Sweeps every listed expiry from one week to three months, then reports what each risk tolerance would sell — or whether the honest answer is to sell nothing.
| Profile | Delta | Needs IV/RV | Min unassigned | Earnings | What it means |
|---|---|---|---|---|---|
| conservative | 0.05–0.15 | 1.10× | 85% | skipped | ~5-15Δ. Assignment is genuinely unlikely; you are paid little for that. Skips anything spanning earnings and demands a real vol premium. |
| moderate | 0.15–0.25 | 1.05× | 75% | flagged | ~15-25Δ, 21-60 DTE. Where most premium-selling literature sits: meaningful credit, assignment a real but minority outcome. |
| aggressive | 0.25–0.40 | 1.00× | 60% | flagged | ~25-40Δ. Roughly one trade in three finishes in the money, so only coherent if you are willing to own the stock (puts) or be called away (calls) and have sized the position for it. |
For a short option, |delta| is the standard rough proxy for the probability of finishing in the money — about 0.16 is one standard deviation. A higher delta pays more precisely because it is likelier to be assigned.
IV/RV — implied vol over realized. 1.0 means the option is priced exactly at the stock's recent movement; equity premium typically runs 1.1–1.3. Implied vol is re-solved from the bid/ask mid rather than trusted from the feed, which derives it from stale last-trade prices.
VAY — volatility-adjusted yield, annualized return on capital divided by implied vol. Raw annualized return mostly just sorts by volatility; at a matched 0.20 delta it spans 4.2× across quiet and wild names while VAY spans 1.35×. This is an independent implementation of the published concept, not the proprietary defineyourrisk.com formula.
Realized vol excludes earnings gaps when the contract expires before the next report — a single gap otherwise dominates a 30-day variance estimate and makes freshly-reported names look artificially cheap.