A disciplined, defensive options income strategy by a multi-asset trader with over 20 years of institutional and proprietary trading experience across New York and Tokyo, currently based in Japan.
資産を守りながら安定収入を生む、規律あるディフェンシブ・オプション戦略。
Click image to enlarge · Charles Schwab brokerage screenshot · For educational purposes only · Not Financial Advice
Generating consistent premium income through put vertical spreads and cash-secured put selling, with capital preservation as the highest priority at all times.
By simultaneously selling a put at one strike and buying a put at a lower strike, the maximum possible loss is capped and fully defined from the moment the trade is entered. Ideal for investors who prioritize capital preservation above all else.
Sell put options at a strike price where I would genuinely be comfortable owning the stock. For defensive investors — a cash-secured put can always be converted into a put vertical spread at any time to cap maximum loss.
PFE's substantial dividend provides structural price support, attracting institutional buyers during weakness. Deep options liquidity ensures consistent premium opportunities every week and every month.
All trades in this period used put vertical spreads with a protective leg — meaning every position had a defined maximum loss from the start. This makes the capital requirement straightforward and accessible.
Every trade in this period included a protective put leg, making all positions put vertical spreads. Each $2-wide spread requires approximately $200 in margin per contract — the total maximum defined risk, fully known before the trade is placed. Trades ranged from 10 to 80 contracts, meaning capital requirements ranged from $2,000 to $16,000.
The key message — you do not need large capital to follow this strategy. With as little as $2,000, a trader following the same trades at the minimum contract size would have generated approximately $817 in net income over this period.
Every closed PFE trade from this period is published below, taken directly from Charles Schwab. Please read the important note before reviewing.
| Date | Description | Contracts | Closing Price | Proceeds | Cost Basis | Gain / Loss |
|---|---|---|---|---|---|---|
| 01/27 | PFE $27 Put | 15 | $0.23 | $340.29 | $139.66 | +$200.63 |
| 01/28 | PFE $26 Call | 15 | $0.33 | $490.29 | $889.66 | -$399.37 |
| 01/28 | PFE $25 Put | 20 | $0.08 | $153.71 | $286.22 | -$132.51 |
| 01/29 | PFE $25 Put | 40 | $0.34 | $1,357.43 | $532.44 | +$824.99 |
| 01/29 | PFE $25 Put | 10 | $0.70 | $696.86 | $173.11 | +$523.75 |
| 01/29 | PFE $25 Put | 20 | $0.35 | $693.71 | $446.22 | +$247.49 |
| 01/30 | PFE $24 Put PROTECTION LEG | 20 | $0.00 | $0.00 | $186.22 | -$186.22 |
| 01/30 | PFE $25 Put | 20 | $0.41 | $813.71 | $0.00 | +$813.71 |
| 02/06 | PFE $23 Put PROTECTION LEG | 30 | $0.00 | $0.00 | $159.33 | -$159.33 |
| 02/12 | PFE $25 Put | 20 | $0.28 | $553.72 | $60.22 | +$493.50 |
| 02/12 | PFE $26 Put | 20 | $0.30 | $593.71 | $20.22 | +$573.49 |
| 02/13 | PFE $23 Put PROTECTION LEG | 10 | $0.00 | $0.00 | $133.11 | -$133.11 |
| 02/20 | PFE $26.50 Put | 15 | $0.35 | $520.29 | $154.66 | +$365.63 |
| 02/20 | PFE $27 Put | 80 | $0.30 | $2,414.86 | $4,504.88 | -$2,090.02 |
| 02/23 | PFE $26 Put | 10 | $0.28 | $276.86 | $423.11 | $0.00 |
| 02/23 | PFE $26.50 Put | 10 | $0.20 | $196.86 | $383.11 | -$186.25 |
| 02/23 | PFE $26.50 Put | 10 | $0.28 | $276.86 | $623.11 | -$346.25 |
| 02/26 | PFE $25 Put | 20 | $0.28 | $553.71 | $726.22 | -$172.51 |
| 02/27 | PFE $25 Put PROTECTION LEG | 40 | $0.00 | $0.00 | $212.44 | -$212.44 |
| 02/27 | PFE $25.50 Put PROTECTION LEG | 40 | $0.00 | $0.00 | $212.44 | -$212.44 |
| 03/03 | PFE $26.50 Put | 40 | $0.36 | $1,427.43 | $452.48 | +$974.95 |
| 03/03 | PFE $27 Put | 80 | $0.65 | $5,174.86 | $1,624.95 | +$3,549.91 |
| 03/06 | PFE $25.50 Put PROTECTION LEG | 40 | $0.00 | $0.00 | $572.44 | -$572.44 |
| 03/09 | PFE $26 Put | 30 | $0.43 | $1,280.54 | $1,299.36 | -$6.27 |
| 03/09 | PFE $26.50 Put | 20 | $0.68 | $1,353.69 | $1,286.24 | +$67.45 |
| 03/13 | PFE $26 Put | 20 | $0.25 | $503.70 | $146.25 | +$357.45 |
| 03/16 | PFE $26 Put | 20 | $0.39 | $773.69 | $278.79 | +$494.90 |
| 03/16 | PFE $27 Put | 10 | $0.67 | $666.85 | $373.12 | +$293.73 |
| 03/17 | PFE $27 Put | 10 | $0.39 | $386.85 | $243.12 | +$143.73 |
| 03/20 | PFE $24 Put PROTECTION LEG | 80 | $0.00 | $0.00 | $544.96 | -$544.96 |
| 03/20 | PFE $27 Put | 10 | $0.59 | $586.85 | $373.12 | +$213.73 |
| 03/23 | PFE $27 Put | 80 | $0.23 | $1,834.79 | $80.95 | +$1,753.84 |
| Total Net Gain · 純利益合計 | +$6,538.76 | |||||
Source: Charles Schwab Realized Gain/Loss Report · PFE option contracts only · 01/01/2026 – 03/26/2026 · For educational purposes only · Not Financial Advice · 教育目的のみ
Common questions from investors about this strategy — answered clearly and honestly.
Put Vertical Spread: Risk is strictly limited. The "insurance" put caps the maximum loss from the start — losses cannot exceed the difference between the two strikes minus the initial credit received.
Cash-Secured Put: If the stock falls, shares are purchased at the strike price. However premium received upfront lowers the effective cost basis — providing an immediate buffer vs a standard market purchase.
垂直プット・スプレッド：最大損失は「2つの権利行使価格の差 − 受取クレジット」を超えません。
キャッシュ・セキュアード・プット：受取プレミアムが実質コストを下げます。
教育目的のみ · Not Financial Advice
Unlike conventional long stock positions that require price appreciation to profit, these strategies are directionally neutral. The trade generates maximum profit even if PFE is flat or declines up to 3%. Mathematical probability and time decay are prioritized over price prediction.
価格上昇を必要とする従来の株式ロングとは異なり、この戦略は方向性に依存しません。PFEが横ばいまたは3%下落しても最大利益が得られます。
教育目的のみ · Not Financial Advice
When selling puts or spreads, as time passes toward expiration the sold option's value naturally decreases. This decline in value becomes the seller's realized profit. Every passing day without adverse movement is a profitable day for the option seller.
満期に向かって時間が経過するにつれ、売却したオプションの価値は自然に減少します。この価値の減少分が確定利益となります。
教育目的のみ · Not Financial Advice
In a put vertical spread, the protective "insurance" put that is purchased to limit downside will show as a cost (negative) in the brokerage report. This is not a loss — it is the price paid to permanently define and limit risk. Think of it like paying an insurance premium. The important figure is always the net result of both legs combined, not each leg in isolation.
プット垂直スプレッドでは、リスクを限定するために購入する「保険」プットがコスト（マイナス）として表示されます。これは損失ではなく、リスクを永続的に限定するために支払う保険料です。重要なのは両レッグの純損益合計です。
教育目的のみ · Not Financial Advice
Positions are actively managed through "rolling" — closing the current trade and opening a new one at a lower strike and/or later expiration. Rolling for credit is common. In extreme volatility, rolling for a small debit may be used to prioritize capital protection over near-term income.
「ローリング」で積極的に管理します。より低い権利行使価格・より遠い満期日へ移行します。クレジットでのロールが多いですが、極端なボラティリティ時はデビットで元本保護を優先する場合もあります。
教育目的のみ · Not Financial Advice
Direct stock ownership carries 100% downside risk and requires price appreciation to profit. Spread strategies can profit in 3 of 4 market conditions — rising, flat, or mildly declining. Cash-secured puts reward investors with premium while waiting for an optimal entry into a quality asset.
株式の直接保有は100%の下落リスクを伴います。スプレッド戦略は上昇・横ばい・緩やかな下落の3つの市場状況で利益を得られます。
教育目的のみ · Not Financial Advice
Put vertical spreads ($2 wide) require approximately $200 per contract in margin — as low as $2,000 for 10 contracts. Cash-secured puts require ~$2,600 per contract at the $26 strike. Please see the Capital Guide section for full details. Please consult a licensed financial professional. Not Financial Advice.
$2幅のプット垂直スプレッドは1契約あたり約$200の証拠金が必要です。10枚なら$2,000から始められます。詳細は必要資金ガイドをご覧ください。
教育目的のみ · Not Financial Advice
The information provided on this website is for educational purposes only and does not constitute financial advice of any kind. Not Financial Advice. The content reflects the personal views, opinions, and trading activity of the site operator and should not be interpreted as a recommendation to buy, sell, or hold any financial instrument.
Options trading involves substantial risk of loss and is not suitable for all investors. Past performance is not indicative of future results. Any trade examples or results shown on this site are for educational purposes only and are Not Financial Advice.
The site operator is not a registered investment advisor, broker-dealer, or financial planner. All content is shared purely for educational purposes. Please consult a licensed financial professional before making any investment decisions.
For Educational Purposes Only · Not Financial Advice · 教育目的のみ