On a year-to-date basis, the portfolio is now up 18.95%, outperforming the S&P 500 (+8.18%), though still slightly trailing NVDA itself, which gained +20.38% over the same period.

This week was largely driven by a massive rally in NVDA stock, which at one point surged above $230 per share. Because of that move, I decided to proactively roll our covered call position from November to the June 27, 2027 expiry. The original covered call, struck at $120, had become extremely deep in the money.

One lesson I keep relearning with covered calls is that while they generate steady income, they can also cap upside very aggressively during strong bull runs. In our case, even though the position remains highly profitable with the stock effectively capped around $125, it’s psychologically difficult watching a stock continue to run far beyond the strike price. Rolling the call forward gives more room, more time, and hopefully a chance to recover some of the unrealized upside over the long term.

At this stage, I continue treating NVDA as the anchor position in the portfolio rather than trying to maximize short-term gains from it.

Another factor influencing the portfolio this week was currency fluctuation. The U.S. dollar strengthened against the euro again, trading around 1.16 EUR/USD. Since part of our reporting is euro-sensitive, the stronger dollar slightly reduced the portfolio’s USD-equivalent value. At one point during the week, the portfolio briefly moved above $12,500 before pulling back. It’s a useful reminder that for international investors, exchange rates can materially impact portfolio performance even when the underlying assets are rising.

One strategic adjustment I’m making now is reducing dependence on NVDA for weekly premium generation. After such a strong rally, selling weekly credit spreads on NVDA feels increasingly uncomfortable due to the risk of a sharp downside reversal. Momentum works both ways, and highly extended moves can punish option sellers quickly.

Because of that, this week I introduced NFLX into the portfolio. My plan is to test Netflix credit spreads over the next 10 weeks to evaluate whether it deserves a permanent role in the strategy or whether I should continue searching for another candidate with better risk/reward characteristics.

I also made a small adjustment to our PFE strategy. Today, our PFE puts expired worthless, and instead of continuing to sell puts on the stock, I decided to stop the wheel strategy there entirely. Going forward, the plan is to gradually accumulate 0.5 shares of PFE weekly as a long-term dividend position.

Current options positions:

• NVDA May 22, 2026 197.5/185 Bull Put Credit Spread

• NFLX May 22, 2026 84/79 Bull Put Credit Spread

• 2x BMY Jun 18, 2026 50/46 Bull Put Credit Spread

• DBK FRA Jun 19, 2026 24/20 Bull Put Credit Spread

• ARCC Sep 18, 2026 16 Cash-Secured Put

• NVDA Jun 17, 2027 $125 Covered Call

Using premium collected from the NVDA and NFLX credit spreads, I added another 0.1 shares of NVDA, 0.2 shares of NFLX, and 0.5 shares of PFE.

This remains one of the core ideas behind the portfolio: using options premium not only for short-term cash flow, but as a mechanism to continuously accumulate productive assets over time. Even small weekly additions can compound meaningfully when repeated consistently.

As a result of these additions, our projected yearly dividend income increased to $64.17. Obviously, this is still a very small dividend stream, but the focus here is not maximizing immediate yield. The focus is building a self-reinforcing system where options premium finances gradual portfolio expansion without requiring constant new capital injections.

Another major objective remains reducing margin debt while preserving the core holding of 100 NVDA shares.

This week produced a record-high $245 in options premium income. However, I don’t expect this pace to continue consistently. Realistically, future weeks will probably generate closer to $100 in weekly premium on average.

At the current margin balance of approximately -$3,130, maintaining a sustained $245 weekly pace would theoretically eliminate the debt within roughly 13 weeks. But markets rarely stay that favorable for long. Based on more realistic expectations, it’s becoming increasingly unlikely that the margin balance will reach zero during 2026.

And honestly, that’s acceptable to me.

One thing options trading teaches over time is that survival and consistency matter far more than forcing unrealistic timelines. Given the current portfolio structure and risk exposure, I’m comfortable extending the debt-reduction timeline into 2027 if necessary.

Looking ahead, next week’s key event will be the NVDA earnings report. After the extremely aggressive rally over the past weeks, my expectation is that price action could finally begin to calm down somewhat after earnings are released. Whether that happens through consolidation, sideways movement, or volatility compression remains to be seen, but I would welcome a more stable environment for options selling.

The key positions to monitor next week will be:

• NVDA 197.5/185 Bull Put Spread

• NFLX 84/79 Bull Put Spread

If either position comes under pressure, the plan remains unchanged: roll forward whenever possible, ideally for a net credit, while continuing to prioritize long-term portfolio stability over short-term perfection.

NVDA stock surged above $215, and our previous week’s credit spreads expired worthless. I opened a new position for next week’s expiry. After such steep upward moves, I’m always cautious about placing fresh trades, since the probability of a pullback increases significantly. Nevertheless, I continued grinding our NVDA strategy to generate weekly premium income and opened another credit spread.

At the same time, I wanted to push our weekly income closer to the $100/week mark. That should become an important benchmark going forward, as the current portfolio structure can comfortably support it. The challenge, however, is finding suitable candidates that I would also be comfortable holding in the portfolio long term. That doesn’t mean there are no good stocks available — it simply means the current portfolio structure cannot tolerate just any position, so compromises are necessary.

One such compromise this week is ARCC, a stock I previously held in the dividend portfolio. ARCC is primarily a cash-flow stock with a very high dividend yield. Since options are available on it, I decided to give it a place in the portfolio and opened an additional cash-secured put with September expiry.

On a year-to-date basis, the portfolio is up 16.51%, outperforming both the S&P 500 (+7.88%) and NVDA (+13.98%).

Current options positions:

• NVDA May 15, 2026 202.5/192.5 Bull Put Credit Spread

• 2x BMY Jun 18, 2026 50/46 Bull Put Credit Spread

• PFE May 15, 2026 25 Cash-Secured Put

• DBK FRA JUN 19, 2026 24/20 Bull Put Credit Spread

• ARCC Sep 18, 2026 16 Cash-Secured Put

• NVDA Nov 20, 2026 $120 Covered Call

Using the premium collected from the NVDA credit spread and the cash-secured put on ARCC, I added another 0.1 shares of NVDA and 1 full share of ARCC. The approach remains consistent: use options income not just for short-term cash flow, but to steadily compound the underlying positions over time.

These small additions will increase our projected yearly dividend income to $63.43. Probably not the largest dividend portfolio you’ve ever seen — but the goal here is disciplined compounding, where options premium continuously finances portfolio growth without requiring additional capital injections.

A key objective of this portfolio is to gradually reduce margin debt while maintaining a core holding of 100 NVDA shares. This week, we generated $89 in options premium.

At the current pace, it would take roughly 38 weeks to eliminate the existing margin debt of -$3,324. That makes it increasingly clear that, at this rate, bringing the margin balance to zero within 2026 is unlikely. Given the current risk exposure, I’m comfortable extending that timeline into 2027, though even that isn’t guaranteed.

Another short-term goal is to increase weekly options income to at least $100 per week, while avoiding unnecessary tail risk.

Looking ahead to next week, when the PFE options expire, I’m considering adding another higher-priced but liquid stock similar to NVDA — ideally outside the tech sector. That may prove difficult, however, as most highly liquid options names tend to be concentrated in tech.

One of the candidates I’m already evaluating is NFLX for weekly credit spreads. If the PFE options expire worthless next week, I’m also considering closing the BMY credit spread and reallocating that capital into weekly NFLX credit spreads instead. That would leave the portfolio with two strong weekly premium generators — although both would be tech-related names.

Looking ahead, I’ll be closely watching next week’s NVDA $202.5/$192.5 put spread into expiry.

If any position comes under pressure, the plan remains to roll forward, ideally for a net credit.

This week was one of the rare times I didn’t mind seeing NVDA drop—from $210 to below $200. As a put seller, sharp rallies are actually uncomfortable: premiums compress, entries get worse, and the risk of a sudden pullback increases. That’s ex…

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NVDA has jumped well above 200, making our options trades more challenging. As a put seller a…

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This week I was abroad, visiting Berlin, and paid very little attention to the stock market. I did notice NVDA jumped to around $200 - which is great, but also makes things more challenging, as selling pu…

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As of April 10, 2026…

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The week was shortened ahead of Easter, and market sentiment was notably influenced by developments related to the Iran conflict, which has been driving volatility through energy shocks and broader macro uncertainty. Also, as the portfolio is denomina…

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The dip is largely explained by EUR/USD exchange rate movements rather than any weakness in the underlying positions. The U.S. dollar strengthened against the euro, trading around 1.15. Since our base currency is EUR, this directly impacts ho…

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For most of the week, we didn’t make any trades or adjustments. On Friday, after previous spreads expired worthless, we opened two new credit spreads on NVDA and BMY.

Additionally, we bought 0.1 shares of MCD. If you’ve been following our portfol…

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This is already the second week in a row that our portfolio value has decreased. However, the decline is largely explained by currency movements. Since the portfolio’s base currency is EUR, the drop should primarily be attributed to the USD/EUR …

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As our portfolio’s base currency is EUR, the decrease should primarily be attributed to the USD/EUR exchange rate. The greenback strengthened against the euro and traded around 1.16.

At the start of the week, I took a proactive stance and rolled d…

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Last week was NVDA earnings week, and the stock moved the market more than expected.

Earlier in the week, I decided to proactively roll our June $116 covered call up and out to a November $120 covered call. The main concern was assignment risk in case of a strong post-earnings rally. By rolling, we extended duration but improved positioning: the adjustment adds roughly $560 in additional potential income over the next nine months, including about $160 in premium received from the roll itself.

Earnings were objectively strong, yet the stock dipped. Some traders were frustrated. That reaction is understandable, but post-earnings pullbacks after good results are not unusual, especially when expectations and positioning are stretched. Markets price forward, not backward.

The larger structural risk remains the AI trade. If sentiment shifts sharply—similar to last year’s DeepSeek-driven drop that briefly pushed NVDA below $100 before a rapid recovery—we could see outsized volatility again. That scenario cannot be ruled out.

To manage downside and volatility risk, we continue selling credit spreads to systematically collect premium while actively managing positions if strikes are tested. A moderate pullback after earnings is not unhealthy. It resets positioning and premiums.

That said, volatility is likely to remain elevated. We should assume larger-than-normal swings rather than anchor to recent stability.

Our covered call portfolio is up 7.29% YTD, slightly outperforming the S&P 500 (+0.04%) and NVDA (-3.83%) YTD.

Current options positions:

• NVDA MAR 6, 2026 167.5/160 Bull Put Credit Spread

• 2X BMY MAR 20, 2026 50/46 Bull Put Credit spread

• PFE MAR 13, 2026 26 Cash-Secured Put

• NVDA NOV 20, 2026 $120 Covered Call

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Growth remained intact, even after rolling PFE forward and down.

For most of the week, my focus was on NVDA, but in the end I had to adjust PFE instead — rolling it forward and lower. That’s part of the process.

NVDA earnings are still ahead next week, …

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Since I couldn’t continue with weekly NVDA spread trades — having already rolled them out to the February 27 expiry — I focused elsewhere last week and reopened our PFE position.

I consider Pfizer a core dividend holding, so I initiated a bull…

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Wow, what a week - this has been a very tough week for tech stocks and crypto. Our Ethereum strategy fell by an additional 15%, and we ultimately capitulated on our current leveraged positions. A clear takeaway: avoid leverage at all costs.

Unli…

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Interestingly, we kept activity minimal this week the only new trades were BMY credit spreads opened today. Despite that, the NVDA-centered portfolio is clearly outperforming the…

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The previous week was highly turbulent. As the market opened on Tuesday, NVDA briefly dipped below my call strike levels. Given the elevated volatility, I decided not to wait and took an early roll, pushing the position several weeks (February 6)…

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Last week, we also held our annual office party (Caucasus Translations) at Babilo Music Hall, enjoying excellent Georgian cuisine, wine, and traditional Georgian dance. I skipped the food due to inter…

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As of January 2, 2026, our covered-call stock portfolio has decreased slightly by -0.84% and closed at $10,607.

For the sake of transparency, it’s worth noting that the slight decline is due to USD/EUR exchange rate movements. The U.S. dollar appre…

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