---
title: "Start Here to learn The Wheel Strategy"
description: "New to The Wheel Strategy? Start here. A guided learning path from options fundamentals through cash secured puts, covered calls, and beyond."
canonical: https://wheelmetrics.io/start-here/
---

> For the complete WheelMetrics content index, see [llms.txt](https://wheelmetrics.io/llms.txt). This is the Markdown edition of https://wheelmetrics.io/start-here/.

# Start Here to learn The Wheel Strategy

## Your **roadmap** to confidently trading The Wheel Strategy

**Need help getting started with The Wheel Strategy?**

These are the step-by-step guides you've been looking for!

## The Wheel Strategy (Core Strategy)

What the Wheel Strategy is, how it works, what kind of returns to expect, and whether it's the right strategy for *you.*

- [The Wheel Strategy: The Complete Guide](https://wheelmetrics.io/blog/wheel-strategy-guide/): The definitive guide to The Wheel Strategy (read this first).
- [What is The Wheel Strategy?](https://wheelmetrics.io/blog/what-is-the-wheel-strategy/): The core concept, the 'getting paid to wait' philosophy, and who the Wheel is (and isn't) for.
- [The Wheel Strategy: Step-by-Step](https://wheelmetrics.io/blog/wheel-strategy-step-by-step/): The complete cycle from selling your first put through covered calls and back again.
- [How Much Capital Do You Need?](https://wheelmetrics.io/blog/wheel-strategy-capital-requirements/): Capital requirements broken down by account size, from $10K starter accounts to $100K+ portfolios.
- [What Returns Can The Wheel Strategy Generate?](https://wheelmetrics.io/blog/wheel-strategy-returns/): The actual returns I've seen running the Wheel with real money (and what drives them higher or lower).
- [Understanding Risks with The Wheel Strategy](https://wheelmetrics.io/blog/wheel-strategy-risks/): Assignment risk, drawdowns, and the worst-case scenarios every Wheel trader should plan for.
- [Common Wheel Strategy Myths and Misconceptions](https://wheelmetrics.io/blog/wheel-strategy-myths-misconceptions/): Myths that trip up even experienced Wheel traders.
- [Is The Wheel Strategy Right for You?](https://wheelmetrics.io/blog/is-wheel-strategy-right-for-you/): An honest assessment to help you decide before committing capital.

## Options Fundamentals (Foundation)

Strikes, expirations, premiums, the Greeks, implied volatility, and everything else you need to understand before selling your first option.

- [Options Fundamentals: The Complete Guide](https://wheelmetrics.io/blog/options-fundamentals-complete-guide/): The definitive guide to options fundamentals for Wheel traders (read this first).
- [What Are Stock Options? A Beginner's Guide](https://wheelmetrics.io/blog/what-are-stock-options/): What options are, how they work, and why they matter for the Wheel Strategy.
- [Understanding Options Contracts: Strike, Expiration, Premium](https://wheelmetrics.io/blog/options-contracts-strike-expiration-premium/): The three building blocks of every options contract and how they interact.
- [How to Read an Options Chain](https://wheelmetrics.io/blog/how-to-read-options-chain/): How to navigate an options chain and find the data that matters for Wheel trades.
- [The Options Greeks Explained: Delta, Theta, Gamma, Vega](https://wheelmetrics.io/blog/options-greeks-explained/): What each Greek measures and which ones Wheel traders should pay attention to.
- [Understanding Delta: The Most Important Greek for The Wheel Strategy](https://wheelmetrics.io/blog/understanding-delta-wheel-strategy/): How delta drives strike selection and why it's the Greek that matters most for Wheel traders.
- [Understanding Theta: Time Decay and The Wheel Strategy](https://wheelmetrics.io/blog/understanding-theta-time-decay-wheel-strategy/): How time decay works, why it's the engine behind The Wheel Strategy.
- [What Is Implied Volatility (IV)?](https://wheelmetrics.io/blog/what-is-implied-volatility/): What IV is, how it affects premiums, and how to use it when screening options.
- [What Is Historical Volatility (HV)?](https://wheelmetrics.io/blog/what-is-historical-volatility/): What HV measures, how it's calculated, and how it differs from implied volatility.
- [IV and HV: Using Volatility to Select Better Wheel Trades](https://wheelmetrics.io/blog/implied-vs-historical-volatility/): How to compare IV and HV to find options that are rich, cheap, or fairly priced.
- [Understanding Bid-Ask Spreads and Options Liquidity](https://wheelmetrics.io/blog/bid-ask-spreads-options-liquidity/): Why liquidity matters, how wide spreads eat into your returns, and what to look for.
- [Common Options Trading Mistakes to Avoid for The Wheel Strategy](https://wheelmetrics.io/blog/options-trading-mistakes-wheel-strategy/): The most common mistakes Wheel traders make with options and how to avoid them.

## Cash Secured Puts (CSPs) (Phase 1)

The first half of The Wheel Strategy. How to successfully screen, enter, and manage cash secured put positions.

- [Cash Secured Puts (CSPs) for The Wheel Strategy: The Complete Guide](https://wheelmetrics.io/blog/cash-secured-puts-complete-guide/): The definitive guide to selling cash secured puts (read this first).
- [What Are Cash Secured Puts (CSPs)?](https://wheelmetrics.io/blog/what-are-cash-secured-puts/): What a CSP is and how it works step by step.
- [Cash Secured Puts vs. Naked Puts](https://wheelmetrics.io/blog/cash-secured-puts-vs-naked-puts/): The difference between securing a put with cash and selling it on margin, and why most Wheel traders should always sell cash-secure.
- [The Pros and Cons of Selling Cash Secured Puts](https://wheelmetrics.io/blog/pros-cons-selling-cash-secured-puts/): An honest look at what CSPs do well, what they don't, and where they'll hurt you.
- [How to Calculate Annual Yield on Wheel Strategy Options](https://wheelmetrics.io/blog/calculate-annual-yield-wheel-strategy/): The formula that lets you compare trades across different strikes and expirations.
- [How to Calculate Return on Capital (ROC)](https://wheelmetrics.io/blog/calculate-return-on-capital-wheel-strategy/): How much cash each trade actually puts in your pocket per cycle (and why it's not the same as annual yield).
- [How to Choose the Right DTE When Selling Cash Secured Puts](https://wheelmetrics.io/blog/choose-dte-selling-cash-secured-puts/): Comparing 7-14, 30-52, and 60-90 DTE across premium, theta decay, gamma, and yield.
- [How to Screen and Filter Cash Secured Puts](https://wheelmetrics.io/blog/screen-filter-cash-secured-puts/): The filters I run to go from thousands of contracts down to the handful actually worth trading.
- [How to Enter a Cash Secured Put Position: Step-by-Step](https://wheelmetrics.io/blog/enter-cash-secured-put-position/): From confirming your thesis to placing the sell-to-open limit order and managing the position after fill.
- [How to Take Partial Profits on Cash Secured Puts](https://wheelmetrics.io/blog/partial-profits-cash-secured-puts/): Three ways to close early: the 50% Rule, the Turbocharge Rule, and the 80% Profit Target.
- [What to Do If Your Cash Secured Put Is Losing Money](https://wheelmetrics.io/blog/cash-secured-put-losing-money/): A decision framework for whether to roll, hold, or close when the trade goes against you.
- [What Happens When Your Cash Secured Put Gets Assigned?](https://wheelmetrics.io/blog/cash-secured-put-assignment/): Assignment isn't failure, it's a capital rotation event. Here's exactly what happens and what to do next.

## Covered Calls (CCs) (Phase 2)

The second half of The Wheel Strategy. What to when you are assigned shares, how to pick strikes, and how to grind your cost basis lower.

- [Covered Calls for The Wheel Strategy: The Complete Guide](https://wheelmetrics.io/blog/covered-calls-complete-guide/): The definitive guide to selling covered calls (read this first).
- [What are Covered Calls (CCs)?](https://wheelmetrics.io/blog/what-are-covered-calls/): What a covered call is, how the 100 shares you own are used as collateral when selling CCs, and how premium lowers your cost basis.
- [How to Sell Covered Calls After Assignment](https://wheelmetrics.io/blog/sell-covered-calls-after-assignment/): The 3-step playbook for selling your first CC once, including my personal suggestions for strike selection and delta rules.
- [Selling Covered Calls Above Your Cost Basis](https://wheelmetrics.io/blog/selling-covered-calls-above-cost-basis/): The default Wheel play for most traders where every outcome is a profitable one. Here's how to pick the strike.
- [Selling Covered Calls Below Your Cost Basis](https://wheelmetrics.io/blog/selling-covered-calls-below-cost-basis/): When it's worth accelerating recovery on an underwater position...and the risk of locking in a loss.
- [How to Filter and Screen Covered Calls](https://wheelmetrics.io/blog/screen-filter-covered-calls/): Showing you my personal covered call screening, including the minimum strike price filter, conviction-based delta, and DTE that narrow the chain down to tradeable setups.
- [What to Do If Your Covered Call Is Losing Money](https://wheelmetrics.io/blog/covered-call-losing-money/): A decision framework for whether to hold, let your shares go, roll, or buy back when the stock runs past your strike.
- [What Happens When Your Covered Call Gets Called Away?](https://wheelmetrics.io/blog/covered-call-called-away/): Shares leave, cash comes back, and the Wheel completes a full rotation. Here's how to calculate the profit on the whole cycle.

## What's **coming next**

I'm building WheelMetrics into a comprehensive resource for running The Wheel Strategy with confidence. Here's what's on the roadmap.

- **Stock Selection**: Arguably the most important skill in the entire strategy. How to screen, filter, and research stocks you'd actually want to own if assigned.
- **Position Management**: The complete workflow from entry to exit, including rolling, taking profits early, handling earnings, and cutting losses.
- **Risk Management**: Position sizing, portfolio allocation, sector diversification, and how to calculate your true risk on every trade.
- **Performance Tracking**: Building a trading journal, calculating true returns, benchmarking your performance, and using data to improve.
- **Psychology and Discipline**: FOMO, assignment anxiety, emotional decision-making, and building the kind of consistency that separates profitable traders from everyone else.
- **Market Conditions**: Reading the VIX, assessing macro conditions, and knowing when to trade aggressively vs. when to sit on your hands.

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*WheelMetrics content is educational and is not individualized financial advice. Source: https://wheelmetrics.io/start-here/*