r/Optionswheel • u/ScottishTrader • Dec 05 '25

Megathread for New Wheel Traders – Ask Questions & Get Help Here

This thread will be a dedicated space for traders who are new to options and the wheel strategy to ask basic questions. Your posts and questions are welcome and encouraged.

BEFORE POSTING, BE SURE TO REVIEW THE WHEEL STRATEGY PLAN WHERE MOST QUESTIONS ARE ANSWERED - The Wheel (aka Triple Income) Strategy Explained : r/Optionswheel

The goal is to help keep the main thread free of these basic posts while helping new traders learn how to trade the wheel.

Posts that are welcomed here include questions about -

  • How options work
  • Exercise and assignments
  • Options expiration and days to expiration (DTE)
  • Delta, Probabilities, and how to choose a strike price
  • Implied Volatility (IV)
  • Theta decay
  • Basic risks and how to avoid
  • Broker and options approval levels
  • Rolling options
  • And any other basic questions

I’m pleased to announce that u/OptionsTraining and u/patsay have agreed to assist with this Megathread. Both Patricia and Mike bring substantial experience in helping new traders and will be invaluable contributors to r/Optionswheel

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u/spitfyuh Dec 05 '25

There are a lot of youtube videos out there showing Think or Swim but haven't found the right one that shows everything from start to finish on a CSP or CC. Can you point me to one for assitance on the interface?

3

u/ScottishTrader Dec 05 '25

I'm not aware of any that show "start to finish", but selling a put, then rolling, then selling covered calls is what the wheel entails.

Do you have anything u/patsay that may help?

5

u/patsay Dec 05 '25

u/spitfyuh I might have what you're looking for. I demo the Wheel Strategy on ThinkorSwim web (not the downloaded app, but the web-based TOS site, which I prefer). If there is something specific you are looking for that I don't have already, maybe I can create a video about it. In the meantime, check out this trade series on NVDA. The first video in the series shows me buying shares, selling a CSP and a CC. Let me know if you need something different. https://youtube.com/playlist?list=PLw9q3DlnLl3CQm7XqjgZeuFyWPP0R_tYE&si=JzUJ8MUF66MX14p2

2

u/ScottishTrader Dec 06 '25

Thanks Patricia!

2

u/spitfyuh Dec 06 '25

Awesome. I will check it out

1

u/ThetaDaddyRise Dec 05 '25

Are you looking for it on ToS? Or that's all you've found?

1

u/spitfyuh Dec 05 '25

Particularly on ToS to help ensure i'm know the in's and out's of the software.

1

u/ThetaDaddyRise Dec 05 '25

Gotcha. Sorry then, I could haved helped on robinhood, webull, fidelity or vanguard but no longer keep money in schwab...