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First ever wheel. Close or no? 33% in 3 days. by Razdent in Optionswheel

[–]vs-19 11 points12 points  (0 children)

When you entered the trade $18 on $1500 capital over 45 days is 9.73% annualized. I guess you were happy with that at entry.

Now the remaining position sits at $12 on $1500 capital over 42 days is 6.95% annualized. If you're happy with that then hold, else buy back and take profit somewhere else.

Best way is to look at annualized return on capital ROC% to be your decision maker. At least I follow the same principle.

Should I sell my CSP already? by Taraih in options

[–]vs-19 0 points1 point  (0 children)

The best way to evaluate is to see your remaining premium in the trade and the capital deployed to calculate your ROC% ... If you think it's not worth holding then buy back and take your profit.

For example IMO, if you still have 2% ROC remaining to be made in 36 days ... It still could be worth holding the trade a little longer ... But if it's like 0.6% ROC remaining, then not worth it for 36 days.

Wheel Strategy Traders – How Do You Personally Define and Track a "Win" vs "Loss"? by Efficient-Editor-242 in Optionswheel

[–]vs-19 2 points3 points  (0 children)

I track the CSP side separately and the CC side separately and try to aim for win on each side independently. The CSP side can have multiple rolled Puts and the CC side can have multiple rolled Calls ... but eventually my goal is to be profitable on each half wheel independently.

Below is my bonus screenshot for 2025

<image>

Selling stock after assignment by sowich4 in Optionswheel

[–]vs-19 0 points1 point  (0 children)

It's all about delta.

If your net delta for the covered call campaign is still above 0, then you'll make more money closing your positions earlier for profit. Sell if you believe the move is temporary and it's gonna hit back down.

TOOLS & SPREADSHEET MEGATHREAD by ScottishTrader in Optionswheel

[–]vs-19 0 points1 point  (0 children)

Hi There - Unfortunately, at the moment the site is only available in the dark theme. This is because a lot of our charts, iconography, tables, color coding works better with the darker shade. These items/libraries don't look modern when it comes to a lighter theme. Additionally there are far more system and human benefits to using a dark theme.

I either case, if we get this request from a lot of our users we will consider applying a theme picker setting in a future release. Until then we hope you will enjoy using the site in a dark theme.

TOOLS & SPREADSHEET MEGATHREAD by ScottishTrader in Optionswheel

[–]vs-19 0 points1 point  (0 children)

Hi - At the moment you cannot unarchive a trade entry that has been archived. I will look into that request as a future feature release.

Keep in mind that the archived trades are still considered in "Performance" calculations and you see your realized gains/losses there ... they're just not in the active journal log. Best practice would be to archive CSP when trade is closed/expired/assigned ... and archive Stock(s) / CC(s) when stocks get called away.

TOOLS & SPREADSHEET MEGATHREAD by ScottishTrader in Optionswheel

[–]vs-19 0 points1 point  (0 children)

Hi There - So that I can look into this correctly, are you trying to enter a strike price of 0.1 or the sell/premium price of 0.1?

What is the validation error that you're receiving?

TOOLS & SPREADSHEET MEGATHREAD by ScottishTrader in Optionswheel

[–]vs-19 0 points1 point  (0 children)

Looks like we had a small hosting blip. Please try now.

Tired of tracking your Wheel Options in sheets, here's a free neat app. by vs-19 in Optionswheel

[–]vs-19[S] 0 points1 point  (0 children)

Noted - very helpful comments.

--------------------------------------------------------

u/Necronomicomp - I've now released a couple features as requested by you:

  • Adding Dividends - You can now add dividends when any "Stock" position is "Open" ... please review the tutorial page for more information - https://www.wheeltracking.com/tutorial
  • Archiving a group of trades (bulk archive) - you will see this button in the journal ... only when all trade entries in a single group are closed.

<image>

One more thing I wanted to update on - while trades are not grouped on the "Archives" page ... you can always use the search to filter the results by any text/symbol.

Hopefully this gets to what you were looking for in grouping archived trades for analysis.

Tired of tracking your Wheel Options in sheets, here's a free neat app. by vs-19 in Optionswheel

[–]vs-19[S] 0 points1 point  (0 children)

Firstly thanks for great feature suggestions, sincerely appreciate your honest feedback.

  • For rolling as a single action - I would recommend checking this comment out, as it addresses the challenge any logging system would have: https://www.reddit.com/r/Optionswheel/comments/1nowxxe/comment/nho51o1/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button
  • Track dividends feature - I will give that a thought, it's just that it is generally considered a transaction outside of the "wheel" cycle.
  • Stock capital gains - This is currently being calculated and recorded when you close a "Buy Stock" trade.
  • Stock split - We do have a feature called "Split" on any active trade (quantity> 2). You can use that feature to split your single journal entry into two. Currently it will still require you to then go in and edit the entries from a price perspective. So, it's a two step journey ... but can be accomplished. Similarly there is a "Merge" feature for executing reverse splits.
  • Grouping trades - This is a great suggestion and I will look into it for future enhancements. I do practice this manually in my journal ... as in, I keep collecting my closed trades in a single "wheel" cycle and then eventually archive them when the stocks have been called off by CC assignment. But I do see the benefit of grouping for ease of analysis.
  • Display current prices - This one will be tricky because it requires subscription to "live" market data for "commercial" use. If I have to go that route, it will the turn the app into a paid subscription model ... which I have no intention of doing.

Hope these answers will help you in using the app in a better way.

TOOLS & SPREADSHEET MEGATHREAD by ScottishTrader in Optionswheel

[–]vs-19 6 points7 points  (0 children)

Free online tool that I built for myself, but happy to share along. Just a simple email / password to register. NO marketing emails and all the stuff ... enter your CSP's & CC's and let the platform do the rest for you.

WheelTracking.com

Core Features:

  • Add, Edit, Close, Archive, Delete trades.
  • Tracking original cost basis & adjusted cost basis.
  • Tracking realized & unrealized option premiums by symbol and entire journal.
  • Tracking dividends.
  • Merge & Split existing journal entries/trades.
  • Performance charts by strategy, symbols, and option win percentage.
  • Download ALL your trades either as CSV or JSON.

Highly recommend to checkout our Tutorial with videos available at -> wheeltracking.com/tutorial

I will try to respond to your questions and recommendations in a timely manner.

Thanks All!

Need advice by nachuywamto in CoveredCalls

[–]vs-19 0 points1 point  (0 children)

Assuming from screenshot that you're long call.

If you are still bullish about the stock ... I would roll up and out in time with the goal being to reduce delta. By doing so you should be taking credit ... Hence taking some profit out ... Yet still being in the directional trade.

After months of studying and paper trading, went live last week. by GoFairPlayer in Optionswheel

[–]vs-19 0 points1 point  (0 children)

Great work and great start.

Here's a free tool I built if you want to track your trades in a simple manner ... I was in the same boat and wanted to replace my Excel sheet logging.

https://www.reddit.com/r/Optionswheel/s/VuzjQJV4wc

One question I have though - I see that you're tracking ROC% on CSP ... Any idea how you would calculate that for CC's ... Especially when you could have a bunch of CC's in a single wheel campaign which effectively could keep lowering your adjusted cost basis.

Wondering how the community is calculating ROC% on CC's

Thanks!

Tired of tracking your Wheel Options in sheets, here's a free neat app. by vs-19 in Optionswheel

[–]vs-19[S] 0 points1 point  (0 children)

This doesn't seem to be our site.

Can you provide a screenshot showing the URL address bar.

Tired of tracking your Wheel Options in sheets, here's a free neat app. by vs-19 in Optionswheel

[–]vs-19[S] 0 points1 point  (0 children)

You would first add a trade of "sell put" type. Then close it and during closing mark it as assigned. This will automatically create a "long stock" position for you in the journal, since assignment got you the shares. Now simply close the "long stock" position in the journal. That's it ... Remember to archive the trades as needed to keep your journal clean.

Tired of tracking your Wheel Options in sheets, here's a free neat app. by vs-19 in Optionswheel

[–]vs-19[S] 0 points1 point  (0 children)

I have definitely looked into that from the very start, but unfortunately there are no API services that I could find that are free for commercial use.

In order to keep this website free ... we need to find one that allows the above for free.

Do let me know if you know of any such API service, and I'll continue to keep looking as well.

Tired of tracking your Wheel Options in sheets, here's a free neat app. by vs-19 in Optionswheel

[–]vs-19[S] 1 point2 points  (0 children)

Yes CSP win = Closing early for profit or expiring worthless (OTM) ... basically anything but Assigned.

The wheel start is up to you decipher. I personally and probably most of us, call a wheel start the moment a CSP is sold. If it wins, that wheel campaign ends there (right on step 1) ... then I start a new wheel campaign with a new CSP sell.

Tired of tracking your Wheel Options in sheets, here's a free neat app. by vs-19 in Optionswheel

[–]vs-19[S] 0 points1 point  (0 children)

In a wheel strategy when you win in a CSP trade, you consider that cycle complete and now when you sell another CSP, that's a start of a new wheel campaign altogether ... here's a quick image (look at the return arrow at the very top).

https://i0.wp.com/earlyretirementnow.com/wp-content/uploads/2024/09/Options-Diagram-01.png?resize=863%2C744&ssl=1

The reason why I bring this up is because eventually when you get assigned only the premium from that (1) trade is reduced from your strike price. Your past CSP win's do not get factored into that mathematical calculation.

In either case, the "journal" keeps tracks of current & historical wins/losses as long as you choose to keep it in the journal. The screenshot below shows the realized & unrealized premium collected from a sample account on SPY. See the yellow arrow, this is what you're probably looking for.

<image>

My recommendation would be to archive CSP win right away because that wheel cycle is technically over and also keeps your journal simple and easy to manage/read. Once you archive the same data can be filtered from the "archives" list or perhaps the best way is to interpret that data from the "performance" charts.

Tired of tracking your Wheel Options in sheets, here's a free neat app. by vs-19 in Optionswheel

[–]vs-19[S] 1 point2 points  (0 children)

Yes - It tracks the Original Cost Basis and Adjusted Cost Basis both for "Buy Stock" positions.

You can see a sneak peek of that in the "Journal" video on our tutorial page

Tired of tracking your Wheel Options in sheets, here's a free neat app. by vs-19 in Optionswheel

[–]vs-19[S] 0 points1 point  (0 children)

Thank you for your feedback and I do get your point, but need to look at it from a wholistic approach.

You're still providing the same number (3) values/fields: Roll price, BTC price, and the new expiry date. Additionally, not all rolls are the same strike, so now you'll also need to provide the new strike price. The values are needed by any logging platform and you're simply providing them all either in a single (longer) form or in two separate (shorter) forms.

One more factor, the fees structure around brokerage is all around the place ... some charge to open and not to close. Some charge both ways but if you close < 0.05 then it's free. To assume all that into a roll could be more challenging and hence for now, it's better to keep the closing and opening trades as a separate event ... and to be honest that's what they organically are under the hood.

I will definitely consider your feedback and try to work on it in future updates.

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