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.
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.
Tap any input to activate the live chart. Solid line: value at expiration. Dashed: theoretical value today.
Heatmap: estimated position value (Black-Scholes) at each stock price and date. Green = above zero, red = below.
The wheel has two halves and this page models both. It opens on the entry half: a cash-secured put at your chosen strike, showing the premium you collect and your effective purchase price if assigned. If assignment happens, tap the Covered Call preset, set your cost basis to the assignment price, and model the exit half: selling calls against the shares until they are called away. Load a live chain to price either half with real strikes and IV.
Wheel sellers usually pick strikes they would genuinely be happy to own the stock at, on names with liquid options and premiums worth the wait. Compare strikes and dates here, sanity-check candidates against our covered-call stock list (the same qualities make good wheel names), and mind the wash-sale rule if you harvest a loss between cycles. The full options profit calculator handles any custom variation, and the dedicated covered call calculator covers the exit half in depth.
Yes: free, no login, no ads, and everything runs in your browser.
You keep collecting put premium on your cash. That is the green zone of the heatmap: the put expires and you can sell the next one.
Your basis is the strike minus all premiums collected, and the covered-call half keeps lowering it, but a deep decline still loses money like any stock position. The heatmap’s red zone shows exactly where, for your numbers.
Each half is cleanest modeled on its own, mirroring how the trade actually runs, but the custom legs in the full calculator can combine anything up to six legs plus shares.
Every tool we build is free: browse the full free tools collection, and grade your own trades with the free trading journal template (Google Sheets, Excel, Notion and printable PDF).
Educational tool only. All values are hypothetical model estimates, not quotes, forecasts or financial advice. 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 and is not a registered investment adviser or broker-dealer.