Yesterday's close of this week 950 puts was a good choice; the 900 puts for next week are up nicely in value and because I freed up the cash backing yesterday, I was able to open the new position with no difficulties.
I've opened next week 900 csp for the most part. In one case I've gone with 2x as many 900/600 put spreads as I'd be able to do via csp. The $300 wide spread is pretty arbitrary - it's wide enough that the insurance is nearly free ($.08), while also keeping me to my 2x max leverage yardstick. In for about $9.
That leaves me with a 900/1100 strangle for next week. I didn't enter the position as a strangle though I do like being in strangles such as this.
I'm of the opinion that down is more likely than up next week due to macro, but earnings is in there and could easily push things the other way (up). For me personally, ideal would be finishing in the low 900s next week. I'm looking to buy shares at a low price, and I need the low price side of the equation to carry through.
This is the downside to the wheel, even the more macro version I'm practicing right now, where I have cash / want shares, but don't want to buy high. I've got a lot more cash than normal and I want shares. H'mm - maybe I'm close enough to a low share price to do some buy-writes. I'll be pondering that.