Got Wheel... ?
We Have The Tracking Engine
WheelTracking is a free options trading journal designed to track the wheel strategy, including cash-secured puts, stock assignments, and covered calls.
Stop using spreadsheets. Start tracking your premium, cost basis, and performance in a smarter way.
Get Started
What's in the Toolbox
Simply enter your trades as Sell Put / Buy Stock / Sell Call and that's it.
Features include:
Add Trade
Edit Trade
Close Trade
Add Notes
Reopen Trade
Split Trade
Merge Trade
Archive Trade
Delete Trade
Track Multiple Trading Accounts
Performance Charts
Running P&L
Mark option expiry
Mark option assignment
Cost basis tracking
Dividend tracking
Fee/Commission tracking
Download trades (CSV/JSON)
Sounds something you ... get a sneak peek of the platform with demo videos.
Why Not Spreadsheets?
| Task |
Spreadsheet |
WheelTracking |
| Track premiums |
Cumbersome |
Easy |
| Track cost basis |
Error-prone |
Automated |
| Track CSP assignment |
Manual |
Built-in |
| Track full wheel cycle |
Hard |
Designed for it |
| Performance charts |
Limited |
Built-in |
| Learn from the community |
Not possible |
At your fingertips |
WheelTracking replaces complex spreadsheets with a purpose-built tracking engine.
Learn From Community Insights
- See what like minded people in the Wheel Tracking community are journaling.
- Get an idea of where the smart money is, using our trending symbols.
- Follow the trades executed by our community and that are being journaled on our platform.
Perfect... so how much does it cost?
Zip, nada, nothing!
Sweet - I'm In
Not there yet, no worries.
Take a look at our tutorial with some videos of the platform. That should give you a better insight.
Want to learn about the fundamentals of wheel options strategy... just keep scrolling down.
What is the Wheel Strategy?
The Wheel Options Strategy is a popular income-generating options trading method that combines cash-secured puts and covered calls.
Traders use it to steadily collect premium while aiming to buy quality stocks at a discount and sell them at a profit.
It's called the wheel
because it follows a cycle:
-
Sell Cash-Secured PutEarn premium while waiting to buy a stock at your chosen price.
-
Get AssignedIf the stock price falls below your strike price, you buy the stock at that price.
-
Sell Covered CallOnce you own the stock, sell calls against it to generate more premium.
-
RepeatIf the stock is called away, you return to step one and sell puts again.
Why Traders Use the Wheel Strategy
Premiums from puts and calls can provide consistent cash flow.
Selling puts lets you potentially acquire shares at a lower effective price.
With cash-secured puts, your maximum loss is owning the stock you wanted anyway.
Works best with stable, fundamentally strong companies you don’t mind holding.
Example of the Wheel Strategy in Action
Step 0
You want to own XYZ stock, currently trading at $50.
Step 1
Sell a cash-secured put at $45 for $2 premium.
If XYZ stays above $45, you keep the $2 premium (repeat step 0).
If XYZ drops below $45, you get assigned 100 shares at $45 (effective cost = $43 after premium).
Step 2
Now that you own shares, sell a covered call at $50 for $2 premium.
If XYZ stays below $50, you keep shares + premium (repeat step 2).
If XYZ rises above $50, shares get called away at $50, and you keep the profit + premium.
Step 3
Return to selling puts and continue the cycle.
Risks to Consider
If the stock keeps falling, you may be stuck holding a losing position.
Selling calls caps your upside if the stock rallies sharply.
You need enough cash to secure puts and enough stock to cover calls.
Is the Wheel Strategy Right for You?
The Wheel Strategy works best for investors who:
- Prefer steady income over big, quick gains.
- Are comfortable owning shares long-term.
- Have enough capital to secure puts and hold shares.
It's a conservative yet effective approach to blend options trading with long-term stock ownership.
Put Your Money In Motion
Track Your Wheel
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