```html Step-by-Step Guide to Options Wheel Strategy for Passive Income Step-by-Step Guide to Options Wheel Strategy for Passive Income In the dynamic world of financial markets, traders are constantly seeking strategies that offer consistent returns with a manageable risk profile. The options "Wheel" strategy has emerged as a popular choice for those looking to generate passive income from their stock holdings. This comprehensive guide will break down the Wheel strategy, detailing its mechanics, advantages, risks, and a step-by-step approach to implementing it effectively. The Wheel strategy is often favored by investors who are comfortable owning shares of quality companies long-term, utilizing options contracts to generate income while they wait for the stock to appreciate or to acquire shares at a discount. It's an iterative process that combines selling cash-secured puts and covered calls, creating a cyc...