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.
Free: research tools + monthly Athena tokens · Pro 7-day trial via checkout
- 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
New to this? Start with the basics
Simple, Transparent Pricing
Full access to every tool on the platform. No hidden fees.
Free
Forever free after signup
- Athena AI — monthly token allowance (same agent)
- Max Pain & Key Levels
- Options Chain (near-term expirations)
- Options Value Calc
- Company Fundamentals
- REST quotes (no streaming)
Pro Monthly
Cancel anytime
- Full platform includes:
- Everything in Free
- Higher Athena monthly tokens + 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 Optimizer
- Full expiration depth & history
Pro Annual
Best value
$41.58/mo
- Full platform includes:
- Everything in Free
- Higher Athena monthly tokens + 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 Optimizer
- Full expiration depth & history
Ready to Trade With An Edge?
Start free with research tools and monthly Athena tokens — or start a Pro trial at checkout for higher AI allowance, the Trading Brief, and full live depth.
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.