Boring CSPs (Thetagang)
r/thetagang • theta/income - cash-secured puts & covered calls
Disciplined theta farmer selling OTM puts and calls on blue-chip stocks with strict rules and transparent logging. 29 weeks of real trades, 32.51% return, Sharpe 1.51.
🟢 Green Flags
- 29 weeks of publicly logged real-money trades
- Specific framework: delta -0.24 to -0.30, DTE 9-45
- Shows losses too (-$2,598 unrealized)
- No Discord/course upsell
- Sharpe 1.51 suggests real risk-adjusted returns
🔴 Red Flags
- Bull market bias - only 29 weeks, no downturn data
- 2-3% cushion on some positions is tight
- No mention of taxes/slippage
- 67% annualized seems too good
Specificity:
8.5/10
Verifiability:
7.5/10
Monetization Risk:
2/10
Antifragile Barbell Strategy
r/options • macro barbell with volatility triggers
Hold bond funds with covered calls during calm, rotate into equities when VIX + drawdown spike together. Reset only at market recovery.
🟢 Green Flags
- Dual trigger system (VIX + drawdown) is thoughtful
- No backstepping rule shows emotional awareness
- Acknowledges puts expire worthless usually
- Low engagement suggests genuine discussion not pump
🔴 Red Flags
- Zero historical backtest
- TLTW bleeds in rate hike environment
- Assumes you can execute calmly at VIX 50+
- No drawdown tolerance stated
Specificity:
8.5/10
Verifiability:
5/10
Monetization Risk:
2/10