Using Wheel Trade to Reduce Cost Basis per Share

I’ve been using a wheel option strategy to reduce my cost basis per share. I sell a put, if it expires out of the money I sell the put again, and I do this over and over until I get assigned shares. Once I get assigned I sell a call on some, but not all, of my shares and my put assignment strike. So for example if I sold 5 puts and got assigned, I’ll sell 3 or 4 calls. That way if the underlying runs up through my call strike and I get called away I’ll still have some shares left but at a reduced cost basis per share. I’ve been making money from the option premium on the put side and also the call side. My goal is to use the options premium to reduce my cost basis, and then after the share price increases to let some shares get called away to reduce my cost basis further. Eventually my cost basis will be zero or negative and I’ll still own some shares. Have others had success with this?