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Learn the wheel strategy

A beginner-friendly overview of cash-secured puts, covered calls, assignment, collateral, premium, and how this dashboard supports an end-of-week review.

Setup Guide Back to Dashboard

Overview

What the wheel strategy is

The wheel strategy is an options-income workflow built around two actions: selling cash-secured puts on stocks you would be willing to own, and selling covered calls on shares you already own. A put can assign shares to you. A covered call can call shares away from you. The premium is the income received for taking that obligation, but the obligation and market risk remain real.

Cash-secured puts

A cash-secured put means you reserve enough cash to buy 100 shares if assigned. The screener helps compare candidate symbols, analyst targets, put bids, strike prices, return, and collateral use before you decide whether anything fits.

Covered calls

A covered call means you already own 100 shares per contract. The dashboard lets you enter your average cost and contracts, then estimates selected call premium and total assignment return using Robinhood's visible call quotes. The covered-call cycle is the share-owning side of the wheel.

Assignment risk

Assignment is the core mechanic to understand before using either side of the wheel. It can happen when an option holder exercises. For puts, assignment means buying shares at the strike. For calls, assignment means selling shares at the strike. This tool does not predict assignment or place trades.

How the site helps

End-of-week workflow

The app is designed for a weekly review. You prepare your Robinhood screeners or covered-call rows, scan the symbols, review the resulting option quotes, and export the table if you want to compare it elsewhere.

  1. CSP mode: use Manual to enter symbols, or Auto to scan a saved Robinhood screener, then set portfolio value and weekly return target.
  2. CC mode: use Manual to enter covered-call rows, or Auto to import positions from your account investing page.
  3. TradingView scan: the server reads current price and analyst targets where available.
  4. Robinhood quotes: the Chrome helper reads default-expiration Sell Put or Sell Call quotes from your open Robinhood tab.
  5. Calculated results: the server selects strikes, calculates return, sizes CSP contracts, and estimates CC premium and assignment return.
Manual is the default for both strategies. Auto uses Robinhood-based import: saved screeners for CSP and stock positions for CC. Scan is the first data collection for a strategy. After data exists, the button becomes Refresh and rereads Robinhood, TradingView, and option chains.

Risk basics

What to verify before using any result

Options involve risk and are not suitable for every investor. FINRA and OCC both publish investor education about options, assignment, exercise, and standardized options risk. Review official materials and your brokerage disclosures before relying on any options workflow.

Capital and collateral

CSPs require enough cash for assignment. Covered calls require shares. Verify buying power, settled cash, margin settings, and account restrictions in your brokerage before placing any order.

Quotes and fills

Bid prices can change quickly. A displayed bid is not a guaranteed fill. Check the live option chain, spread, liquidity, expiration, and order details before trading.

Independent review

This app is a calculator and screener. It does not provide financial advice, does not recommend trades, and does not place orders.

Helpful references: FINRA options overview and OCC options disclosure document.

Privacy model

What stays local

Your Robinhood login stays in Chrome. The helper reads visible symbols and option-chain quote values from your browser. Robinhood passwords, MFA codes, and cookies are not sent to this site.

Custom CSP screener names, manual CSP symbols, and manual covered-call rows are stored in your browser only. Scan requests send symbols and quote values needed for calculation, but the server does not save those settings as global website settings.