Generating income from options doesn’t have to be complicated. That’s why we created the PowerUp Options Mastery Course (Bull Put strategy). This is a complimentary course in collaboration with Webull, offered exclusively to users who meet the account opening and Premium Package funding criteria.
For those new to options, you might be wondering: what is the difference between the Options Wheel and the Bull-Put Strategy courses?
Here’s the key difference:
- Options Wheel is about using options to eventually own stocks you like, and then earn income from them. You sell puts to potentially buy the stock at a discount, and once you own it, you sell calls to collect extra income. Think of it as a long-term, stock-ownership strategy.
- Bull Put Strategy is about earning income without needing to actually own the stock. You set up a spread (selling one put, buying another put for protection), collect a credit upfront, and your risk is defined from the start. It’s more of a short-to-medium term trading strategy.
In short:
- Wheel = “I want to own the stock and get paid along the way.”
- Bull Put = “I don’t need to own the stock, I just want steady income with limited risk.”
Another advantage of the bull put spread strategy is its significantly lower capital requirement — unlike the options wheel, you don’t need to own the stock or reserve the full cash to buy it. In fact, it can require up to 95% less capital!
What Is the Bull Put Strategy?
At its core, the bull put strategy is an options trade that involves two steps:
- Sell a put option at a strike price and receive the premium
- Buy another put option at a lower strike price to protect yourself.
Because you sell the higher-strike put for more than you pay for the lower-strike put, you collect a net premium.
That credit is your maximum profit.
And the distance between the two strikes (minus the credit) is your maximum loss.
So unlike just selling a naked put, your downside is capped. You know your worst-case scenario before you even enter the trade.
We Use Real Money to Test AI-Suggested Bull Put Trades
It sounds like a bold experiment — fully entrusting AI, specifically ChatGPT, to suggest trades for us. But that’s exactly what we did.
Every trading day, we ask ChatGPT to recommend Bull Put Spread trades, restricted to three highly liquid ETFs: SPY, QQQ, and IWM. These ETFs were chosen for their tight spreads and consistent liquidity.
Here’s an example of the trade suggestion output from ChatGPT:
The beauty of this setup is that we don’t have to manually scan through the options chain to pick strikes, expiries, and credits. ChatGPT handles all that. With its output, all we need to do is place the orders. We limit risk by trading only one contract per ETF each time.
We didn’t second-guess the AI — that was the point. We wanted to test whether it could consistently deliver results without human intervention.
Since starting the experiment in August 2025, we’ve closed 14 trades, and every single one was profitable. We sold put spreads that generated $1,564.07 in total premiums, paid $754.90 for downside protection (long put leg), and netted a profit of $809.17. That’s more than enough to cover a year of ChatGPT subscription! 😄
To be fair, the strategy hasn’t been tested in a sharp market crash yet — that’s where most option strategies get punished. But we’ve built in a simple cut-loss rule: If the position loses 2x the premium collected, we close it. No waiting for expiry. This limits the downside and avoids max loss scenarios.
Why We Teach This in PowerUp Options Mastery
That’s where the bull put spread stands out — it appeals to:
- Investors seeking consistent income
- Those who want to avoid tying up large amounts of capital
- Traders who prefer high-probability setups
- Anyone who values defined-risk strategies — you know your maximum loss upfront
The bull put spread is just one of many ways you can use options to generate income with defined risk.
Open a Webull brokerage account and fund it with at least SGD 686.
You’ll unlock free access to the entire course —no strings attached.
💡 Here’s how it works:
🎁 Fund SGD 686:
1 Free* Course
🎁 Fund SGD 10,000:
3 Free* Courses
Choose from the following courses:
– PowerUp Options Mastery (Options Wheel)
– PowerUp Options Mastery (Bull Put Spread)
– Building Portfolios with ETFs (NEW)
It’s free to attend — and a great first step to discover how options can fit into your investing journey.
Quick tip: While you’re learning how to trade options, why not get rewarded too?
Open a Webull account through our exclusive link, and enjoy the following perks:
🎓 Dr Wealth Options / ETF Portfolio Course — with qualifying deposit
Apple Shares – Up to SGD280 Worth*
Daily Interest Bonus – Up to 2.5% p.a.*
Extra 1% p.a. Interest* – By completing 6 eligible buy trades
Optional Low-Fee Trading Plan for US Stocks/ETFs
Learn. Invest. Be rewarded — with Webull.
*T&Cs apply. All investments involve risks and are not suitable for every investor. Options trading involves significant risk and is not suitable for all investors as investors may be exposed to potentially rapid and substantial losses. This advertisement has not been reviewed by the Monetary Authority of Singapore.
