NVDA Options After 14 Months: $7,000 Ahead of Buy and Hold—and Still Building Shares

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I've been documenting my NVDA Double Ferris Wheel Strategy in real time for 14 months. Every covered call, cash-secured put, roll, assignment and share purchase goes into my trade log, so this week I stopped to answer a pretty simple question: Is the strategy still working?

NVDA itself has done very well during these 14 months, so buy and hold certainly hasn't been a bad strategy. But when I compared my actual results with what would have happened if I had simply invested the same original capital in NVDA shares and left them alone, the difference was substantial.

14 Months: Double Ferris Wheel vs. Buy and Hold

As of September 29, 2026, NVDA was trading at $228.86. My hypothetical buy-and-hold position would have grown to 254 shares worth $58,130.44, producing a profit of $14,099.44.

My actual Double Ferris Wheel position had a net liquidating value of $53,324.38 and a total profit of $21,037.95.

That's $6,938.51 more profit—almost $7,000, or roughly 50% more than the hypothetical buy-and-hold position.

A large part of my return has come from options. Over the 14 months, I've collected $12,547.48 in options premium from selling and managing cash-secured puts and covered calls.

This doesn't prove that options beat buy and hold. It's one stock during one particular 14-month period, comparing my actual trading results with a hypothetical alternative. What it does show is what happened with my capital, my trades and my decisions during this period.

Watch the 14-Month Comparison

VIDEO: NVDA Double Ferris Wheel Strategy vs. Buy & Hold: 14-Month Results

I've documented the campaign chronologically on YouTube, so these aren't trades reconstructed after the fact. The decisions, rolls, assignments, share purchases and occasional mistakes are all there as they happened.

Then It Was Time to Put the Capital Back to Work

The comparison happened at a convenient moment. Both of my previous options contracts had expired out of the money on September 25, leaving me with 233 NVDA shares and no current options obligations.

So after taking that 14-month snapshot, it was time to make the next trades. With NVDA trading around $227, I sold a $240 covered call for $92.45 and a $215 cash-secured put for $96.45.

That put another $188.90 in options premium into the account.

Then I did something I've done repeatedly throughout this campaign: I used the premium to help buy another share.

Did I Really Buy a $227 NVDA Share for $38.82?

The new share cost $227.72. I'd just collected $188.90 from the two options, so the additional cash required to make the purchase was:

$227.72 − $188.90 = $38.82

That brought my share count from 233 to 234 shares. So did I really buy a $227.72 share of Nvidia for $38.82?

Not exactly. $38.82 was my additional cash outlay for the share after applying the options premium. Generating that premium required me to put a substantial amount of capital to work and accept two contractual obligations.

The $188.90 Wasn't Free Money

My covered call commits 100 NVDA shares to an obligation to sell them for $240 per share if I'm assigned. At the time of the trade, those shares were worth nearly $23,000.

The $215 cash-secured put required another $21,500 in cash as collateral. Altogether, roughly $44,500 of stock and cash is committed to these two trades for 10 days, and that capital isn't available for me to use somewhere else during that time.

The $188.90 premium is already mine. I received it when I sold the two options.

What happens next determines the outcome of the obligations I accepted in exchange for that premium. If both contracts expire out of the money, the options will end without assignment, the $21,500 securing my put will be released, and I'll continue to own the 100 shares that secured my covered call.

Of course, that's not the only possible outcome. NVDA could move enough that I need to decide whether to accept assignment, close a position or roll one of the contracts, just as I've done many times during the previous 14 months.

Turning Options Premium Into Ownership

Whatever happens next, I've already taken the $188.90 generated by my existing capital and converted it into another piece of NVDA ownership. That's the mechanism I've been demonstrating throughout this series.

Premium is cash—unless I use it to buy shares. Then it becomes compounding ownership.

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started this campaign with fewer shares than I could have owned under the hypothetical buy-and-hold strategy because part of my capital was deliberately held in cash to secure puts. I've been using that cash and some of my shares to generate income, and then using some of that income to gradually increase my share count.

Fourteen months later, the hypothetical buy-and-hold account has 254 shares, while my actual account now has 234. I'm still 20 shares behind in ownership, but I've also collected $12,547.48 in options premium, realized gains when shares were called away, continued participating in NVDA's appreciation, and—at this particular snapshot—generated almost $7,000 more total profit.

Watch the New Trades

In this video, I walk through the $240 covered call, the $215 cash-secured put and the share purchase that took my position to 234 shares.

VIDEO: NVDA Options Strategy: How $188 in Premium Helped Me Buy Another $227 Share

What Happens Next?

I don't expect the next 14 months to look like the previous 14 months. NVDA will move, volatility will change, and I'll have to continue making decisions about when to roll, when to accept assignment, when to take profits and when to add shares.

But the basic structure remains the same. Some of my NVDA shares are long-term holdings that give me continued exposure to the company. Other shares—and the cash I use to secure puts—are working capital that I use to generate options income.

Today I have 234 NVDA shares, two new options contracts, and another $188.90 in premium that has already been put to work. We'll see what NVDA gives me to work with next.

This article documents my own trades and results for educational purposes. It is not a recommendation to buy NVDA or use any particular options strategy.