Cash-Secured Puts (CSP) and Sell Covered Stock (short stock + long call) at the same strike and expiry and “harvesting whichever side wins first”—is, in its purest form, the classic hedge-fund arbitrage called a Reverse Conversion (aka a “Reversal”). The core idea (why pros use it) If you put all three pieces on the same… Continue reading Hedge Fund arbitrage strategy applied to Wheel Trading