Wheel Strategy Calculator

The wheel is an options-income cycle: sell cash-secured puts on a stock you’d be happy to own; if assigned, hold the shares and sell covered calls against them; if the shares are called away, start again with puts. Every premium you collect lowers your effective cost in the stock.

Each premium you collect — from the puts and the calls — reduces what you effectively paid for the shares. Divide your total premium collected by the number of shares and subtract it from your assignment strike to get your adjusted cost basis, which is also your break-even.

Enter the strike you were assigned on, the number of contracts, and the total premium you’ve collected across all rounds. It returns your adjusted cost basis (break-even), the premium per share, and your return on the original cost so far.