Simple Pricing
Start free with paper trading. Upgrade when you're ready to go live.
Free
Paper trading only. Experience the full wheel strategy risk-free.
- Paper trading with a free Alpaca account
- 10-ticker watchlist
- Scanner over your watchlist — delta, yield, liquidity and IV filters
- Full wheel strategy — puts, assignment, covered calls
- 1-tap execution — sell puts, write covered calls, close and roll
- Chain-aware positions — a rolled trade shows whole-chain P&L, not just the current leg
- Roll ticket that prices in what earlier legs already cost you
- Greeks, IV and liquidity on every contract
- Earnings, dividend and catalyst flags on every candidate
- Sector diversification advisory + VIX regime dashboard
- Cycle-level P&L dashboard + trade journal
- Assignment alerts, daily briefing and weekly summary by email
- Best-practice risk defaults, pre-configured
- Knowledge base + strategy glossary
- Email support (72h)
Runs fine on Alpaca's free data — option prices are estimates, which is what paper trading is for.
Starter
Go live with real money, and set your own numbers.
- Everything in Free
- Live trading with real money
- 20-ticker watchlist
- Discovery scan — your list plus 131 pre-vetted wheel stocks
- Edit every risk rule — delta, yield, cash reserve, concentration caps
- Opportunity alerts by email — a daily shortlist of puts worth selling
- Email support (48h)
Live trading works on free data, but we recommend Algo Trader Plus before you place real-money orders.
Pro
A full trading desk: multi-account, risk analytics, tax export.
- Everything in Starter
- 50-ticker watchlist
- Multi-account vault + one-click switching
- Performance suite — Wheel Health Score, Sharpe, Sortino, max drawdown
- Portfolio stress testing + historical scenario replay
- IV Rank — whether the premium is genuinely rich, not just high
- Smart order walker — improves unfilled limit orders toward a fill
- Trade fill + expiry alerts by email
- Live fill streaming (needs Algo Trader Plus)
- Tax CSV export — option legs + FIFO equity for Form 8949
- Email support (24h)
Live fill streaming needs Algo Trader Plus. Everything else here works on free data, on estimated option prices.
Elite
Full automation — the engine runs the wheel under your rules.
- Everything in Pro
- 100-ticker watchlist
- Auto-execution (opt-in) — six tiers you arm one at a time
- Chain-aware auto-close — won't book a win that's a loss across the roll chain
- Adaptive VIX regime — sizes down and pauses entries in vol shocks
- Adaptive entry selection — IV richness over a raw yield chase
- Per-ticker automation profiles
- Engine preview — see what it would open before you arm it
- Automation audit log + decision export
- Priority support (same-day)
- Early access to new features
Auto-execution on a live account needs Algo Trader Plus. Take-profit closes and all paper automation run without it.
What Alpaca's free data actually is
Alpaca's Basic plan costs nothing and covers a lot: stock quotes from one exchange (IEX), delayed 15 minutes through the API, and indicative option quotes — estimates rather than the real exchange-sourced market. Every WheelRunner tier runs on it, and for paper trading that is exactly what it is for. The catch is that estimates drift: a thin strike can show a phantom one-cent bid that makes a perfectly tradeable roll look untradeable.
Compare Alpaca's data plans →We recommend live data for real money
Algo Trader Plus ($99/mo) swaps estimates for real-time OPRA quotes and every US exchange — the actual two-sided market. It also lifts Alpaca's 200-calls-per-minute cap and the 30-symbol websocket limit, which is what lets WheelRunner scan the full universe faster and stream fills across a whole book. Two features need it outright: live fill streaming (Pro) and auto-execution on a live account (Elite); everything else still runs, just on estimated prices.
How to get it for $0
Alpaca hands Algo Trader Plus to accounts in their Elite program — a separate thing from WheelRunner's Elite tier — where the published deposit thresholds start at $30,000. The same program cuts margin to 4.75% from 6.25% and drops borrow fees on easy-to-borrow shorts, both of which matter if you sell cash-secured puts against margin. You set it up in Alpaca, not here — check their page for current terms.
See Alpaca's Elite program →No credit card required to start. Cancel anytime.
WheelRunner · ZONTIK LLC