Model both halves of the wheel: the cash-secured put you sell to enter, and the covered call you sell if assigned. Premiums, breakevens, and assignment math in one place. Free, no login.
Enter both sequential phases. The summary assumes put assignment followed by the shares being called away.
Annualized return is a mathematical comparison for the premiums and days in this cycle only—not a forecast. Premiums from before this cycle still reduce cumulative basis and increase cumulative P/L. The detailed chart below shows the selected phase because a standard wheel holds these positions sequentially.
The read-only phase view below is controlled by the cycle builder. A delayed-chain contract selection updates the active phase's strike, premium, days and IV in the builder.
Theoretical Black‑Scholes estimates from your inputs. Not live quotes, not a forecast, not financial advice: real fills differ with bid‑ask spreads, dividends, early exercise and IV changes.
Solid line: profit and loss at expiration. Dashed line: theoretical profit and loss today.
Heatmap: estimated profit and loss (Black-Scholes) at each stock price and date. Green = above zero, red = below.
This example uses illustrative manual premiums—not live quotes or a promised sequence.
The result assumes the put is assigned at $95 and the shares are later called away at $100. If the put expires unassigned, only the $133 put premium is earned. If the stock falls after assignment, losses can exceed all premiums collected.
Calculation methodology and review
This calculator was built and tested by the Pure Power Picks team and technically reviewed on August 11, 2026. Expiration profit and loss is calculated from each leg's intrinsic value, premium and 100-share contract multiplier. Before-expiration estimates use Black-Scholes with the IV, rate and days supplied. The wheel summary treats assignment and the later call-away as sequential events. The detailed chart intentionally shows one phase at a time because the two contracts do not coexist during a standard wheel cycle.
Model outputs are educational estimates—not quotes or forecasts. Real results can differ because of bid-ask spreads, commissions, dividends, changing IV and early exercise of American-style options.
It cannot know whether assignment will occur, what call premium will be available after assignment, whether the stock gaps lower, or whether you will be able to repeat the cycle. Use it to understand cash flow and cost basis—not to convert a short sample into an expected annual return.
Yes. The full-cycle math and both phase charts work without a login.
You keep the put premium and can evaluate another CSP. The modeled covered-call phase only begins if shares are assigned.
Your basis is reduced by premium, but you still own stock and can suffer a substantial loss. Premium is a cushion, not downside protection.
A standard wheel holds the short put first and shares plus a short call later. Showing them separately avoids pretending that both option legs exist at the same time.
Read our cash-secured put guide, compare candidates in the covered-call stock list, or build custom variations in the full options profit calculator.
Options involve substantial risk and are not suitable for every investor. Read the OCC's Characteristics and Risks of Standardized Options. Pure Power Picks is an educational service, not a registered investment adviser or broker-dealer.