Wheel Strategy Guides

Short reads on the specific decisions the wheel strategy asks you to make — which strike, which delta, what happens at assignment, and where the common mistakes come from. Paired with the calculators and the interactive walkthrough, not a replacement for either.

• Choosing Strikes and Delta for the WheelDelta is a shortcut for assignment odds, not a rulebook. Here's how to use it.
• Reading IV Rank Before You Sell PremiumThe same 40% implied volatility can be cheap or expensive, depending on where it sits in its own range.
• What Happens When You Get AssignedThe mechanics of assignment on a short put or call, and what the wheel does next.
• Cash-Secured Puts vs. Covered Calls: The Two Halves of the WheelSame underlying trade-off, opposite starting position. Here's where each leg actually earns its keep.
• Annualized Yield Is a Comparison Tool, Not a ForecastA 60% annualized return sounds enormous. Here's what the number actually compresses into one figure — and why it isn't a return you should expect to compound.
• Common Wheel Strategy MistakesMost wheel losses trace back to a handful of repeatable errors, not bad luck.

For information and educational purposes only. Not investment advice. Options carry risk, including loss of the entire position.