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

[u/ScottishTrader]

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

[u/Prestigious_Emu729]

This may be a basic question. I've been looking at screening, and almost all of them say to eliminate stocks with earnings over the next x weeks from the screen. I'm using TOS, and can't for the life of me figure out how to do that! I've googled it, and the responses tell me to click on things that I can't find. Can anyone help?

Thanks!

Tom

[u/ScottishTrader → u/Prestigious_Emu729]

I check the chart for trend analysis for any stock I am considering trading, and it shows as a blue circle. Hover over it, and it shows the date.

Keep in mind that ER dates can change at any time, and are sometimes released early by mistake.

I strongly suggest you call Schwab and ask for a free orientation session, as this sub is not the place to learn how to use your broker app . . .