The Options Wheel Screener that finds high-IV trades on any ticker — in under 60 seconds.

The option wheel strategy is a systematic income approach where traders sell cash-secured puts on stocks they're willing to own, collect premium, and — if assigned — sell covered calls against those shares until they're called away. The wheel is designed to collect premium every cycle. If you're assigned, your cost basis is the strike minus the premium — but if the stock has fallen well below the strike, you own shares worth less than you paid, and the premium only partly offsets that.

The mechanics are straightforward, but the work is in ticker selection, strike selection, and timing. That's where a purpose-built options wheel screener matters: instead of manually scanning chains for high-IV opportunities, Option Wheel Logic scores 300+ tickers live on IV rank, delta, premium yield, trend strength, and earnings proximity — ranking setups on those factors and flagging the ones with earnings or other event risk ahead.

How the wheel works in three phases

Phase 1 — Sell a cash-secured put. Pick a stock you'd be willing to own, sell a put at a strike below the current price, and collect premium. If the stock stays above the strike at expiration, you keep the premium and repeat. Use our cash-secured put screener to find the highest-scored CSPs across the full universe in seconds.

Phase 2 — Manage or take assignment. If the stock drops below your strike, you take assignment. Your cost basis is the strike minus the premium you collected; if the stock has fallen further than that, the position starts at a loss. If you'd rather not take assignment, you can roll the put out and down using our roll advisor — covered in depth in our guide to rolling cash-secured puts.

Phase 3 — Sell covered calls. With shares in hand, sell calls above your cost basis. Collect premium each cycle until the shares are called away, then return to phase 1. If the stock has dropped well below your cost basis, calls above it may pay very little, and you can be holding the shares at a loss for a long time. Use our covered call screener to compare call strikes on premium income against assignment risk.

Why use a dedicated options wheel screener?

You can run the wheel from a brokerage chain and a spreadsheet — many traders do. But three things break at scale: (1) IV rank requires 52 weeks of historical IV data per ticker to compute properly, (2) earnings proximity must be checked manually for every position, and (3) full-cycle P&L across CSP → assignment → CC chains is nearly impossible to track in a spreadsheet without errors compounding over months. A purpose-built wheel strategy tracker handles all three automatically, and shows you setups you might otherwise not have looked at.

New to selling premium? Start with our complete beginners' guide to the options wheel strategy. Already running the wheel and want to backtest a rule change? Try the wheel strategy simulator before risking real capital.

Option Wheel Logic provides software and educational content, not investment advice, and is not a registered investment adviser or broker-dealer. Options involve risk and are not suitable for every investor. Selling a cash-secured put obligates you to buy the shares at the strike price even if the stock has fallen far below it, and covered calls cap your upside while leaving you exposed to the full downside of the shares you hold. Scores, screens, and AI output are informational and can be wrong or out of date. Read Characteristics and Risks of Standardized Options before trading options.