Guide
The wheel is simple to explain and annoying to track. Three phases, two instruments, and a cost basis that changes every time you collect premium. ThetaIQ follows all of it — per ticker, cycle after cycle.
Sell a cash-secured put on a stock you'd happily own at that strike. If it expires worthless, keep the premium and sell another. If assigned, take the 100 shares and start selling covered calls above your basis. When the shares get called away, you're back to cash — and back to selling puts. One ticker, a repeating premium machine.
The strategy's edge is mechanical: you get paid to wait for entries and paid again to exit. The strategy's paperwork is where wheels quietly die — because "am I actually up on this name?" requires tracking three things a brokerage statement won't combine.
Collateral reserved, premium collected, assignment decided at expiry. ThetaIQ tracks each put's captured percentage and annualized yield.
Assignment opens a share lot. Put premium already collected lowers the lot's true cost basis from day one.
Covered-call premium stacks onto the same campaign. When shares are called away, the cycle's total P&L closes clean.
Cycle count, total premium kept, and campaign-level win rate — the numbers that tell you whether to keep wheeling the name.
Say you're assigned at $50 and your broker shows a $5,000 cost basis. But you collected $180 in puts before assignment and $240 in calls since. Your real basis is $45.80 — and that changes which call strikes are above water. ThetaIQ carries every premium dollar into basis automatically, so the "should I sell this $48 call?" question has an honest answer.
Some tickers pay rent; some eat it. The wheel view shows each campaign's annualized yield and win rate side by side, so a chronically underperforming name gets evicted on evidence, not vibes. Pair it with the Premium Screener to find the next candidate, and the Consistency Rating to make sure it's a name worth owning through assignment.
Free plan covers up to 8 open trades — enough for a real wheel.
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