Wheel Strategy Screener — Covered Calls & Cash-Secured Puts
The wheel is a systematic options income strategy: sell cash-secured puts on stocks you want to own, take assignment when the put finishes ITM, then sell covered calls against the assigned shares until they are called away. The Wheel Strategy screener finds the best entries for each leg across an entire watchlist using delta, DTE, liquidity, and yield filters.
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- Screen both wheel legs across a watchlist
- Delta, DTE, liquidity, and yield filters
- Annualized yield and assignment probability
Tune the filters to match your account: tighter deltas for high-probability income, wider deltas for fatter premium and faster turnover. The screener surfaces annualized yield, capital required, and assignment probability so you can compare opportunities on equal footing rather than chasing the highest absolute premium.
Frequently asked questions
Which stocks work best for the wheel?
Stable, liquid names with active weekly options that you would be comfortable owning. Avoid binary-event tickers (biotech, pre-earnings) where assignment can lock you into a 30%+ drawdown.
What delta should I sell?
Most wheel traders sell 0.20–0.30 delta puts and similar-delta calls. Lower delta means lower premium but lower assignment probability — the screener compares both side-by-side.
How do I handle a tested put strike?
Two options: take assignment and start the call leg, or roll the put down and out for additional credit. The screener helps identify roll candidates with positive net credit.
Pairs well with
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- Full platform access during trial
- Real-time quotes and order flow
- Intraday Greek heatmaps
- AI Trading Brief & chat assistant
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- Full platform includes:
- Real-Time Order Flow
- Intraday Greek Heatmaps (GEX / VEX / DEX)
- Heatmap Compare Mode
- Net Premium Drift
- AI Trading Brief & Chat Assistant
- Streaming Quotes
- IV Smile & Skew Analysis
- Wheel Strategy Optimizer
- Strike Selector Tool
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$41.58/mo
- Full platform includes:
- Real-Time Order Flow
- Intraday Greek Heatmaps (GEX / VEX / DEX)
- Heatmap Compare Mode
- Net Premium Drift
- AI Trading Brief & Chat Assistant
- Streaming Quotes
- IV Smile & Skew Analysis
- Wheel Strategy Optimizer
- Strike Selector Tool
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Start 7-Day Free TrialDisclaimer: 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.