Recommended Tools & Resources

Options Screeners

ThetaScanner

ThetaScanner is my go-to tool for finding Wheel trades. It’s purpose-built for Wheel traders, letting you filter by ROI, annualized yield, delta, theta, DTE, earnings date, and more. If you’re tired of manually scanning options chains, ThetaScanner streamlines the process and surfaces high-probability contracts fast.

At $5.99/month, it’s the best value in this space by a wide margin. Use code WHEELMETRICS for 10% off (recurring) on both monthly and yearly plans.

Position Tracking

OptionWheelTracker.ai

Once a position is open, you need somewhere to track it: from the initial CSP, through assignment, into covered calls, and eventually getting called away. That’s exactly what OptionWheelTracker does.

The standout feature is the wheel cycle visualization, which includes a clean view showing the complete journey for each ticker with cumulative premium tracked across the entire cycle. When a put gets assigned, the stock automatically moves into your Positions tracker with an adjusted cost basis. No manual re-entry, no spreadsheet gymnastics. It also has an expiration calendar, a daily workflow view, and a dashboard that benchmarks your performance against the S&P 500.

If you’re tracking your Wheel trades in a spreadsheet right now, this is the upgrade.

Trade Journals & Performance Tracking

WheelTracking

A free trade journal built specifically for Wheel traders. WheelTracking lets you log your cash-secured puts and covered calls, dividends, track cost basis adjustments through assignment and successive premium collection, and monitor P&L across the full Wheel cycle.

If you’re running the Wheel on multiple tickers or even multiple brokerage accounts, a purpose-built journal like this makes it much easier to see where your returns are actually coming from and whether your process is working over time.

Know of a tool that should be on this list? Get in touch.