The truth is usually very painful.
I hate to say I agree with @BlueWaterSailor. Statistically there is no edge in wheeling just like there is no edge selling DOTM puts/calls or a butterfly, spread, condor..... That doesn't mean if you wheel for a while you won't produce profits but if you wheel regularly, consistently over a statistically significant sample size, you won't make significant profits/losses.
The way to wheel for profit or write options or buy options is to do it selectively, factoring in your opinion and if your opinion is more correct than the MM's or the professional option traders', you will come out ahead.
Mind you, been more correct than the market is a tall order and that is why most of us amateur retails only provide liquidity.
Just so you know, I am one of the amateur retail traders.
