What is the wheel strategy?

The wheel is an options income strategy that cycles between selling cash-secured puts (CSPs) and covered calls (CCs) on stocks you'd be happy to own. You collect premium on every leg — whether the stock goes up, down, or sideways.

How many stocks does OptyTrades analyze?

We scan 8,000+ US stocks from all 16 exchanges via the SIP consolidated feed — covering the full market. After filtering for options availability, price, volume, and market cap, typically 1,000-1,200 stocks qualify.

What makes your entry signals different?

Most screeners use 2-3 indicators. Our signals combine 7 dimensions: RSI, SMA position, Bollinger Bands, drawdown, volume confirmation, swing-point trend regime analysis, and support/resistance proximity. We also factor in the broader market health.

Do I need a large account to use the wheel?

No. We show capital required for every recommendation, and you can filter by share price. Many stocks in the $10-$25 range only require $1,000-$2,500 per contract — making the wheel accessible for accounts of all sizes.

What's included in the free tier?

The full screener table with Wheel Scores, sorting, filtering, and basic stock detail views. No time limit, no credit card required. Pro unlocks entry signals, strike recommendations, Options Grades, trend/S/R analysis, the Trade Journal, and watchlists.

Calculators & Ticker Analysis

12Calculators

The Calculator page includes six free tools that cover every angle of wheel trading. Use the tab bar at the top to switch between them. No login required.

Options Premium Calculator

Check if a premium is worth selling before you enter the trade. Enter a symbol, strike, premium, contracts, dates, and fees to see live results.

Look up the stock

Type a ticker and press Enter. The calculator shows the current price, daily change, and company name.

Choose CSP or CC

Select Cash-Secured Put or Covered Call. CC mode adds a 'Share Cost Basis' field so ROR is based on your real cost.

Enter trade details

Fill in strike, premium per share, contracts, open date, expiration, and any broker fees. Results update as you type.

What to look for: Annualized ROR ≥ 20% (green) means strong premium. 10–20% (amber) is acceptable. Below 10% (red) may not justify the risk.

CC If-Called Toggle: When using Covered Call mode with a cost basis, click “Show If-Called Return” to see your total return if shares are called away (premium + capital gain), compared to the static return if they're not.

Reading the results

Rate of Return (ROR) — net premium divided by capital at risk.
Annualized ROR — ROR scaled to 365 days. The key number for comparing trades.
Net Premium — total credit minus fees.
Premium per Day — useful for comparing short-dated vs. long-dated options.

Tip: Compare the same stock at different strikes and expirations. A 30-day option often has a higher annualized return than a 45-day option. Use “Premium per Day” to see which is more efficient.

Position Size Calculator

Enter your account size and risk rules to find how many contracts you can safely sell at a given strike.

Enter account size

Your total trading account balance.

Set risk limits

Max % per contract (default 5%) and max % per ticker (default 15%). These match your Trade Journal settings.

Enter strike price

The calculator shows the maximum number of contracts, your max allowable strike, and portfolio allocation percentage.

If you already have capital deployed on the same ticker, enter it in the “Existing Capital” field and the calculator adjusts accordingly.

Assignment Risk Calculator

See your breakeven price and what happens if you get assigned on a CSP, or called away on a CC.

Breakeven Price — for CSPs, this is strike minus premium. The stock can drop to this price before you start losing money.
Cash Needed if Assigned — the total capital required to buy the shares.
Distance from Strike — if you look up the symbol first, the calculator shows how far OTM you are and flags ITM or near-the-money situations.

Roll Analysis Calculator

Compare keeping your current position vs. rolling to a new strike and/or expiration.

Enter current position

Your current strike, premium collected, and expiration date.

Enter the roll

The buy-to-close cost, new strike, new premium, new expiration, and any fees.

The calculator shows the net credit or debit of the roll, how your breakeven changes, added days, and the annualized ROR on the new capital.

Rule of thumb: Only roll for a net credit. If the roll results in a net debit, you're paying to extend a losing position — it may be better to close and move on.

Wheel Breakeven Tracker

Track cumulative premiums across your full wheel cycle (CSP → assignment → CCs) to see how your effective cost basis drops over time.

Enter assignment price

The price at which you were assigned shares.

Add legs

Click “Add CSP” or “Add CC” for each premium you collected. Enter the premium per share and fees for each leg.

The calculator shows your effective cost basis after all premiums, a visual bar showing how much it's been reduced, and the total premium/share reduction.

Wheel Income & Savings Calculator

Project how your account grows over time by compounding wheel income. Enter your starting balance, target monthly return, and optional monthly contributions to see your account trajectory over months or years.

Monthly Return % — your target wheel income as a percentage of account size, typically 1–3%.
Monthly Contribution — optional additional capital you add each month.
Projection Table — month-by-month breakdown showing balance, income, contributions, and cumulative totals.

13Ticker analysis pagePro

When you click a stock symbol in the Trade Journal, you'll go to the Ticker Analysis page. This gives you a focused view of all your trades on a single stock.

Summary cards — your P/L breakdown for this stock: open positions, closed positions, net premiums collected, and combined total.
YTD comparison — see how your return on this stock compares to the stock's own YTD performance, SPY, and QQQ. This tells you if the wheel strategy is outperforming just holding the stock.
Filtered trade history — all your CSP, CC, and share trades on this stock, with tabs to filter by type and status.

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