Premium Selling Academy Self-paced institutional curriculum on disciplined premium selling. iBelieve Investments LLC, El Paso, Texas.
iBelieve Premium Selling Academy
Academy Brief / Volume 01 / 04 May 2026

Selling premium is a written protocol.

iBelieve Premium Selling Academy teaches the protocol. Fifteen modules covering the core premium-selling structures used across monthly, weekly, and advanced daily income cadences. Written for the disciplined operator of an account between $25,000 and $250,000.

  1. 01

    The curriculum covers cash-secured puts, covered calls, put credit spreads, call credit spreads, iron condors, the wheel rotation, calendars and diagonals, the poor-man's covered call, short strangles and straddles, and advanced butterflies and ratios. Daily, weekly, and monthly cadences on United States listed equities and indices.

  2. 02

    Built for the operator who treats income as the output of a process. The cycle, the position size, the exit rule, and the assignment protocol are written down before the first trade is placed.

  3. 03

    The Academy does not teach directional speculation. It does not teach earnings binary plays. It does not teach any position that earns its return from being right about price.

Begin the Program Read the cadence brief →
Income Cadence / 02

Three speeds. One discipline.

The examples below illustrate how premium-selling cadences differ by duration, capital requirement, surveillance burden, and risk profile.

Monthly 01

21- to 45-DTE on the same universe

Liquid optionable equities and ETFs
Target DTE
21–45 entry · 21 exit
Illustrative credit range
1.5%–3.0% on capital
Cycles per year
8–12 per ticker
Capital per position
$5,000–$25,000
Edge profile
Variance-risk-premium structure
Max risk profile
Defined for spreads; assignment or call-away on singles
Ideal account size
$50,000–$250,000

Suited for the operator with full-time professional commitments who wants the most efficient time-to-decay ratio. The cadence opens at 45 days, exits or rolls at 21, and runs eight to twelve cycles per year per ticker.

Weekly 02

1- to 7-DTE on liquid names

SPY · QQQ · IWM · large-cap equities
Target DTE
1–7
Illustrative credit range
0.5%–1.5% on capital
Cycles per year
45–50
Capital per position
$5,000–$30,000
Edge profile
Variance-risk-premium structure
Max risk profile
Defined for spreads; assignment for cash-secured puts
Ideal account size
$25,000–$100,000

Suited for the operator who can review positions twice during the week and wants the shortest theta-decay window with manageable surveillance. Cycle frequency is balanced against per-position risk.

Daily 03

0-DTE on the indices

SPX · XSP
Target DTE
0
Illustrative credit range
$0.50–$1.50 / $5-wide spread
Cycles per year
Advanced only · frequency determined by protocol conditions
Capital per position
$500 per 5-pt spread
Edge profile
Variance-risk-premium structure
Max risk profile
Defined per spread
Ideal account size
$25,000–$75,000

Advanced cadence. The protocol gates 0-DTE engagement behind completion of Modules 01 through 09 and a documented track record on monthly and weekly cadences first. Suited for the operator who has demonstrated discipline on slower cadences, has screen time during United States market hours, and accepts the structurally higher operational tempo. Position sizing is small, frequency is high, and outcomes resolve before the next session opens.

Educational illustration Figures shown are educational illustrations only. Actual pricing, fills, risk, and outcomes vary by market regime, liquidity, volatility, and execution quality.

Strategy Curriculum / 03

Six structures, all theta-positive.

Six structures form the curriculum. Each is theta-positive at entry. Each is taught with a worked premium math example, a breakeven calculation, and a written exit rule.

01

Cash-Secured Put

Mechanics

The operator sells one out-of-the-money put on a name they would willingly own at the chosen strike. Cash equal to strike times one hundred shares is held as collateral for the duration of the position. Premium is captured at entry.

When to use

The operator wants to acquire shares at a discount to current price, or generate income on idle cash without taking equity risk above the chosen strike. Suitable when implied volatility is elevated and a willingness to own the underlying exists.

02

Covered Call

Mechanics

The operator owns one hundred shares of an underlying and sells one out-of-the-money call against the position. Premium is captured at entry. If the call expires out-of-the-money, the premium is kept and the shares remain. If the call expires in-the-money, the shares are called away at the strike.

When to use

The operator already owns shares and is willing to sell at the chosen strike. The structure converts unrealized return potential above the strike into realized premium income at the time of trade.

03

Put Credit Spread

Mechanics

The operator sells one out-of-the-money put and simultaneously buys a further out-of-the-money put at the same expiration. Defined risk equals the strike width times one hundred minus the net credit captured. The long put caps the loss in a tail event.

When to use

The operator holds a mildly bullish or neutral thesis and wants defined-risk premium without the capital commitment of a cash-secured put. Suitable when implied volatility is elevated and the operator does not want to take assignment of the underlying.

04

Call Credit Spread

Mechanics

The operator sells one out-of-the-money call and simultaneously buys a further out-of-the-money call at the same expiration. Defined risk equals the strike width times one hundred minus the net credit captured.

When to use

The operator holds a mildly bearish or neutral-to-bearish thesis. Suitable when an underlying has rallied and implied volatility on upside calls is elevated, or when paired with a put credit spread to form an iron condor.

05

Iron Condor

Mechanics

The operator sells a put credit spread and a call credit spread on the same underlying with the same expiration. Both wings collect premium. Only one wing can lose at expiration. With equal-width wings, the maximum loss equals the wing width times one hundred minus the total net credit captured.

When to use

The operator holds a neutral or range-bound thesis. Suitable when implied volatility is elevated enough to make the combined credit attractive and the underlying is expected to remain inside a defined range through expiration.

06

The Wheel Rotation

Mechanics

The operator sells a cash-secured put on a name they would willingly own (Phase 1). If the put expires out-of-the-money, the cycle repeats. If the put is assigned, the operator takes ownership at the short strike (Phase 2) and rotates to selling covered calls on the assigned shares (Phase 3). If a call is assigned, the shares are called away (Phase 4) and the rotation returns to Phase 1. Premium is captured at every phase.

When to use

The operator wants to accumulate a stock at a discount, hold the position willingly during ownership, and realize a target exit if the stock rallies above the call strike. Suitable for liquid blue-chip names the operator would own outright at the chosen accumulation strike.

Educational illustration Figures shown are educational illustrations only. Actual pricing, fills, risk, and outcomes vary by market regime, liquidity, volatility, and execution quality.

Risk Architecture / 04

Risk is the only thing the protocol controls.

Markets price probabilistically. Position sizing, correlation, and drawdown ceilings are written before the cycle begins. The seven rules below govern every position the protocol takes.

01

Position Sizing

Position size is the single decision that determines whether institutional practice survives a bad month. Size is set in advance by structure type and applied without exception.

Defined-risk spread
1.0% of account at risk
Cash-secured put
10% of account collateral
Covered call
Limited by share position
0-DTE index spread
0.5% of account at risk
Wheel rotation
10% of account collateral
02

Premium-at-Risk Caps

Position size controls per-trade risk. Premium-at-risk caps control the size of the entire book.

Monthly (21-45 DTE)
15% of account at any time
Weekly (1-7 DTE)
8% of account at any time
Daily (0-DTE, advanced)
2% of account per session
Combined book cap
25% of account at any time
03

Correlation Limits

Correlation collapses diversification under stress. Two positions on the same name are not two trades. They are one trade in two contracts. The protocol treats correlated exposures as a single position for sizing purposes.

  1. 01
    Single underlying

    Maximum two simultaneous positions on the same ticker.

  2. 02
    Single sector

    Maximum four simultaneous positions in the same sector. Sectors are technology, financials, healthcare, energy, and consumer.

  3. 03
    Index family

    SPY, QQQ, IWM, SPX, and XSP are treated as one bucket. Maximum six simultaneous positions across the bucket.

04

Assignment Management

Assignment is not a loss. Assignment is the planned acquisition of a stock at a price the operator chose in advance. The protocol absorbs assignment without disruption.

  1. 01
    Pre-trade qualification

    Every short put is written only on a name on the qualified-ownership list. The qualified list is reviewed monthly and stored in the position tracker.

  2. 02
    At expiration in-the-money

    Accept assignment without resistance. Do not attempt to buy back the position at intrinsic value to avoid assignment.

  3. 03
    Post-assignment day one

    Enter the shares into the position tracker as an inventory item. Record cost basis as strike less premium received.

  4. 04
    Days two through seven

    Write the first covered call against the position. Target 30 to 45 DTE and a 15- to 20-delta short strike.

  5. 05
    Stock no longer wanted

    Liquidate within 30 days. Accept the realized P&L. Document the reason in the cycle journal.

05

Defending Threatened Positions

A position is threatened the moment the short strike is breached. The operator does not wait. The decision is made at the close of the breach session, not the next morning.

  1. 01
    Define threatened

    The short strike is breached at intraday close, or for two consecutive trading sessions.

  2. 02
    Make the decision

    Apply the decision tree below to every breached position. The decision is taken once and acted on immediately.

    Thesis holds
    Roll out 14 to 30 days, same strike. Collect additional credit.
    Thesis broken
    Close the position for max loss. Document in journal.
    CSP, want shares
    Allow assignment. Move to R4.
  3. 03
    Roll discipline

    Maximum two rolls per position. After two rolls, close at the prevailing position value. Do not roll a third time.

  4. 04
    Documentation

    Every defensive action is logged with timestamp, decision rationale, and outcome.

06

Cycle Scoring Rubric

The protocol measures every closed position on the same five dimensions. The score is not about the dollar outcome. The score is about the discipline.

  1. 01
    Entry conformance

    Was the trade taken per the protocol?

  2. 02
    Delta discipline

    Was the short strike at the target delta band?

  3. 03
    DTE discipline

    Was the entry DTE inside the protocol band?

  4. 04
    Exit conformance

    Was the position closed per the exit rule, not held past it?

  5. 05
    Documentation

    Was the trade journaled completely on entry and exit?

Scoring
  • Position score equals the sum of the five dimensions, each scored on a 1 to 5 scale.
  • Position scores below 20 of 25 are flagged for review at the weekly session.
  • If more than 20 percent of cycle positions score below 20 of 25, the cycle protocol is re-read before the next cycle opens.
07

Monthly Drawdown Ceiling

Every desk has a number that ends the month. The Academy's number is written down before the month begins.

Warning level
−2.0% of account: de-risk all open positions by 50%
Hard ceiling
−3.0% of account: pause all new positions for 14 days
Chronic breach
3 ceilings in 12 months: sizes reduced 50% indefinitely; recertification required

Educational illustration Figures shown are educational illustrations only. Actual pricing, fills, risk, and outcomes vary by market regime, liquidity, volatility, and execution quality.

Sample Cycle Worksheet / 05

Every cycle is written down.

This is the worksheet a student completes for their own trading. The example below shows a representative week of positions logged, scored, and reviewed under the cycle protocol. It is a teaching artifact, not a record of Academy returns.

Exhibit A · Week of 27 April 2026

Sample Cycle Worksheet

Account base $100,000 · 8 positions · 4 closed · 1 rolled · 3 open

Premium captured
$350
Closed positions
Premium-at-risk
$1,650
Closed positions
Realized return
21.2%
On premium-at-risk
Avg cycle score
5.0
Closed positions
Position log
Date Ticker Structure Strikes / DTE Credit Risk Outcome Score
04/28SPYPCS$570 / $565 · 30D$0.85$415Closed at 50% take, 3d held5
04/28QQQCCS$545 / $550 · 30D$0.65$435Closed at 50% take, 3d held5
04/29AAPLCSP$215 · 30D$1.85$21,500OpenPending
04/29MSFTCC$460 · 30D$4.20$44,000Open · Phase 3 of wheelPending
04/30SPYIC$570 / $565 · $610 / $615 · 30D$1.60$340Closed at 50% take, 4d held5
04/30XSP0-DTE PCS$595 / $590 · 0D$0.40$460Expired OTM same session5
05/01IWMPCS$215 / $210 · 30D$0.75$415Breached on d4 close, rolledPending
↳roll$210 / $205 · 28D+$0.40$415Open after rollPending
05/01NVDACSP$135 · 30D$1.50$13,500OpenPending
Notes & Adjustments
04/30 · IWM
IWM closed at $214.40, breaching the $215 short strike on the closing print. Per Risk R5, with twenty-five days to expiration remaining (greater than fourteen), the spread was rolled out and down to $210 / $205 at twenty-eight DTE for an additional $0.40 credit. Total credit captured on the rolled position: $1.15. Score will be assigned at final close.
05/01 · MSFT
Covered call written against an existing one-hundred-share position acquired through a prior wheel rotation. This is Phase 3 of the wheel. Basis is $440. The $460 strike was selected at the fifteen-delta band to balance call-away probability against premium captured.
Discipline
All eight entries fall inside the written sizing limits (R1) and aggregate exposure caps (R2). No defined-risk position exceeds 1.0 percent of the account at risk. No single underlying carries more than one open position.

Educational illustration Figures shown are educational illustrations only. Actual pricing, fills, risk, and outcomes vary by market regime, liquidity, volatility, and execution quality.

Principal Letter / 06

A letter from the principal.

Jason Murray · Principal · iBelieve Premium Selling Academy · El Paso, Texas

The Academy was built around a single observation. Options education sells two false pictures. Buyers are sold the picture of a large move on a small bet. Sellers are sold the picture of consistent income with no honest acknowledgment of the cost of being wrong. The truth lives between them.

The principal of the protocol spent twenty-one years in financial markets, including time at JP Morgan Private Bank and Wells Fargo. The decision to leave the registered side of the business in 2022 was deliberate. The credentialed industry sells products. The Academy teaches a protocol.

The credentialed industry sells products. The Academy teaches a protocol.

The curriculum is institutional practice rendered in operating form. Six theta-positive structures. Three cadences. Position sizing written before the trade is placed. A drawdown ceiling that ends the month. The principal applies this protocol to a personal account.

The Academy does not promise outcomes. It teaches a written protocol, a measured curriculum, and a discipline that holds across cycles. The trader who applies the protocol receives an answer to the question every options seller eventually asks: how do I know I am running the trade correctly?

Twenty-one years in financial markets. JP Morgan Private Bank. Wells Fargo. Summa cum laude MBA. Seven years active duty, United States Army.

Operating Principles / 07

Ten operating principles.

Each principle applies to the principal first, then to the students.

  1. 01

    I sell premium. I do not buy options for directional speculation.

  2. 02

    I write the position sizing rule before I write the trade.

  3. 03

    I measure the protocol in twelve-month rolling realized return on cycle capital, not in the best month.

  4. 04

    I score every closed cycle on the same five dimensions and store the score in the cycle journal.

  5. 05

    I treat assignment as a planned acquisition at a price I chose in advance, not as a loss.

  6. 06

    I roll a position no more than twice. After the second roll, I close at the prevailing value.

  7. 07

    I do not enter a new position when the monthly drawdown ceiling has been touched. The cycle resets at the calendar.

  8. 08

    I size every position so an overnight gap does not force an emergency decision before the open.

  9. 09

    I write down the trades I did not take. The unentered trade is part of the record.

  10. 10

    I run the protocol in front of the students before I ask them to run it.

Curriculum and Tuition / 08

The curriculum. The terms.

Fifteen modules. A four-week capstone. The five operating documents the student produces and continues to maintain. Self-paced; no start date, no completion deadline, no expiration on access.

Modules
  1. 01

    Theta, the Greeks, and the seller's framework

  2. 02

    Implied volatility: rank, percentile, term structure, vertical skew

  3. 03

    The variance risk premium and the structural seller's edge

  4. 04

    Cash-secured puts and the qualified-ownership list

  5. 05

    Covered calls and income against share basis

  6. 06

    The wheel rotation across all four phases

  7. 07

    Put credit spreads and call credit spreads

  8. 08

    Iron condors and iron butterflies

  9. 09

    The zero-DTE cadence on SPX and XSP

  10. 10

    Calendars, diagonals, and synthetic covered-call structures

  11. 11

    Short strangles and short straddles

  12. 12

    Advanced butterflies and ratios

  13. 13

    Finding the setup: scanning, IV filters, the no-trade list

  14. 14

    Adjustment, rolling, and assignment management

  15. 15

    Risk architecture: position sizing, scoring, journaling, drawdown discipline

Capstone

Four-week structured deliverable

Self-directed application of the curriculum to the student's own capital. The student produces five operating documents (qualified-ownership list, sizing architecture, no-trade list, cycle journal template, weekly review template) and runs at least five end-to-end cycles under the protocol.

Operating Documents

What the student receives

  • Cycle journal template (spreadsheet)
  • Position tracker (formula-driven)
  • Five-dimension cycle scoring rubric
  • Sizing architecture worksheet
  • Risk policy template (PDF)
  • Operator card set (nine printable references)
Optional Enhancement

Live execution review

Available as an opt-in for active students. Live execution review with the principal covering position selection, sizing, broker setup, open-position review, trade planning, risk calibration, and current market application. The curriculum stands complete without it; the live review exists to help translate the protocol into live execution discipline calibrated to the student's specific account. Scheduling is on demand; no class calendar; the curriculum stands complete without it.

Reference Materials

Glossary, cards, disclosures

One hundred twenty-five term glossary. Nine printable operator cards covering each structure's quick-reference parameters. Comprehensive risk disclosure document covering regulatory status, options-specific risks, jurisdiction, performance treatment, and conflict-of-interest disclosure.

Credential

Certificate of completion

Issued upon completion of all fifteen modules and the four-week capstone. The certificate confirms completion of the curriculum, not a regulated credential.

Tuition
Premium Selling Academy

$4,497

or three payments of $1,497

One-time tuition · Lifetime access

Tuition includes all fifteen modules, the capstone, the operating-document templates, the operator cards, the glossary, and the disclosures. Lifetime access means continued availability of all current and future module updates without further charge. The optional live execution review is priced separately and is not required for completion.

Begin the Program

Tuition is processed by Stripe. Single payment confirms enrollment. Tuition is non-refundable after curriculum access has been issued.

Enrollment / 09

Enrollment is open.

Self-paced. No start date. No application process. Lifetime access on enrollment. The student accesses the platform immediately upon completion of payment.

Begin the Program →

Tuition is processed by Stripe. Single payment of $4,497 or three payments of $1,497. Curriculum access is issued upon completion of payment.

iBelieve Investments LLC provides educational content only. iBelieve is not a registered broker-dealer, registered investment adviser, or commodity trading advisor. Options trading involves substantial risk and is not suitable for all investors. The Academy does not promise outcomes. Past performance does not predict future results.