These four positions are invented, and they are laid out to show every stage a wheel cycle passes through: a put quietly working, a put that has been rolled once, shares taken by assignment with a covered call written against them, and a cycle that has finished. The cards below are the real ones from the app, with the buttons that change things removed.
Premium collected
$755.00
across all four cycles
Realised P&L
$314.00
1 cycle finished
Capital deployed
$13,100.00
3 open positions
Open cycles
3
two puts, one covered call
The put here was assigned. The shares are held, a covered call is written against them, and the put's premium has already come off the cost basis.
Contract
Premium / contract
$61.00
Contracts
1
Expiration
Sep 16, 2026
Return on capital
2.7%
Capital required
$2.3K
Shares
Shares held
100
Cost basis
$22.00
Net stock basis
$20.49
At entry
Entry delta
0.310
Entry IV
29%
Cycle history
61 days
A cash-secured put, sold 12 days ago and doing nothing dramatic — the ordinary case.
Contract
Premium / contract
$128.00
Contracts
1
Expiration
Sep 20, 2026
Return on capital
2.2%
Capital required
$5.7K
Basis if assigned
$55.72
At entry
Entry delta
-0.280
Entry IV
24%
Cycle history
This one was rolled when it went in the money. The premium from the closed leg carries forward.
Rolled out a week when it went in the money. Still happy to own it here.
Rolled out a week when it went in the money. Still happy to own it here.
Contract
Premium / contract
$74.00
Contracts
2
Expiration
Sep 27, 2026
Return on capital
2.8%
Capital required
$5.2K
Basis if assigned
$24.69
At entry
Entry delta
-0.340
Entry IV
41%
Cycle history
42 days
A finished cycle: assigned, called away, closed. This is what it actually made.
Called away for a small gain on the shares plus every premium collected.
Called away for a small gain on the shares plus every premium collected.
Cycle history
56 days
The part a spreadsheet gets wrong
Look at the PFE card. It has been rolled once, and the premium from the leg that was bought back is still counted — the cycle carries $262.00 rather than starting again at the new contract’s $148.00. The T card does the same thing with an assignment: the put’s premium came off the share cost basis instead of being booked as a separate win, which is why the net basis reads below the strike it was assigned at. Getting those two right is most of what this app is for.
Under each card are the individual legs — sold, rolled, assigned, called away — in the order they happened.
Track your own for free
Three open positions, the monthly journal and every entry calculator, with no card.
Every figure on this page is made up for illustration. Wheel Folio never shows anyone else’s positions, and nothing you log is visible to any other user.
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