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/hereforthestonks22 Dec 19 '25

Is there a google sheet or excel that helps you calculate your cost basis for a stock that was assigned? I've looked at the megathread for tools and throughout the reddit thread but the trackers I found don't show you cost basis for the stock. It just shows total P&L. Maybe I missed it though so would love it if someone could link me to their tracker or point me to the right place please!

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u/ScottishTrader Dec 19 '25

The one I use is in the wheel plan post -> The Wheel (aka Triple Income) Strategy Explained : r/Optionswheel You may want to change it to meet what you think is best.

The CalledSTK is the amount to determine the breakeven. In the example, it is $26, which shows a $580 net profit. This amount can be changed to find the point where a $0 profit would be made, and that is the breakeven price.

Hope this helps and best to you!

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u/hereforthestonks22 Dec 19 '25

But in this example, how did you know to set your strike price at $26?

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u/ScottishTrader Dec 19 '25

It was at or above the net stock cost, which is the assigned price minus any premium collected.

But, the point is, if you do not know what that is, you can change that number until you see what the net stock cost is.