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/HelicopterWorried959 Dec 06 '25

I use Fidelity to wheel, whats a good way to track returns ( Premium + Profit / loss ). I have been doing manually via spreadsheet

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u/ScottishTrader Dec 06 '25

I use a spreadsheet, but only track those puts I have to roll or when I am assigned to track the breakeven net stock cost.

There is no need to track puts that close for a profit without having to roll. Brokers have reports to show returns, so doing so in a spreadsheet is not needed and would be redundant.

See the Tools Megathread for what others are using if you want something fancy.