One of the most common questions I get from students is: "How do I find the right options to sell for the wheel strategy?" Stock selection is critical (I wrote a whole post on picking the best stocks for the wheel), but once you've chosen your underlying, you still need to find the right contract — the right strike, the right expiration, the right premium. That process used to mean scrolling through endless options chains on your broker's platform, squinting at numbers and doing math in your head.
Not anymore. Today I'm excited to announce the Options Cafe Wheel Options Screener — a free tool built specifically for wheel strategy traders.
Why I Built This
I've been trading the wheel strategy since 2024 and have generated over $27,000 in profit — all shared publicly on this site. Throughout that time, I've done what every wheel trader does: open my broker, pull up an options chain, and manually scan for contracts that match my criteria. Too far out of the money? Skip. Not enough premium? Skip. Too close to expiration? Skip. DTE too long? Skip.
It works, but it's tedious. And when you're screening multiple symbols, it eats up time you could spend on analysis and trade management. I wanted something purpose-built for the wheel — a tool that filters by the exact criteria wheel traders care about. So I built one.
What the Screener Does
The screener lets you search thousands of options contracts and filter by the metrics that matter most for wheel strategy trading:
Basic Settings
- Symbol — Enter any stock you'd consider owning long-term
- Option Type — Filter by puts (to start the wheel), calls (if you already own shares), or both
- Expiration Date — Target a specific expiration
Time & Premium
- Min/Max DTE — Most wheel traders target 30–45 days to expiration for optimal theta decay. Set your range and the screener does the rest.
- Min/Max Premium — Filter out contracts that aren't worth your capital. Set a floor so you only see options paying enough to justify the trade.
Strike & Returns
- Price Type — Choose between bid, ask, or midpoint pricing
- Min/Max Strike — Narrow down to your price range
- Min % OTM — This is a big one. Filtering by percentage out of the money lets you control how much downside buffer you have before assignment. I typically look for 5–10% OTM for a solid balance of premium and safety.
- Min Return — Set a minimum return threshold so you only see trades worth making
Liquidity
- Min/Max Volume & Open Interest — Avoid illiquid contracts with wide bid-ask spreads. Liquidity matters — especially when you need to roll or close a position quickly.
How to Use It: A Quick Walkthrough
Using the screener is straightforward. Here's my typical workflow:
- Enter a symbol for a stock you'd be comfortable owning for the long term. Think blue chips, dividend payers, or ETFs — not meme stocks. (Need help picking? Read my guide on the best stocks for the wheel strategy.)
- Select "Put" to find cash-secured puts to start the wheel, or "Call" if you already own shares and want to sell covered calls.
- Set your DTE range — I usually go with 30–45 days for the sweet spot of theta decay.
- Set Min % OTM to 5% — This gives you a reasonable cushion below the current price.
- Click "Search Options" and review the results.
The results table shows you everything at a glance: strike price, percentage away from current price, expiration, DTE, last price, bid/ask spread, volume, open interest, and delta. You can quickly compare contracts and pick the one that fits your risk tolerance and income goals.
What's Coming Next
This is just the beginning. The wheel strategy has become a major focus for me and for Options Cafe. Throughout 2026, I'm planning to:
- Release more course content dedicated specifically to the wheel strategy — deeper dives into trade management, rolling techniques, and advanced stock selection criteria
- Expand the screener with new filters, watchlists, and alerts
- Build more tools to make wheel trading faster and more systematic
The wheel section is growing, but it's worth mentioning: the Options Cafe course covers far more than just the wheel. It's designed as a zero-to-hero journey through options trading — from the very basics all the way up to advanced strategies like SPX iron butterflies and SPY put credit spreads. New content is being added regularly. Whether you're just starting out or you've been trading for years, there's depth to grow into.
Try It Now
The screener is live and free to use right now. No sign-up, no paywall, no catch.
Launch the Wheel Options Screener →
If you're running the wheel (or thinking about starting), this tool will save you time on every single trade. Give it a try and let me know what you think — I'm always looking for feedback to make it better.
And if you want to go deeper — learn the full strategy, see my real trades, get alerts when I open positions — check out the Options Cafe course. It's $150 right now with lifetime access and a 30-day money-back guarantee.
Happy trading.
Related Topics: Wheel Strategy, Options Screener, Wheel Options Screener, Cash Secured Puts, Covered Calls, Options Trading Tools, Options Income, Selling Puts, Options Filter, Free Options Screener, Wheel Strategy Stocks, Options Trading
