You know the Wheel works.
Now run it without the guesswork.
Scan opportunities. Enforce your rules. Journal every trade.
Optional hands-off automation closes winners and rolls losers while you sleep.
Native Alpaca integration · Paper-trade first · Go live when you're ready
What is the Wheel Strategy?
A systematic three-step cycle that generates consistent monthly income from quality stocks you'd be happy to own.
Sell a Cash-Secured Put
Sell a put on AAPL at the $180 strike. You collect $187 premium instantly. If AAPL stays above $180 at expiry, you keep it all.
Collect premiumGet Assigned (Sometimes)
If AAPL drops below $180 at expiry, you buy 100 shares at $180. Your cost basis is $178.13 after premium — below market entry.
Own stock cheaplySell a Covered Call → Repeat
Now sell a covered call at $185. Collect more premium, set a profitable exit. When it expires or fills — restart the cycle.
Repeat every monthPlatform Preview
The full Wheel lifecycle, in one dashboard.
From first scan to final journal entry — every stage of the strategy automated, monitored, and recorded.
Step 1 · Find the Trade
CSP Scanner — your daily opportunity list
Stop scrolling option chains on weekends. Every morning the engine scans your watchlist plus a curated ~200-ticker wheel universe, picks the optimal strike at your delta target on each, and ranks the candidates by a weighted score. Earnings ahead, low quality grade, low liquidity, or ATR-too-close — all flagged before you click. Elite users see the full ranked list with the engine's reasoning chain on each candidate. One glance, ready to execute.
Step 2 · Your Open Book
Positions — your entire portfolio at a glance
Every open CSP, covered call, and assigned share lot in one structured view. Real-time P&L, delta, DTE, percent captured, and the per-cycle progress gauge — colour-coded so you know what's running smoothly, what's a winner ready to lock in, and what needs attention. The live deployable-capital bar shows your strategy budget split into open + pending + reserve + broker margin + free, recomputed every 15 seconds. Phantom-cascade protection auto-reconciles positions Alpaca closed but WheelRunner missed.
Step 3 · Manage & Act
Roll Monitor — catch every critical moment
Timing is everything in the Wheel. The Roll Monitor watches every open position continuously and flags the moment a profit target hits, a strike comes under pressure, or DTE tightens. The engine pre-calculates the optimal roll candidate with net credit and new DTE. On Elite, three tiers handle the work for you: close-winner closes shorts at the profit target, roll-stop rolls when shorts breach the hard stop, and roll-gamma refreshes shorts in the final 21 DTE before gamma risk spikes.
net credit +$52 · roll for free ✓
4 days left · expiry risk rising
Step 4 · Review & Improve
Trade Journal — the edge serious traders build
Every closed trade auto-populates the journal — entry rationale, emotion flag, lesson learned, realised P&L per leg AND per wheel cycle. Cycle-level Win Rate and Profit Factor compute from the chain root to the terminal close (rolled legs excluded until terminal — the right way to measure a wheel strategy). Reconciled against Alpaca four times: on submit, on poll, on cron, and on every journal load. Phantom rows auto-detected, never auto-deleted.
Step 5 · Measure the Edge
Performance — measure the strategy, not just the trades
Most option dashboards report leg-level P&L and stop there. Wheel performance has to be measured at the cycle level (chain root to terminal close), and it has to surface concentration, discipline, and capital efficiency together. The Performance lens computes a Wheel Health Score — a 0-100 composite of Win Rate, Profit Factor, annualised yield, discipline, and concentration. The Roll Counterfactual answers a question no other wheel tool answers: did rolling actually help versus letting it ride? Equity curve, drawdown card, monthly trend, per-ticker breakdown — every angle on whether your strategy is working.
Elite Automation
Six tiers that run the Wheel while you sleep.
Top traders do three things differently: exit winners on time, roll losers without panic, and stay out of garbage-hour openings. WheelRunner's six automation tiers do all three — plus three more — without you watching the chart.
Close winners
Buys back shorts the moment your profit target hits. Locks in every gain automatically.
Auto-CC
After assignment, writes a covered call at your configured delta. Restarts the cycle without delay.
Roll-stop
Rolls shorts for credit when they breach the hard stop. Defends time and basis.
Auto-open
Picks new CSPs from the scanner, respecting your rules and reserve. Optional, off by default.
Roll-gamma
Refreshes shorts in the final 21 DTE — before gamma risk spikes.
Stock-defense
Watches assigned share lots for stop or take-profit. Alerts or exits per your config.
Plus the safety layer
Three guardrails that make the automation safe to trust.
Seven safety halts
Kill switch · VIX-extreme · daily loss limit · weekly loss limit · max-trades-per-day · time window · paused state. Trip any one and every tier stops. The engine refuses to trade when something is structurally off.
30-day dry-run + audit log
Every new tier starts in dry-run for 30 days. The engine logs every decision (placed / blocked / skipped) with the rule that fired it. Filter, search, export to CSV. Nothing happens silently.
Notifications & digests
Five per-event toggles (auto-open / auto-close / roll / walker-floor / engine-halt) plus daily and weekly digest emails. The limit walker keeps pending orders fresh; you only get pinged when something material happens.
Available on the Elite tier.
Your brokerage.
Your money.
Your control.
WheelRunner never sees your Alpaca password. Brokerage credentials are held server-side and encrypted with AES-256-GCM authenticated encryption; OAuth is our submitted integration target. You can revoke access in one click from Settings or directly from your Alpaca dashboard.
- Server-side credentials only — Alpaca password never stored or transmitted
- AES-256-GCM encryption at rest with per-row keys
- Trade-only access — no withdrawal or transfer permissions ever requested
- Credentials never sent to your browser
- Revoke access instantly from Settings or Alpaca
Your tokens are useless if we're ever breached
AES-256 encryption at rest — decrypted only in server memory, never stored in plain text
We can never touch your funds — not even accidentally
Trade-only API access — zero withdrawal or transfer permissions ever requested
Your credentials never reach your browser
Tokens stay server-side only — never in localStorage, cookies, or API responses
All data in transit is fully encrypted
TLS 1.3 enforced everywhere — tokens never appear in URLs or referrer headers
Your account data is isolated from every other user
Supabase Row Level Security — queries are scoped to your user ID at the database layer
Three presets. One click to start.
Choose a pre-screened portfolio preset or build your own watchlist. Every ticker is filtered for IV, liquidity, and conviction score.
Conservative
Low riskHigh-quality dividend payers, low IV, steady premium.
Balanced
Moderate riskModerate IV with strong fundamentals and decent liquidity.
Growth
Higher riskHigher IV yields bigger premiums — with more assignment risk.
Paper-first
Practice the full strategy risk-free before committing a dollar. Every account starts in paper mode.
Brokerage-isolated
Your funds never leave your Alpaca account. WheelRunner connects via secure server-side credentials and never holds money.
Open audit trail
Every automated decision is logged with the rule that triggered it. Override, disable, or review anytime.
Four plans. Pick your level of involvement.
Every plan starts with the same wheel-strategy infrastructure. The ladder is about how much you want to do yourself versus letting the engine handle.
Free
Try it
Paper-trade the full strategy. Watchlist, scanner preview, journal — all read-only on simulated trades.
Starter
Disciplined manual
Live trading on Alpaca. Real-time scanner, full journal, configurable risk rules. You execute every trade.
Pro
Serious manual
Higher position caps, 1-tap rolls, tax export, full Performance lens with Wheel Health Score. Still you-in-the-loop.
Elite
Hands-off
Everything in Pro + six automation tiers run the cycle for you. Engine logs every decision; you stay in control.
Common questions
Is this safe? What happens to my money?
Do I need options experience to start?
What brokers are supported?
Can I lose money?
How is this different from a robo-advisor?
Is WheelRunner an investment adviser?
How does annual billing work?
What happens when I upgrade from Free to Starter?
Ready to run the Wheel with discipline?
WheelRunner is designed to help disciplined traders generate income from options through systematic execution. Paper-trade first. Go live when you're confident. Cancel anytime.
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