Wheel Strategy Screener
Free stock screener to find the best stocks for the Wheel strategy. No account required.
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How to Use the Wheel Strategy Screener
The Wheel Strategy Screener helps you find stocks that are ideal for the Wheel options trading strategy. Use the filters above to narrow down your search based on your specific criteria.
Filter Options:
- Dividend: Filter for stocks that pay dividends (important for the Wheel strategy)
- Options: Filter for stocks with weekly or monthly options contracts
- Sector: Narrow down by specific industry sectors
- Wheel Score: Filter by Wheel suitability score (higher is better)
Understanding the Wheel Score:
The Wheel Score (0-100) evaluates how suitable a stock is for the Wheel strategy. Scores are calculated based on:
- Dividend stability (20 points)
- Options availability - weekly and monthly (40 points)
- Liquidity proxy based on trading volume (20 points)
- Volatility check - moderate volatility is optimal (20 points)
- Market cap bonus (up to 10 points)
Stocks with scores of 70+ are excellent for the Wheel strategy, 50-69 are good, and below 50 are less suitable.
Frequently Asked Questions
What is the Wheel Strategy?
The Wheel Strategy is an options trading approach that involves selling cash-secured puts (CSPs) to collect premium income. If assigned, you own the stock and then sell covered calls. This cycle continues, generating consistent income while potentially owning quality dividend stocks.
Why are dividends important for the Wheel Strategy?
Dividend-paying stocks provide additional income while you hold them. If you're assigned shares through a cash-secured put, you'll receive dividend payments while waiting to sell covered calls. This adds to your overall return and makes the strategy more profitable.
What's the difference between weekly and monthly options?
Weekly options expire within 7 days and allow for more frequent premium collection, ideal for active Wheel traders. Monthly options typically expire on the third Friday of the month and provide longer-term positions. Many successful Wheel traders use a combination of both.
How do I interpret the Wheel Score?
The Wheel Score is a comprehensive rating from 0-100. Scores of 70+ indicate excellent suitability with strong dividends, good options availability, high liquidity, and optimal volatility. Scores of 50-69 are good choices, while scores below 50 may have limitations in one or more areas.
Can I use this screener for other strategies?
While designed for the Wheel Strategy, this screener is also useful for finding dividend stocks, stocks with active options markets, or stocks suitable for covered call strategies. The filters allow you to customize your search for various trading approaches.