I've been lurking here for a few months and want to thank everyone for the not an advice...
Here are the results of my first few months trying the wheel.
The first month, March, one put and one call. The put was way in the money (my very first option trade, not too smart) and rolled forward twice as the stock price dropped and now resides in May with 765 strike, should be safe. The call could have been rolled down but I was just learning.
The second month, April, was four calls and a put. The put was rolled up when the stock price was down and generated much income, my best move that month. I rolled the calls down to Max Pain, and then Max Pain rose and all were assigned, which is OK, I need put money.
Results were $21,835 which purchased 32 stocks.
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For May I'm trying to sell to open calls on green days, puts on red days for proceeds equaling two stocks. Will again roll towards Max Pain starting 5/10. I still need more put money so will try to get assigned a few more calls.