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The Wheel Strategy
Understand how cash-secured puts and covered calls fit together, how the cycle works and where the risks arise.
Understand the strategy →Independent options education
Learn the Wheel.
Master the Process.
I break down the Options Wheel into straightforward explanations, practical examples and useful tools to help you understand how the strategy works and make more informed trading decisions.
Real strategies. Practical education. Community insights.
THE OPTIONS WHEEL — AT A GLANCE
Cash-secured putSell a put on a stock you are willing to own
↓
Stock assignmentIf assigned, you acquire the shares
↓
Covered callSell calls against shares you own
The cycle may repeat, or shares may be called away. Outcomes are never guaranteed.
Clear explanations
Practical examples
Risk-aware education
Independent learning
Build your understanding
Start with the fundamentals
Whether you are new to options or developing your approach, I'll help you get to grips with the key concepts behind the Wheel.
My approach
The OptionsWheeler Method
See how I approach stock selection, capital allocation, rolling decisions, assignment and position management.
Explore my approach →Stock selection
Research Before You Trade
Learn about company fundamentals, liquidity, volatility and the importance of choosing stocks carefully.
Explore stock research →Your questions answered
Got Questions About the Wheel?
From choosing the right stocks to managing assignment and rolling options, I've put together practical answers to the questions Wheel traders ask most.
Choosing the right stocks
Explore All FAQs →
What makes a good Wheel candidate?
Rolling optionsWhen should you roll rather than accept assignment?
Managing riskHow much capital should you put to work?
How the Wheel works
1
Sell a cash-secured putReceive premium and take on an obligation to buy shares at the strike price if assigned.
2
Accept or manage assignmentIf shares are assigned, you become a shareholder. Assignment is not always avoidable.
3
Sell a covered callSell a call against your shares, accepting the possibility they may be called away.
4
Continue or reassessIf shares are called away, you can reassess whether to begin another put cycle.
A practical framework
A strategy is more than collecting premiums.
The Wheel involves obligations, stock ownership and decisions that change as markets move. Understanding the underlying company and the potential downside is just as important as understanding the premium.
I've put together guides covering the mechanics, trade-offs and practical decisions at every stage of the process.
Explore the learning resources →Free interactive tool
Put the numbers into perspective.
Try my Options Wheel Calculator. You can work out cash-secured put collateral, premium income, effective purchase prices and covered call returns.
About OptionsWheeler
Making the Options Wheel easier to understand.
I created OptionsWheeler to bring together established strategies, practical examples and useful insights in one place. My aim is to make the Wheel easier to understand, with a focus on the process, informed decisions and understanding the risks.
Read more about OptionsWheeler →Free educational resource
Get Your Free Options Wheel Guide
Learn how cash-secured puts, covered calls and rolling options work — with practical examples to help you understand the process.
You can unsubscribe from optional updates at any time. Options trading involves risk; this guide is for educational purposes only.