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What is “The Wheel” Strategy and how does The Wheel Screener help?

“The Wheel” strategy is a systematic options trading method where you start by selling cash-secured puts on a stock you wouldn’t mind owning. If assigned, you then sell covered calls on those shares to generate income. If the shares are called away, you repeat the cycle. The Wheel Screener helps by scanning thousands of options daily, applying a proprietary risk-reward score, and using customizable filters to quickly identify the best opportunities for cash-secured puts and covered calls, saving you significant time and effort.

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Is The Wheel Screener suitable for beginners?

Absolutely. The Wheel Screener is designed to streamline a complex strategy, making it accessible even for those just starting their options journey. It offers dedicated resources like a “What is The Wheel?” page, interactive guides, and a glossary to help you get up to speed. While understanding the basics of options is always helpful, the screener simplifies the process of finding suitable trades.

What kind of data does The Wheel Screener provide?

The Wheel Screener provides comprehensive options data, including:

Proprietary risk-adjusted scores (0-100) for trade selection.
Key metrics like max profit, max loss, probability of profit (POP), and days to expiration (DTE).
Implied Volatility (IV), IV Rank, and IV Percentile.
Earnings data for top contracts.
Information on bid-ask spreads, open interest, and volume to assess liquidity.
This data helps you make informed decisions for cash-secured puts and covered calls.

How often is the data updated on The Wheel Screener?

The data on The Wheel Screener is updated daily after the market closes. This means that while it provides comprehensive insights for planning your trades, it does not offer real-time, intra-day data. It’s best used for preparing your strategy and identifying opportunities for the next trading session. The Wheel Screener Customer Support Review

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Can I customize the dashboard to my preferences?

Yes, especially with a premium membership or lifetime deal, the dashboard is highly customizable. You can:

Choose which metrics or columns to display.
Rearrange the order of columns by dragging and dropping.
Visually highlight specific metrics (e.g., implied volatility) with custom colors, font sizes, or bolding.
Your custom layouts are automatically saved, making your analysis workflow very personal and efficient.

Is there a free version of The Wheel Screener?

Yes, The Wheel Screener offers a free public dashboard. This allows you to browse options contracts for companies in the S&P 500 and sort them by various metrics like max profit and probability of profit. It’s a great way to experience the tool’s basic functionality before considering a premium upgrade or a lifetime deal.

What are the main advantages of a lifetime deal for The Wheel Screener?

The primary advantage of a lifetime deal, often found on platforms like AppSumo, is one-time payment for permanent access to the software. This eliminates recurring subscription fees, offering long-term value. Depending on the tier, a lifetime deal can include the full premium data set, the Wheel Strategy Calculator, and CSV export capabilities, providing substantial savings over time. Many deals also come with a money-back guarantee, reducing your risk.

Is The Wheel Screener Legit?

The Wheel Screener Review: Frequently Asked Questions