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 Quality 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.

Drawing Tools — Every Tool, Explained

08cDrawing Tools

Everything you can draw lives behind the ✏ Draw button on the chart toolbar, grouped the same way this page is. Every tool has a single-key shortcut (shown beside it in the menu), and the tool you used last stays pinned beside the button for one-click repeats.

The mechanics are the same everywhere, so they are worth learning once. A tool is single-shot: it disarms itself the moment your drawing completes — you are never stuck in a drawing mode. Esc cancels a half-finished drawing. Clicking any finished drawing selects it and offers a ✕ Remove chip (Delete works too); right-clicking near one removes it directly.

Drawings are anchored by timestamp and price, not screen position — they stay on the same candles when you pan, zoom, change range or interval, and they persist per symbol, so the analysis you left on a chart is waiting when you come back.

Each tool below gets a one-line summary and a deep dive: what it is, how to draw it, how to read it, and how it fits selling puts and covered calls on the wheel.

Lines

Levels and trends — the prices and slopes the rest of your analysis hangs on.

S/R LevelSOne click — the line lands at that priceA horizontal line at a price you choose. The simplest drawing there is, and the one premium sellers use most — a level is where the whole wheel conversation starts.LineLTwo clicks — one at each endA straight line between two points — the most-used drawing in all of charting. Connect two lows and you have drawn what buyers have been willing to pay over time.RayRTwo clicks — it extends to the right edge on its ownA trend line that keeps going — through your second click and on to the right edge of the chart. For reading a trend forward instead of admiring it backward.ChannelCThree clicks — two for the base line, one for the widthTwo parallel lines around a trend — the base you draw plus a parallel at the offset you choose, with a dashed midline between them.Reg ChannelGTwo clicks — start and end of the span; the channel fits itselfA regression channel: click the start and end of a move and the midline fits itself through the closes, with bands two standard deviations either side. The math draws the channel your eye wanted to.VerticalVOne click — the marker lands on that barA dashed vertical line marking a date — an earnings print, an expiry, the day a thesis started. Time's version of a price level.

Zones

Levels are rarely a single price. The box draws the honest version.

BoxBTwo clicks — opposite cornersA shaded rectangle over an area of the chart, labelled with its price band. Levels are rarely a single price — the box admits it.

Fibonacci

How far a pullback has come, where a resumption might reach, and when the next turn is often looked for.

RetracementFTwo clicks — the high and the low of the move (either order)The classic Fibonacci ladder between a high and a low — how far a pullback has come, as a fraction of the move it is retracing, each level labelled with ratio and price.Time ZonesTTwo clicks — two turns; their span becomes one unitThe same Fibonacci ratios projected along the time axis — vertical lines at multiples of the span between two turns, marking when the next turn is often looked for.ExtensionXThree clicks — A, B, then C; levels project beyond CWhere a move might reach once it exceeds its old high — the A→B leg projected forward from the C pullback, at the classic ratios.

Position

The seller's picture at a level — strike, premium, breakeven and cushion, drawn from the live chain.

CSP PositionPOne click at a price — the tool does the restClick a price and the cash-secured-put picture draws itself: the nearest listed strike, its ~30-day premium from the live chain, the breakeven beneath it, and the cushion from spot — the seller's version of a position tool.

Studies

Drawn where you anchor them, computed from the bars — the boundary between a drawing and an indicator.

Anchored VWAPWOne click — the anchor bar; the line runs forward from itVolume-weighted average price from a bar you choose — the average holder's cost basis since that event. Anchor it to an earnings gap or a swing low and the line tells you who is above water.

Annotate

Arrows and notes: making the chart say what you noticed, for future-you or a shared screenshot.

ArrowATwo clicks — tail, then tipAn arrow from here to there. For pointing at the candle that matters — in your own review, or on a chart headed for the community feed.NoteNOne click, then type the textA short text label pinned to a price and date on the chart. The reason you drew everything else, written where you will actually see it again.

Measure

The one tool that answers a question instead of asserting a view — and deliberately never saves.

MeasureMTwo clicks — the readout appears between themClick two points and read the move between them: dollar change, percent change, and how many bars it took. The only drawing that answers instead of asserts.

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