Please ensure Javascript is enabled for purposes of website accessibility
Income Trader
Reliable Income From Time-Tested Strategies

February 21, 2023

Cabot Options Institute Income Trader – Alert (GDX)

Gold Miners ETF (GDX)

As part of the Income Wheel approach, we allowed our GDX puts to expire in the money at expiration last week. As a result, we were issued shares at our chosen put strike of 29.

Today, as our Income Wheel strategy states, we are going to sell calls against our newly issued shares in GDX.

We are not selling naked calls, so you need to have at least 100 shares if you wish to enter a new position in GDX. For those of you that are new to Income Trader and wish to follow along with GDX, buying at least 100 shares of GDX for every call contract you wish to sell is required as we are in the covered call phase of the Income Wheel strategy for GDX.

GDX is currently trading for 28.17.

Here is the trade:

Sell to Open GDX March 31, 2023, 29.5 (covered) call for $0.75 (adjust accordingly, prices may vary from time of alert).


As always, if you have any questions, please feel free to email me at

Andy Crowder is a professional options trader, researcher and Senior Analyst at Cabot. Formerly with Oppenheimer & Co. in New York, Andy has leveraged his investment experience to develop his statistically based options trading strategy which applies probability theory to option valuations in order to execute risk-controlled trades. This proprietary strategy has been refined through two decades of research and real-world experience and has been featured in the Wall Street Journal, Seeking Alpha, and numerous other financial publications. Andy has helped thousands of option traders learn and implement his meticulous rules-driven options trading strategies through highly attended conferences, one-on-one coaching, webinars, and his work as a financial columnist. He currently resides in Bolton Valley, Vermont and when he’s not trading, teaching and writing about options, he enjoys spending time with his wife and two daughters, backcountry skiing, biking, running and enjoying all things outdoors.