Real-time CSP signals, AI-powered scoring, a trade log that tracks your wheel from first put to final call.
I'm the founder of CSP Signal. I run the wheel on my own brokerage account and built this because I couldn't find a tool that scored entries the way I do — red-day premium, IV context, earnings risk, all in one view.
Current core watchlist:
Real-time scoring on delta, IV, red-day signals, and earnings proximity. Powered by Finnhub. 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.
PROYour step-by-step guide from Sunday night to Friday close. 18 checkpoints across 5 phases. Never miss a critical step again.
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Everything a serious wheel trader needs.
AI-powered edge for high-conviction traders.
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Your step-by-step guide from Sunday night to Friday close. Tap any step to reveal gotchas and pro tips.
If you're at Level 1, the upgrade request typically 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.
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 your broker'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 your broker'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
Quick calculators for wheel strategy traders. The 3 below are free. Pro unlocks 9 more advanced calculators.