Wheel Strategy Screener — Covered Calls & Cash-Secured Puts
The wheel strategy screener finds covered-call and cash-secured-put (CSP) entries across a watchlist. 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.
Free tier: max pain, key levels, chain, profit calculator, monthly Athena tokens · Pro: 7-day trial at 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
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.