guarantee an overall profitable investment.

Several positions will deserve attention during the week of October 26–30.

MU: My October 30 $1,020 covered call remains open. I'll monitor the stock and evaluate whether any adjustment makes economic sense.

SPCX: My October 30 $155 covered call will approach expiration. I'm comfortable with assignment at that strike.

TSLA: My October 28 $377.50 covered call expires midweek. I'll evaluate whether to let it expire, accept assignment, or consider another roll based on the available economics.

SOFI: Three October 30 $15.50 covered calls remain outstanding. I'll also be watching the upcoming earnings announcement before deciding what to do with my remaining 300 uncovered shares.

C: With the October 23 call now expired worthless, all 100 shares are available for another covered call. I'll wait for a strike and premium combination that makes sense.

INTC: I'm continuing to hold my shares and monitor opportunities to write another covered call. I'm not interested in forcing a low strike simply to collect a small premium.

WMT: My November 20 $117 covered calls give the position additional time to develop. I'll continue monitoring the stock without feeling compelled to make another adjustment immediately.

My priority remains the same: evaluate the available economics, understand the potential outcomes, and act when the opportunity makes sense.

Last week, patience meant making very few trades.

This week, patience meant waiting for opportunities to adjust positions on terms I considered acceptable.

The result was $1,012.97 in net option proceeds.

But I don't want readers to confuse the weekly income figure with the success or failure of the entire portfolio.

I still own stocks whose prices fluctuate. Some positions have unrealized losses. Covered calls can limit upside, and rolling options can extend exposure to downside risk.

Those realities don't disappear when premiums are collected.

My goal is to generate income while managing the underlying positions intelligently over time.

Sometimes that means collecting a credit.

Sometimes it means accepting a small debit to improve a strike.

And sometimes it means doing absolutely nothing.

I have a strategy, but I don't have a quota.

There will always be another trade.

— Options Income Journal

All transactions discussed are my own actual reported trades and fills. The figures shown reflect my recorded option credits, debits, and transaction fees. Prices may change materially after execution, and I do not chase trades when the available economics no longer make sense.

Options Income Journal is a personal record of my investing and options-trading activity. It is intended for informational and educational purposes only, not as investment advice, personalized recommendations, or trading signals.

Options involve risk, including assignment, limited upside on covered shares, and substantial losses from declines in underlying stocks. Option premiums are not equivalent to total investment profit. Past results do not guarantee future performance.