If you've been following the SoFi Wheel Series, you know that in Part 1 we sold a cash-secured put on SoFi ($SOFI) at the $14.50 strike and collected premium for it. Now comes the moment every wheel strategy trader eventually faces: the put expired in the money, and we've been assigned 100 shares of stock.
Assignment can feel intimidating the first time it happens, but it's actually a planned part of the wheel strategy. You already agreed to buy the stock at the strike price when you sold the put — and you collected premium for taking on that obligation. The key now is making sure you record everything correctly so your cost basis stays accurate going forward.
In this walkthrough, we'll cover exactly how the assignment played out, how to record it properly in MyATMM, and why the premium you already collected means your real cost is lower than you might think.
With about 10 minutes left before Friday's market close, SoFi was trading well below our $14.50 strike price. The writing was on the wall — this put was going to expire in the money. Sure enough, when the closing bell rang, SoFi settled at $14.09.
That means our cash-secured put at $14.50 was $0.41 in the money at expiration. The result? Automatic assignment. Our broker purchases 100 shares of SoFi on our behalf at the $14.50 strike price — regardless of where the stock is actually trading.
This is exactly what we planned for. The whole point of the wheel strategy is that you're comfortable owning the stock at the strike price. We chose SoFi at $14.50 because we were willing to own it there — and we got paid premium on top of it.
Once you know assignment has occurred, the next step is recording it in your tracking tool. In MyATMM, this is straightforward — head to the Cost Basis page and find the cash-secured put position you sold.
On the cost basis page, locate your cash-secured put position. Change the result to "Assigned" and the assignment detail fields will appear. Fill in the details:
Click submit, and MyATMM creates the stock position automatically. You'll see the stock section update from zero to one position. At this point, the original cash-secured put is done — you can delete it since it served its purpose.
Here's a common gotcha that tripped us up in the video — and it's worth paying attention to. MyATMM tracks two related but separate things: positions and transactions. When we submitted the assignment, it created the position (100 shares owned), but we still needed to record the actual transaction (the $1,450 stock purchase).
How did we know something was off? A few clues:
Once we added the transaction record with the correct purchase price ($1,450) and zero commissions (Schwab doesn't charge on assignments), everything snapped into place. The cost basis populated, the dashboard warning disappeared, and we were back on track.
With the assignment properly recorded, MyATMM now shows us something really valuable — two different views of our cost basis:
| Metric | Value |
|---|---|
| Shares Owned | 100 |
| Stock Purchase Cost (per share) | $14.50 |
| Premium Collected (from CSP) | $51.49 |
| Cost Basis Without Premium | $14.50/share |
| Cost Basis With Premium | $13.99/share |
The cost basis without premium ($14.50) is simply what you paid for the stock — the strike price of the assigned put. This is the number your brokerage will typically show you.
The cost basis with premium ($13.99) factors in the $51.49 in option premium you already collected when you sold the cash-secured put. This is your true cost of acquiring those shares, and it's the number that actually matters for making trading decisions.
After recording the assignment, MyATMM's summary section showed a helpful warning: "100 shares not covered by STO calls." This isn't an error — it's a gentle nudge that you have stock sitting there without any covered calls written against it.
In other words, you have an opportunity to keep generating income. Those 100 shares could be working for you right now by selling a covered call against them. That's exactly what we'll do in Part 3 of this series.
This kind of visibility is one of the reasons dedicated tracking matters. A spreadsheet won't remind you that shares are sitting idle. MyATMM keeps you aware of where your capital is deployed and where there's room to put it to work.
With assignment recorded and our cost basis confirmed, it's time to think about the next step in the wheel. We fast-forwarded to Monday morning's market open to see where SoFi was trading. It opened at $14.30.
Why wait for market open? Because the opening price determines what strikes are available and whether our target strike makes sense. If SoFi had opened at $14.90, we might target a $15 covered call. But at $14.30, the $14.50 strike is a solid choice — it's right at our stock cost basis, which means if the shares get called away, we break even on the stock and keep all the option premium as pure profit.
In Part 3 of the SoFi Wheel Series, we'll sell a covered call on our 100 shares and simultaneously sell another cash-secured put — playing both sides of the wheel at the same time. This is where the strategy really starts to compound.
This is Part 2 of a 4-part series walking through a complete wheel strategy cycle on SoFi ($SOFI):
Stay tuned for Part 3 where we take our 100 shares and start generating income from the other side of the wheel.
Options trading involves risk and is not suitable for all investors. Past performance does not guarantee future results. This content is for educational purposes only and should not be considered financial advice. The SoFi trade example shown uses a virtual/simulated environment for demonstration purposes. Always consult with a qualified financial advisor before making investment decisions.
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