YieldCove
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Calculator

Model premium, yield and assignment for any wheel trade.

Inputs
$
$
$
$
Results
Premium income
$199.34
Capital secured
$10,000
Return on capital
1.99%
Annualized
24.25%
Breakeven
$98.01
Downside protection
2%
Max profit
$199.34
Max loss
-$9,800.66
Payoff at expiration
Net P&L by underlying price
Probabilities & Greeks

Enter the underlying price (or fetch a ticker) to unlock probabilities, Greeks and fair value.

Scenario analysis
MovePriceP&LReturn
-20%$80-$1,801-18%
-10%$90-$801-8%
-5%$95-$301-3%
Flat$100$1992%
5%$105$1992%
10%$110$1992%
20%$120$1992%

Net P&L at expiration if the underlying moves by each amount from the current price (or strike).

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About the wheel strategy

The wheel is an options income strategy: sell cash-secured puts to collect premium, and if you're assigned the shares, sell covered calls against them — repeating the cycle.

This calculator shows the premium yield, annualized ROI and breakeven for each leg, so you can size cash-secured puts, covered calls and rolls with confidence before you place the trade.