The Wheel Option Calculator is a Thinkorswim custom quote script built to simplify and optimize the Wheel Strategy—a powerful options income approach that combines selling puts and covered calls. This tool calculates real-time profit potential, breakeven levels, and premium yields directly in the options chain, helping traders make confident decisions with less guesswork.
Key Features:
✅ Dual-Mode Flexibility: Switch between new trades (based on current market price) or existing trades (based on your custom cost basis).
✅ Premium % Return: Instantly see the percentage return from selling puts or calls.
✅ Premium + Stock Gain: For covered calls, calculates combined return from both option premium and potential strike price appreciation.
✅ Put-Selling Breakeven: For cash-secured puts, automatically calculates your new breakeven stock price.
✅ Smart Labels: Outputs results as clean, easy-to-read labels right in the options chain. Profitability above your threshold (default 50%) is highlighted in green for quick recognition.
✅ Streamlined Setup: Just paste into Thinkorswim’s Custom Quote settings—no chart clutter, everything shows directly on the option chain.
Perfect For:
Options traders running the Wheel Strategy who want to evaluate both covered calls and cash-secured puts in real time, directly where trade decisions are made.
⚠️ Disclaimer: This indicator is for educational use only. It does not constitute investment advice. Trading involves substantial risk; never trade with money you cannot afford to lose. Past performance is not indicative of future results.
The Wheel Option Calculator is a Thinkorswim custom quote script built to simplify and optimize the Wheel Strategy—a powerful options income approach that combines selling puts and covered calls. This tool calculates real-time profit potential, breakeven levels, and premium yields directly in the options chain, helping traders make confident decisions with less guesswork.
Key Features:
✅ Dual-Mode Flexibility: Switch between new trades (based on current market price) or existing trades (based on your custom cost basis).
✅ Premium % Return: Instantly see the percentage return from selling puts or calls.
✅ Premium + Stock Gain: For covered calls, calculates combined return from both option premium and potential strike price appreciation.
✅ Put-Selling Breakeven: For cash-secured puts, automatically calculates your new breakeven stock price.
✅ Smart Labels: Outputs results as clean, easy-to-read labels right in the options chain. Profitability above your threshold (default 50%) is highlighted in green for quick recognition.
✅ Streamlined Setup: Just paste into Thinkorswim’s Custom Quote settings—no chart clutter, everything shows directly on the option chain.
Perfect For:
Options traders running the Wheel Strategy who want to evaluate both covered calls and cash-secured puts in real time, directly where trade decisions are made.
⚠️ Disclaimer: This indicator is for educational use only. It does not constitute investment advice. Trading involves substantial risk; never trade with money you cannot afford to lose. Past performance is not indicative of future results.
