Your recent, watchlist and portfolio tickers are listed when the field is empty. Press Enter to build the selected strategy type on the chosen ticker. Press Option or Command with Enter to change the strategy type.
Get started

Build & analyze

Reading a wheel ideas page

Screenshots from the live app, dark theme

A wheel ideas page answers one question for one ticker: at yesterday’s close, what did a cash-secured put and a covered call actually pay? Every number on it comes from one stored end-of-day snapshot, and the page tells you which one.

Where they live

The index at /options/wheel lists every ticker with a page, grouped by sector and sorted by options liquidity. Each ticker has its own page at /options/TICKER/wheel — for example SPY — and sectors with at least five published tickers get their own hub.

The SPY wheel ideas page: the close and session date, a few computed observations about the snapshot, buttons to open the put or the covered call in the builder, and the first put table
The top of a ticker page: the session it was built from, what that close says, and the way into the builder.

The yield tables

Four tables: cash-secured puts and covered calls, each at two expiries — the first at least 30 days out and the first at least 60. In each, one row for the contract nearest 0.30Δ and one nearest 0.20Δ (within ±0.05). The premium is that contract’s last trade, used only if it printed in that session, sits above intrinsic value and is in order with its neighbouring strikes; otherwise the row says why it is empty.

ColumnHow it is worked out
Period yield (puts)Premium ÷ strike — the return on the cash you set aside.
Yield on spot (calls)Premium ÷ the close — the return on the shares you already hold.
If called(Premium + strike − close) ÷ close — premium plus the capped gain if the shares are called away.
AnnualizedPeriod yield × 365 ÷ days to expiry. Never shown under 30 days: ×365 on a week turns noise into a headline.
Breakeven (puts)Strike − premium — your cost per share if assigned.
Δ, OI, volumeAs the data feed reported them for that contract that session.
Two cash-secured put tables for SPY at 35 and 66 days, each with the 0.30 and 0.20 delta rows, and the snapshot stamp and formulas printed under each table
Every table repeats its as-of stamp — snapshot number, session, capture time, feed delay — and the formula it used.

Why some fields say Unavailable

A figure appears only if it came from our licensed market data. When it did not, the page prints Unavailable with a numbered note saying why — never a zero, never an estimate. Three fields are always unavailable today:

  • Bid/ask spread — our feed carries last trades, not live quotes, so there is no spread to show.
  • Next earnings — our data provider does not license announced earnings dates, and we do not publish guesses.
  • IV rank and IV percentile — both need a year of daily implied-volatility history, which we are building one session at a time. Until it exists the field says how far along it is.
The volatility, dividends and liquidity panel: implied volatility shown, IV rank, next earnings and bid/ask spread marked Unavailable with footnote numbers, next ex-dividend and open interest shown
Unavailable is a statement about the data, footnoted on the page — not a zero.

The index and sector hubs

The wheel ideas index: a count of published tickers, links to sector hubs, and per-sector tables of the 0.30 delta put's annualized yield, implied volatility and ex-dividend flag
The index: one row per published ticker, with the headline put yield and the session each row comes from.

A ticker is listed only when its snapshot fills its page — at least three of four put cells and three of four call cells. Tracking the wheel you open from here works the same as any other: see wheel cycles.

Quotes shown are 15 minutes delayed. Nothing here is investment advice.