The wheel collects premium on both sides of stock ownership. Sell a cash-secured-put; if assigned, sell covered-calls against the shares; when called away, start again.
It is often described as low risk, but it carries full downside exposure to the stock. It works on stocks you would be content to own and fails when a stock you were wheeling drops 40% and stays there.
Example: sell the $50 put for $1.50 and get assigned at $50. Sell the $52 call for $1.20 monthly. After two months the stock is called away at $52. Total: $1.50 + $2.40 + $2.00 = $5.90 per share over three months on $5,000 of capital.
Related: cash-secured-put, covered-call, assignment, premium