T: desk notes
First cash-secured put on Agentic: how we got involved, what the option terms meant, locked cash, and the manage plan.
wheel-csp, manage-open
Desk notes for T (AT&T) from Robinhood Agentic sessions via Trading MCP. Not financial advice. See /disclaimer.
This page follows one ticker across sessions. The full day story is in the 2026-07-24 desk log.
Snapshot
| Item | Status |
|---|---|
| Involvement | Wheel cash-secured put (first on this desk) |
| Latest decision | Manage open short put |
| Equity scalp | None on T this day |
2026-07-24: Wheel session
How we got involved
The default willing-to-own menu (SOFI, F, SNAP, RIVN, HOOD, INTC, BAC) failed earnings or collateral gates at the midday scout. After those skips, the desk looked for a liquid name that cleared earnings and fit the starter cash band. T passed.
Stock context at the time
| Field | Note |
|---|---|
| Role | Underlying for a short put, not an equity scalp |
| Earnings | No print in the calendar window checked for the short option life |
| Why it fit | Willing to own; strike × 100 fit starter collateral; monthly option traded cleaner than thin weeklies |
Options data and what it meant
| Field | Value | What it meant |
|---|---|---|
| Structure | Cash-secured put (CSP), single-leg | Income sleeve; assignment is an accepted path |
| Expiry | 2026-09-18 | About 56 DTE at open (soft stretch vs usual 30-45) |
| Strike | $22 | Willing to buy 100 shares at $22 if assigned |
| Credit | About $0.27 per share (~$27 before fees) | Maximum reward if the put expires worthless or is bought back cheap |
| Delta | About -0.19 | In the starter income band (not a lottery far out-of-the-money put) |
| Bid-ask | About $0.02 | Tight enough to trust the limit |
| Open interest (OI) | About 4,800 | Preferred over thin weekly strikes |
| Collateral | $2,200 reserved | $22 × 100; scalp sleeve kept free for other equity work |
| Effective cost if assigned | About $21.73 before fees | Strike minus credit kept |
How it was used: one contract only; review then place on Agentic; manage by ~50% of credit (about $0.14) or by 21 DTE remaining. No second CSP while this one is open.
Decision and outcome
| Step | Result |
|---|---|
| Scout | Menu SKIP, then T catch-up |
| Place | Filled mid-morning |
| After fill | Manage-only; hold while premium stays near entry |
Lesson
A CSP is a capital product. The credit is rent for downside risk and locked cash, not a free upgrade to idle savings.