Options trading tools for wheel traders
There is no single best options trading tool. Wheel traders use four kinds, and most of the frustration comes from asking one kind to do another's job.
1. Your broker's platform
Fidelity, Schwab's thinkorswim, Interactive Brokers, Tastytrade and Robinhood all show option chains, Greeks, probability of profit and your open positions, and they execute the trades. They are the source of truth for what you hold. What they do poorly: history across years, premium netted against shares as a running cost basis, and any view of a wheel campaign as one thing.
2. Screeners
Screeners find candidates: stocks with liquid options, a premium yield you want, an earnings date that is not next week. Barchart, Market Chameleon, Option Samurai and several wheel-specific screeners sell this. Look for filters on delta, days to expiry, annualised return on collateral, earnings date and open interest. A screener tells you nothing about the trades you already have on.
3. Trackers
A tracker keeps your positions, premium and cost basis straight over time, usually by reading your broker's exports. This is the gap most wheel traders fill with a spreadsheet. Look for: Expired-vs-Assigned labelling, true cost basis after premiums per stock, positions that update from a fresh export rather than accumulating, long options kept separate from short premium, per-account views for Roth and taxable, and export of your own data. WheelCopilot is a tracker; it adds AI-generated suggestions and trade grades on top, which are informational only.
4. Journals
A journal records why you made each trade and how it felt, then grades the outcome. Some trackers include a light journal (WheelCopilot grades closed trades and lets you log trades you place); dedicated journals go deeper on psychology and tagging.
How to choose
| You want to… | Use a… | Check that it… |
|---|---|---|
| Find the next put to sell | Screener | Filters on delta, DTE, return on collateral, earnings date |
| Know your real cost basis and campaign P/L | Tracker | Nets premium per stock; labels Expired vs Assigned; reads your broker's export |
| Place and manage orders | Broker | Already does |
| Improve your decisions | Journal | Grades outcomes against your reasoning |
Red flags in any tool
- It asks for your brokerage login. A tracker only needs exports.
- It promises returns, or shows testimonials without "results vary".
- Its "signals" or "AI picks" are presented as advice rather than as information to research.
- You can't export or delete your data.
Disclosure: this page is published by WheelCopilot. It mentions competitors by category because wheel traders use several tools at once, and because a tracker is only useful if your broker and screener are good.
Frequently asked questions
What is the best free tool for the wheel strategy?
Your broker's platform plus a spreadsheet is free and is how most wheel traders start. Paid screeners and trackers save time and catch cost-basis mistakes; whether that is worth $10 to $30 a month depends on how many contracts you run.
Does WheelCopilot replace my broker?
No. It never places trades or connects to your account. You trade at your broker and upload its exports.
Disclaimer. WheelCopilot is portfolio-tracking software with calculations and AI-generated commentary, for informational and entertainment purposes only. Much of its research is done by AI, which makes mistakes. Nothing on this site is investment, tax or legal advice, a recommendation to buy or sell any security, or the only source of information you should use. We are a software company, not a registered investment adviser or broker-dealer. Options trading involves substantial risk. Verify anything you act on against your broker and, where appropriate, a licensed professional. Terms of Service · Privacy Policy