Strike Selector — Find the Best Covered Call & CSP Strikes
The Strike Selector ranks every viable strike for covered calls and cash-secured puts against a set of criteria: target delta, empirical probability of finishing OTM, distance from max pain, gamma-wall confluence, and the ATM IV expected move. You get a sorted shortlist tuned to your strategy preference.
Free tier: max pain, key levels, chain, profit calculator, monthly Athena tokens · Pro: 7-day trial at checkout
- Every viable strike ranked against your criteria
- Empirical probability, not just delta
- Flags gamma-wall and max-pain confluence
Adjust delta targets, expiration windows, and minimum premium thresholds to match your account size and risk tolerance. The output highlights strikes where multiple factors align — a sub-30 delta call sitting above a positive GEX wall and inside the upper 1σ band, for example, is a higher-quality covered call than the same delta strike with no structural support.
Frequently asked questions
Which delta should I target?
Common starting points: 0.30 delta for premium-rich covered calls, 0.20–0.30 delta for cash-secured puts on stocks you want to own, and 0.15 delta or lower for high-probability income-focused setups. The selector lets you A/B compare deltas instantly.
Why include max pain in the ranking?
Strikes near max pain tend to act as gravitational levels into expiration. Selling calls above max pain or puts below it gives you a structural tailwind beyond the raw delta probability.
How is empirical probability different from delta?
Delta approximates the probability the option finishes ITM under a lognormal model. Empirical probability is computed from the actual historical price distribution — it accounts for fat tails and skew that delta misses.
New to this? Start with the basics
Pricing
Free stays free. Pro adds streaming, order flow, Greek heatmaps, and the Trading Brief.
Free
No card required
- Athena AI agent, monthly token allowance
- Max Pain & Key Levels
- Options Chain (near-term expirations)
- Options Value Calc
- Company Fundamentals & Earnings Calendar
- REST quotes (no streaming)
Pro Monthly
Cancel anytime
- Everything in Free
- Larger Athena allowance + top-up packs
- AI Trading Brief (daily plan)
- Streaming Quotes
- Real-Time Order Flow
- Intraday Greek Heatmaps (GEX / VEX / DEX)
- Theta Vantage MCP for Cursor, Claude, Codex, Grok, and other remote MCP clients
- Net Premium Drift
- IV Smile & Skew Analysis
- Wheel Strategy Screener, Strike Selector, Income Calculator
- All expirations, full heatmap history
Pro Annual
Best value
$12.42/mo
- Everything in Free
- Larger Athena allowance + top-up packs
- AI Trading Brief (daily plan)
- Streaming Quotes
- Real-Time Order Flow
- Intraday Greek Heatmaps (GEX / VEX / DEX)
- Theta Vantage MCP for Cursor, Claude, Codex, Grok, and other remote MCP clients
- Net Premium Drift
- IV Smile & Skew Analysis
- Wheel Strategy Screener, Strike Selector, Income Calculator
- All expirations, full heatmap history
Start with the free tools
Max pain, key levels, the options chain, the profit calculator, and monthly Athena tokens. Upgrade when you want flow, heatmaps, and the Brief.
Start freeDisclaimer: All content is for educational and informational purposes only. This is not financial advice. Options trading involves significant risk. Please consult with a financial advisor before making trading decisions.