Free Wheel Strategy Screener

The wheel strategy is simple in theory: sell a put, get assigned, sell covered calls until the stock gets called away, repeat. In practice, the hard part is picking the right stocks and knowing when to adjust. Flow Proof handles both.

Phase 1: Find the Right Put to Sell

The scanner scores 25 high-volatility stocks daily. For wheel candidates, you want stocks you'd be comfortable owning for weeks or months. That means decent fundamentals, not just high IV. The setup grade factors in IV Rank (are premiums rich?), entry timing (has the stock pulled back?), and trend (is it in a death spiral or just a healthy dip?).

Sort by Score, pick an A or B grade, and click AI Analyze. The AI finds the best put at your target delta using real option chain data from Tradier. You get the exact strike, premium, breakeven, and annualized return.

Phase 2: Track Assignment in the Wheel Tracker

If your put goes in the money and you get assigned, the Trade Blotter handles the transition automatically. Log the assignment, and the system calculates your cost basis (assignment price minus all premiums collected). Your wheel position moves to the "Assigned Shares" section with live P&L tracking.

I have two wheel positions running right now: TTD assigned at $35 with a cost basis of $33.14, and IONQ assigned at $40 with a cost basis of $38.55. Both are underwater on the shares, but the premiums collected from puts and calls keep lowering the cost basis every cycle.

Phase 3: AI Covered Call Recommendations

Click "AI Analyze Call" on any wheel position and the AI pulls the current call option chain, finds the best strike at your target delta, and calculates the premium and breakeven impact. It considers your cost basis, current stock price, and how many call premiums you've already collected before making the recommendation.

The AI also tells you when NOT to sell a call. If the stock has had a big rally and covered calls would cap a recovery that brings you back to breakeven, it'll flag that. Same if earnings are coming. Context-aware recommendations, not just "sell the nearest OTM call."

What Makes a Good Wheel Stock

Not every stock works for the wheel. You want high IV (rich premiums), a stock you'd actually want to own (assignment is a feature, not a failure), reasonable price (you need 100 shares worth of cash per contract), and enough options volume for tight bid-ask spreads.

The scanner's setup grade captures most of this. Stocks scoring 85+ with PRIME or GOOD signals and IV Rank above 50 are your best wheel candidates. The scanner currently tracks names like SOFI, CHWY, AFRM, DASH, UPST, ROKU, and LCID, all popular wheel stocks with active options markets.