Real-time CSP signals, AI-powered scoring, a trade log that tracks your wheel from first put to final call.
Real-time scoring on delta, IV, red-day signals, and earnings proximity. Powered by MarketData.app. Refreshes every 90 seconds.
FREELog every CSP and covered call. Track premium collected, P&L, win rate, and weekly income. Filter by week, ticker, or status.
PROTwo step-by-step frameworks: Weekly for high-IV names (gamma-managed), Monthly for the 45 DTE / 21 DTE / 50%-profit wheel. Backed by tastytrade and CBOE PUT Index research.
PROPay once via Gumroad. Instant access. Cancel anytime.
Start monitoring signals. No credit card needed.
Everything a serious wheel trader needs.
AI-powered edge for high-conviction traders.
Enter your Gumroad license key below to unlock Pro features instantly.
MarketData.app powers both the Weekly and Monthly Monitors — real-time stock quotes, historical prices (for HV & trend), and option chains with Greeks all in one API. Email-only signup, no personal info, no brokerage account, no credit card.
Real option chain data from MarketData.app — designed for options traders with native delta and DTE filters built in.
Coming in Session 2: automated 0.20-0.30 delta strike selection per ticker · annualized yield ranking · signal cards · wheel-archetype watchlist scanner.
Fetches all strikes with |delta| between 0.10 and 0.40 at ~45 DTE (typically 6-12 strikes), then highlights the one closest to the 0.25 delta wheel target. Useful for inspecting the full delta curve on a specific ticker before trading.
Annualized ↓, keep Min OI ≥ 500 to avoid illiquid strikes with wide bid/ask spreads. Hover any column header for what it means.
Ready to scan. Adjust filters above, then click 🎯 Scan Universe to fetch chains for every selected ticker.
Results are ranked by annualized yield by default. Click any column to re-sort.
Sunday-to-Friday cycle for high-IV names where the fat premium justifies the gamma risk. Not the base wheel strategy — use the Monthly playbook for that.
Weekly options collect only 30-40% of a 45 DTE premium but carry disproportionate risk in the final 5 days. They only pay off on names with IV Rank > 50 where the premium truly compensates. On boring blue chips, weeklies are a bad trade. Use the archetypes in Phase 1 to filter your watchlist — everything else belongs on the Monthly playbook.
If you're at Level 1, the upgrade request takes 1–2 business days. Do this tonight — not Monday morning. You can't sell puts without it and there's no workaround.
Buying power ≠ cash available. Pending settlements count against you. Check "Cash Available for Withdrawal" not just "Account Value."
Load CSP Signal Monitor now and check the scanner sidebar. It ranks your entire watchlist by score. Anything over 65/100 is worth watching for Monday.
These categories consistently print IVR > 50. Cross-reference against your watchlist tonight and shortlist 2-3 for Monday entry.
Market orders placed at open fill at terrible prices. The spread on a $0.30 option can be $0.10–0.15 wide in the first 15 minutes. Wait until 9:45–10:00am ET minimum.
The monitor shows an estimated delta strike zone. Delta changes with every tick. Always verify the actual delta on E-Trade's options chain before placing the order. Target 0.15–0.20 for high-probability setups.
Market orders for options are dangerous. Spreads are wide, and you'll almost always fill at the worst possible price. Always use limit orders. Start at the midpoint and be patient.
Don't rely on memory or broker history. Log the trade in CSP Signal's Trade Log within 5 minutes of fill. Include your delta at open — this is crucial for later analysis of which setups actually win.
Check once. If the option is above 50% of original premium, hold. If below 50%, consider closing for profit. If at 2× original, evaluate rolling. Set alerts in your broker so you don't have to watch constantly.
Holding to expiration for the last 50% of profit adds significant gamma risk for minimal reward. The last $15 of a $30 premium trade isn't worth the risk of a surprise move Friday morning. Close at 50% and move on.
The CSP Signal Monitor flags earnings automatically but dates can shift. Check directly on the company's investor relations page or E-Trade's earnings calendar. A surprise earnings date inside your window requires an immediate close regardless of P&L.
Closing at $0.05 costs $5 per contract to eliminate all pin risk on Friday. For 3 contracts, that's $15. Almost always worth it. The cost of being wrong on Friday is assignment on a position that moved against you overnight.
Only roll if you still want to own the stock at the lower strike. Rolling for credit means the new premium > cost to close. If you can't roll for a net credit, consider taking the loss. Never roll a losing trade into a stock you wouldn't want to own at a lower price.
"Pin risk" happens when a stock drifts to exactly your strike price in the last hour. You may get assigned on a technically expired option due to after-hours moves. A $0.05 option costs $5 to close per contract. Always close by noon Friday.
Assignment just means Phase 2 of the wheel begins. You now own 100 shares per contract. Sell a covered call at or above your cost basis next Monday. Collect more premium. Repeat until shares are called away, then restart with a fresh CSP. The wheel is designed to profit even through assignment.
Spend 5 minutes reviewing: Did you get filled at a good price? Was the delta where you expected? After 4–6 trades your Stats tab will start showing patterns — which tickers are working and what your real win rate is.
| Option shows this price | What it means | Action |
|---|---|---|
| Same as when you sold | No movement yet | Hold |
| 50% of original | Half profit banked | Consider closing |
| 25% or less of original | Near max profit | Close or hold to Friday |
| 2× what you sold for | Trade going against you | Evaluate rolling |
| $0.01–0.05 | Essentially worthless | Close for $1–5, free capital |
No earnings plays — ever
Max 50% of account per position
Delta max 0.25 at entry
Never sell puts on stocks you'd hate to own
Always limit orders — never market
Close at 50% profit — don't be greedy
Sell on high IV days — after red days
Wait 15 min after open to place orders
Set limit at midpoint when placing
Sit out 1 week/month if uncertain
The 30-45 DTE wheel framework backed by tastytrade research and the CBOE PUT Index. Sell at 45 DTE, close at 50% max profit or 21 DTE — whichever hits first. Better risk-adjusted returns than weeklies on ~90% of the market.
If a name went ITM twice in a row, it doesn't belong on your wheel list anymore — the price range you thought was safe isn't. Drop it. This is the #1 mistake wheel traders make: they marry names because "the premium was good."
Monthly turnover is lower than weekly so you can hold more concurrent positions without becoming a full-time trader. 5-8 is the healthy target for a $50k+ account. Below $25k, stick to 3-4 positions and prioritize the lowest-collateral names.
Never sell a monthly CSP through earnings. If earnings are 20 days out, either pick a shorter expiry that closes BEFORE earnings, or a later one that opens AFTER. Selling right through earnings on a monthly is the fastest way to get assigned deep ITM.
Between 45 and 21 DTE you capture the fattest chunk of theta decay while gamma stays low. Below 30 DTE the risk-adjusted return per day starts eroding. Above 60 DTE your capital is tied up longer for marginal extra credit.
Rough rule for standard stocks: 0.30 delta strike sits ~1 standard deviation below current price at your DTE. If the stock's HV30 is 40%, that's roughly 8-10% OTM for a 45 DTE trade. Use the CSP Monitor's delta column and sort — anything 0.20-0.30 on your watchlist is a candidate.
Example: $0.80 premium on a $30 strike, 45 DTE = ($0.80/$30) × (365/45) = 21.6% annualized. Solid. Example 2: $0.20 premium on the same setup = 5.4% annualized. Skip — you can beat that in T-bills with zero risk.
If your max per position is $10k and you want 5 positions, that's $2k each. Pick strikes that match — a $50 strike burns $5,000 in collateral per contract, so 1 contract eats 2.5x your position size limit. Downsize the strike or skip the trade.
After 6-12 months you'll be able to answer: do my 0.25-delta trades win more than my 0.30s? Which ROI band delivers the best risk-adjusted return? None of this is answerable without a clean log. Import same day.
The last 25% of theta requires holding through the highest-gamma portion of the trade. tastytrade's backtests across 15+ years show closing at 50% beats holding to expiration on both raw return and Sharpe ratio. You're not "leaving money on the table" — you're avoiding negative expected value.
An unexpected earnings blowup on a name you sold puts on 30 days ago can erase multiple winning trades in one Friday. If earnings land inside your window and you're already at 30-40% profit, take it. The remaining 60-70% isn't worth the binary risk.
Ask yourself: if I got assigned this stock today at my strike, would I be comfortable owning it? If yes, do nothing — the wheel is working as designed. If no, the position never belonged in your portfolio. Close now for the loss and move on.
You're up $50 on a trade at 21 DTE, the option is worth $0.10. "It'll probably expire worthless — why pay $10 to close?" Because that $10 gain requires you to hold through a potential 3-5x loss on a surprise Friday move. Take the $50, close the position, redeploy the capital into a fresh 45 DTE trade.
Only roll if (a) you still want to own the stock at the new strike, AND (b) you can roll for a NET CREDIT (new premium > cost to close old). If you can't roll for credit, don't roll — take the trade as-is and move on. Rolling losing trades for debits just delays the loss.
Assigned NU at $12.50 strike, collected $0.20 premium? Cost basis = $12.30/share. Even if NU trades at $11 Monday morning, you're not down $1.50 — you're down $1.30, because the premium is real cash. Track this in the Trade Log's notes field.
If your cost basis is $12.30 and you sell a $12 CC for $0.15 premium, you're locking in a guaranteed loss if called ($30 loss on shares vs. $15 CC premium = net -$15). Only sell CCs at or above cost basis unless you've explicitly decided to exit the position at a loss and want the extra $15.
Some wheel positions take 3-6 months to work back to profitability. That's fine — you're collecting CC premium the whole time and the position is inside a diversified book. Don't rage-sell at a loss just because the position is "boring." The math still works.
Categories that work for the monthly wheel: enough IV to pay decent premium, deep options liquidity out to 45 DTE, and a business you'd genuinely be OK owning. Specific tickers rotate — use these archetypes to build your list. Cross-reference with earnings dates and current IV before every cycle.
Quick calculators for wheel strategy traders. All 6 below are free. Pro users get 9 additional advanced calculators (coming with Phase 2).