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. Done with discipline, the wheel generates consistent premium income while letting you accumulate quality stocks at discounted cost basis.

The mechanics are straightforward, but the edge lives 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 280+ tickers live on IV rank, delta, premium yield, trend strength, and earnings proximity — surfacing the trades worth taking and filtering out the ones that look juicy but carry hidden binary risk.

How the wheel works in three phases

Phase 1 — Sell a cash-secured put. Pick a stock you'd own at a discount, 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 best-scored CSPs across the full universe in seconds.

Phase 2 — Manage or take assignment. If the stock drops below your strike, you take assignment at your cost basis (strike minus premium received). Now you own shares with built-in margin. 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 at a profit, then return to phase 1. Use our covered call screener to find optimal call strikes that balance 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 solves all three automatically, plus surfaces opportunities you'd otherwise miss.

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.