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.

The Greeks — Delta, Theta, Gamma and Vega for Premium Sellers

08dThe Greeks

The Greeks are five numbers that answer five different questions about an option position: how much it moves with the stock, how much it earns per day, how fast that exposure changes, what happens if volatility shifts, and what happens if rates do. They are not advanced material — they are the vocabulary of the trade, and the wheel is much easier to reason about once they read as plain English.

Each one below gets a one-line summary and a deep dive: what it measures, how to read it, how premium sellers actually use it, and a worked example with the arithmetic shown so the number on your screen is checkable.

These figures now appear live on your own positions — the Assign column and the Theta / day strip in your Trade Journal, and on every Opty AI Trader position card.

One thing to know before anything else: an options chain quotes Greeks as if you bought the contract. On the wheel you sold it, so every sign reverses. This platform shows your side — which is why a short put reads positive delta here and negative on a broker's chain screen. Both are correct.

Greek	An options chain quotes	Your short put is	Meaning
Delta	−0.30	+0.30	behaves like owning shares
Theta	−0.05	+0.05	decay is income, not cost
Gamma	+0.02	−0.02	short gamma — the real risk
Vega	+0.10	−0.10	short volatility

The same contract, described from two sides. A chain quotes the option as if you bought it; you sold it, so every sign reverses. OptyTrades shows the right-hand column — your side — which is why a short put reads positive delta here and negative on a broker's chain screen.

The Four That Matter

Between them these four describe essentially everything a premium seller needs to know about a position.

ΔDeltaHow much does this move with the stock?How much the option's price moves for a $1 move in the stock — and, read as an absolute value, the closest thing to a rough odds-of-assignment number the market will give you.ΘThetaHow much do I earn per day?The value an option loses each day purely from time passing. When you sold the option, that loss is your income — it is the engine the whole wheel runs on.ΓGammaHow fast does my exposure change?The rate at which delta itself changes. Selling options means being short gamma, and that is the single honest description of what the risk in this strategy actually is.νVegaWhat happens if volatility moves?How much the option's price changes for a one-point move in implied volatility. Selling premium is being short vega — you profit when expected movement is repriced downward.

Volatility

What you are actually selling, and how to tell whether the price for it is good.

IVImplied VolatilityHow much movement is being priced in?The market's forecast of how much the stock will move, backed out of the option's own price. It is the input that makes premium rich or thin — and the one most worth understanding.IVRIV RankIs this stock's premium rich for it?Where today's implied volatility sits inside that same stock's own past-year range, on a 0–100 scale. It is what makes premium comparable between a utility and a biotech.

Completing the Set

Real Greeks that rarely drive a wheel decision — here so the picture is whole, and so you know why they are quiet.

ρRhoWhat happens if rates move?Sensitivity to interest rates. Included for completeness and almost never the thing that matters on a wheel — but worth knowing why it does not matter.∂²Second-Order GreeksWhat are vanna, charm and vomma?The derivatives of the derivatives. You will not need them to run a wheel, but they have names and they explain a few things the first-order Greeks cannot.

Reading Them Here

How this platform computes and displays these numbers, including why some of our signs disagree with your broker's chain.

Why Our Signs Are FlippedWhy is my short put positive delta?An options chain quotes Greeks as if you bought the contract. On the wheel you sold it, so every sign reverses. We show your side — which is why our delta disagrees with your broker's chain, and both are right.Where These Numbers Come FromHow reliable is each figure?Greeks on this platform are solved from each contract's last traded price, because our data plan carries no live bid/ask. That has consequences worth knowing, and guards worth explaining.

If you only remember four things

Delta is roughly your odds of assignment, and it is how the strike tiers on this platform are defined.
Theta is what the book earns per day for doing nothing. It is the income the wheel runs on.
Gamma is the honest name for the risk. Selling premium is short gamma, and it is why the final days before expiry behave differently.
Implied volatility is what you are selling, and IV Rank is how you tell whether the price for it is unusual for that stock.

Like everything in this guide, these are descriptions of conditions and reference levels — context for your own decisions, not instructions to trade.

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