Option Wheel StartScanner output
Latest scanner results
Each market is shown separately so CAD and USD are never combined. These are neutral scanner results, not personalized recommendations.
United States
Currency: USD
| Underlying | Price | Put | Strike | Delta | Estimated credit | Return | Cash required |
|---|---|---|---|---|---|---|---|
| BBYBEST BUY CO INC | $85.35 | Sep 18, 202635 days | $75.00 | 0.158 | $110 | 1.47% | $7,500 |
| BMYBRISTOL MYERS SQUIBB CO | $64.65 | Sep 18, 202635 days | $60.00 | 0.19 | $53 | 0.88% | $6,000 |
| CVNACARVANA CO | $73.70 | Sep 4, 202621 days | $67.00 | 0.16 | $87 | 1.3% | $6,700 |
| CVNACARVANA CO | $73.70 | Sep 4, 202621 days | $68.00 | 0.188 | $107 | 1.57% | $6,800 |
| CVNACARVANA CO | $73.70 | Sep 4, 202621 days | $69.00 | 0.219 | $128 | 1.86% | $6,900 |
| CVNACARVANA CO | $73.70 | Sep 11, 202628 days | $66.00 | 0.16 | $100 | 1.51% | $6,600 |
| CVNACARVANA CO | $73.70 | Sep 11, 202628 days | $67.00 | 0.184 | $119 | 1.77% | $6,700 |
| CVNACARVANA CO | $73.70 | Sep 11, 202628 days | $68.00 | 0.21 | $139 | 2.04% | $6,800 |
| CVNACARVANA CO | $73.70 | Sep 11, 202628 days | $69.00 | 0.241 | $166 | 2.41% | $6,900 |
| CVNACARVANA CO | $73.70 | Sep 18, 202635 days | $65.00 | 0.16 | $114 | 1.75% | $6,500 |
| CVNACARVANA CO | $73.70 | Sep 18, 202635 days | $66.00 | 0.18 | $130 | 1.97% | $6,600 |
| CVNACARVANA CO | $73.70 | Sep 18, 202635 days | $68.00 | 0.233 | $183 | 2.69% | $6,800 |
| CVNACARVANA CO | $73.70 | Sep 25, 202642 days | $65.00 | 0.181 | $150 | 2.3% | $6,500 |
| CVNACARVANA CO | $73.70 | Sep 25, 202642 days | $67.00 | 0.227 | $200 | 2.99% | $6,700 |
| DALDELTA AIR LINES INC | $91.31 | Sep 11, 202628 days | $82.00 | 0.153 | $66 | 0.8% | $8,200 |
| DALDELTA AIR LINES INC | $91.31 | Sep 11, 202628 days | $83.00 | 0.186 | $83 | 1% | $8,300 |
| DALDELTA AIR LINES INC | $91.31 | Sep 11, 202628 days | $84.00 | 0.224 | $105 | 1.25% | $8,400 |
| DALDELTA AIR LINES INC | $91.31 | Sep 18, 202635 days | $82.50 | 0.208 | $117 | 1.42% | $8,250 |
| DALDELTA AIR LINES INC | $91.31 | Sep 25, 202642 days | $81.00 | 0.173 | $98 | 1.21% | $8,100 |
| DALDELTA AIR LINES INC | $91.31 | Sep 25, 202642 days | $82.00 | 0.204 | $122 | 1.48% | $8,200 |
| FCXFREEPORT MCMORAN INC | $66.83 | Sep 4, 202621 days | $61.00 | 0.183 | $72 | 1.18% | $6,100 |
| FCXFREEPORT MCMORAN INC | $66.83 | Sep 4, 202621 days | $62.00 | 0.226 | $95 | 1.52% | $6,200 |
| FCXFREEPORT MCMORAN INC | $66.83 | Sep 11, 202628 days | $60.00 | 0.171 | $76 | 1.27% | $6,000 |
| FCXFREEPORT MCMORAN INC | $66.83 | Sep 11, 202628 days | $61.00 | 0.209 | $98 | 1.61% | $6,100 |
| FCXFREEPORT MCMORAN INC | $66.83 | Sep 11, 202628 days | $62.00 | 0.248 | $121 | 1.95% | $6,200 |
| FCXFREEPORT MCMORAN INC | $66.83 | Sep 18, 202635 days | $60.00 | 0.197 | $104 | 1.73% | $6,000 |
| FCXFREEPORT MCMORAN INC | $66.83 | Sep 25, 202642 days | $60.00 | 0.216 | $130 | 2.17% | $6,000 |
| XLESTATE STREET ENERGY SELECT SECTOR SPDR ETF | $61.06 | Sep 4, 202621 days | $59.00 | 0.189 | $36 | 0.6% | $5,900 |
| XLESTATE STREET ENERGY SELECT SECTOR SPDR ETF | $61.06 | Sep 4, 202621 days | $59.50 | 0.23 | $45 | 0.76% | $5,950 |
| XLESTATE STREET ENERGY SELECT SECTOR SPDR ETF | $61.06 | Sep 11, 202628 days | $58.50 | 0.183 | $40 | 0.68% | $5,850 |
| XLESTATE STREET ENERGY SELECT SECTOR SPDR ETF | $61.06 | Sep 11, 202628 days | $59.00 | 0.217 | $49 | 0.82% | $5,900 |
| XLESTATE STREET ENERGY SELECT SECTOR SPDR ETF | $61.06 | Sep 18, 202635 days | $57.50 | 0.153 | $37 | 0.64% | $5,750 |
| XLESTATE STREET ENERGY SELECT SECTOR SPDR ETF | $61.06 | Sep 18, 202635 days | $59.00 | 0.243 | $64 | 1.08% | $5,900 |
| XLESTATE STREET ENERGY SELECT SECTOR SPDR ETF | $61.06 | Sep 25, 202642 days | $57.00 | 0.157 | $44 | 0.77% | $5,700 |
| XLESTATE STREET ENERGY SELECT SECTOR SPDR ETF | $61.06 | Sep 25, 202642 days | $57.50 | 0.182 | $53 | 0.91% | $5,750 |
| XLESTATE STREET ENERGY SELECT SECTOR SPDR ETF | $61.06 | Sep 25, 202642 days | $58.00 | 0.21 | $63 | 1.09% | $5,800 |
| XLESTATE STREET ENERGY SELECT SECTOR SPDR ETF | $61.06 | Sep 25, 202642 days | $58.50 | 0.24 | $75 | 1.27% | $5,850 |
| XLPSTATE STREET CONSUMER STAPLES SELECT SECTOR SPDR ETF | $86.00 | Sep 4, 202621 days | $84.00 | 0.249 | $46 | 0.55% | $8,400 |
| XLPSTATE STREET CONSUMER STAPLES SELECT SECTOR SPDR ETF | $86.00 | Sep 11, 202628 days | $83.50 | 0.227 | $46 | 0.55% | $8,350 |
| XLPSTATE STREET CONSUMER STAPLES SELECT SECTOR SPDR ETF | $86.00 | Sep 18, 202635 days | $83.00 | 0.218 | $51 | 0.61% | $8,300 |
| XLPSTATE STREET CONSUMER STAPLES SELECT SECTOR SPDR ETF | $86.00 | Sep 25, 202642 days | $82.00 | 0.194 | $54 | 0.65% | $8,200 |
| XLPSTATE STREET CONSUMER STAPLES SELECT SECTOR SPDR ETF | $86.00 | Sep 25, 202642 days | $82.50 | 0.222 | $63 | 0.76% | $8,250 |
Canada
Currency: CAD
| Underlying | Price | Put | Strike | Delta | Estimated credit | Return | Cash required |
|---|---|---|---|---|---|---|---|
| ATD.TOALIMENTATION COUCHE TARD INC | $92.37 | Sep 11, 202629 days | $88.00 | 0.245 | $111 | 1.26% | $8,800 |
| ATD.TOALIMENTATION COUCHE TARD INC | $92.37 | Sep 18, 202636 days | $85.00 | 0.154 | $69 | 0.81% | $8,500 |
| ATD.TOALIMENTATION COUCHE TARD INC | $92.37 | Sep 18, 202636 days | $86.00 | 0.18 | $81 | 0.94% | $8,600 |
Audience
Who this is for
This is for investors who understand the basics of the Wheel strategy but are unsure which stocks and cash-secured puts are worth researching first. We focus on established, liquid companies that pass our quality and stability screens and could also make reasonable buy-and-hold candidates, and not just stocks that happen to offer attractive option premiums.
Our screening narrows U.S. and Canadian opportunities using a proprietary mix of company quality, price behavior, liquidity, affordability, and options-market characteristics. We intentionally focus on positions requiring roughly $2,000–$10,000 in secured cash: the upper limit keeps the strategy accessible to investors starting with smaller accounts, while the lower limit helps avoid trades where small option premiums can be disproportionately reduced by brokerage commissions and transaction fees. The result is a focused research shortlist, not a trade recommendation.
Method
How our scanner works
Our scanner applies automated, rule-based filters to current market data to identify stocks and ETFs that may warrant research for a conservative Wheel approach. Starting from a curated watchlist, it checks whether each underlying has an active options market and a stable or positive price trend; it does not select symbols at random.
For eligible underlyings, it screens put options for expirations and deltas aligned with the approach, then considers practical liquidity, including bid/ask spreads, open interest, and trading volume. It also looks for a secured-cash requirement generally between $2,000 and $10,000. The resulting candidates are sorted into a concise, structured list. They are research prompts, not recommendations: always verify live prices, contract specifications, and order details manually before trading.
Strategy basics
How the Wheel works
The Wheel combines two options strategies around a stock an investor would be willing to own. The cycle typically starts by selling a cash-secured put. If the put expires without assignment, the investor keeps the option premium and can reassess whether to sell another put. If assigned, the investor buys 100 shares per standard contract at the strike price and may then sell a covered call against those shares.
If a covered call is assigned, the shares are sold at its strike price. The investor may then choose to restart the process with a new cash-secured put, hold cash, or take a different approach. Premium is compensation for an obligation; it does not guarantee a profit, prevent a stock loss, or ensure that either assignment outcome will occur.
Strategy basics
Cash-secured puts
A cash-secured put is a short put option paired with enough cash to buy the shares if assignment occurs. By selling the put, the writer accepts the obligation to purchase the underlying shares at the strike price if the option holder exercises. For a standard equity contract, that normally means setting aside strike price × 100, plus any broker-required amounts, fees, or taxes that may apply.
The premium received lowers the effective share cost if assignment happens, before costs and taxes. But it only provides a limited buffer: a company can fall far below the strike, leaving the investor with a substantial loss on the shares. If the stock rises instead, the put may expire unassigned and the investor may miss the opportunity to buy shares at the earlier price.
Assignment is possible before expiration for American-style options. Check the contract style, your broker's exercise and assignment procedures, and the cash requirements before entering an order.
Learn more: Options Industry Council: Cash-Secured Put and FINRA: Trading Options—Understanding Assignment.
Strategy basics
Covered calls
A covered call means selling a call option while already owning the matching number of shares. The premium is received upfront, but the call writer is obligated to sell the shares at the strike price if assigned. In a Wheel cycle, this step is used only after put assignment has resulted in stock ownership.
The trade-off is clear: the premium can provide a modest offset if the stock declines, but it does not eliminate the downside of owning the shares. If the stock climbs above the call's strike, the investor gives up gains above that price and the shares may be called away. Selling the shares while the short call remains open can leave the call uncovered and materially change the risk.
A short call can be assigned before expiration for American-style options, including in circumstances around an ex-dividend date. Investors should be willing to sell the shares at the strike and monitor the position according to their own broker's procedures.
Learn more: Options Industry Council: Covered Call (Buy/Write) and FINRA: Options—The Basics and the Greeks.
Important context
Benefits, trade-offs, and risks
The Wheel is often used as a long-term, premium-generating approach by investors who would be comfortable owning the underlying shares. It can make the decision process feel more deliberate: before selling a put, the investor decides what company they would be willing to own; after assignment, they decide whether they would be willing to sell those shares at a stated call strike. That structure can be appealing, but it does not turn premiums into guaranteed cash flow or make every outcome profitable.
Why some investors like it
- Premium alongside a stock plan. A cash-secured put can collect premium while an investor waits to see whether shares are assigned. Once shares are owned, a covered call can collect another premium if selling at the strike would be acceptable.
- A range-bound or modestly rising market can be workable. If a put or call expires unassigned, the investor may retain the premium and reassess the next contract rather than needing the stock to make a large move.
- Clearer decision points. Cash is reserved for a potential put assignment and shares cover a call. Some investors find this easier to stick with than a strategy built only around a short market view.
The trade-offs
- Upside is capped while a covered call is open. If the stock rises above the call strike, the shares may be called away, so gains above that price are given up in exchange for the premium.
- A fast rally can leave an investor underinvested. A cash-secured put may expire without assignment while the stock keeps rising, leaving the investor with the premium but without the shares.
- Capital is committed. Cash reserved for a put and shares held for a covered call cannot be used freely for other investments while the position remains open.
The risk that matters most: a sharp decline
If the stock or market falls sharply, a short put can be assigned and the investor may own 100 shares at a price well above the current market price. Covered-call premium provides only a limited offset; it does not protect the position from a large equity loss. Holding and waiting for a recovery is one possible choice, not a requirement or a guaranteed solution. A company can take years to recover, or may never recover.
Other material risks include concentrated exposure to one company or sector, earnings and corporate-event moves, assignment before expiration, option liquidity and bid–ask spreads, commissions and fees, taxes, foreign exchange for cross-currency investors, and broker-specific requirements. Review the underlying company and the contract terms before each new position; a premium should never be treated as compensation for risks you are unwilling or unable to carry.
Read the risk details: Options Industry Council: Cash-Secured Put, Covered Call (Buy/Write), and U.S. SEC: An Introduction to Options.
Education
Further reading
Start with the official risk disclosures and regulator guidance. The explanatory articles below can help with terminology, but they are not a substitute for your broker's options agreement, contract specifications, or professional advice.
U.S. options and investor protection
- OCC: Characteristics and Risks of Standardized OptionsOfficial options-risk disclosure document.
- Options Industry Council (OIC)Free education from OCC's industry education program.
- FINRA: Options—The Basics and the GreeksGlossary and investor-focused overview of options risks.
- U.S. SEC: Opening an Options AccountWhat a U.S. broker typically considers before granting options approval.
Canadian regulatory context
- Canadian Investment Regulatory Organization (CIRO)Canada's self-regulatory organization for investment dealers and trading activity.
- CIRO: Guidance for order-execution-only accountsExplains the limits on recommendations from self-directed brokers.
- Financial Consumer Agency of Canada: Savings and investmentsFederal starting point for general Canadian investing information.
Independent explainers and reference articles
- Wikipedia: Option (finance)Broad, linked overview of options terminology and history.
- Wikipedia: Covered optionBackground on covered calls and related concepts.
- Investopedia: Covered Calls in InvestingPlain-language explanation of mechanics, trade-offs, and examples.
- Investopedia: Put OptionIntroductory reference for puts, strikes, and exercise.