Wheel Level calculator
This calculator will score different strike levels for a stock based on Delta, Expected Move ( EM), Gamma, and credit received or Premium. Volatility will tell you if the premiums are high and ripe for selling. This is some of the criteria I use to help decide which strike and delta is better in a given situation. I also use 50% Harvesting, meaning I am taking profits at 50%
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GREEN
= best by score and no risk flags (good wheel candidate) -
RED
= fails your wheel safety rules (red flag / strict mode triggers) -
YELLOW
= best by score but has caution (you can trade it, but watch it) -
GRAY
= not the best choice
Wheel Strike / Level Comparator (50% Harvest)
Scoring Weights (must total 100)
Setup A
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Enter total credit dollars for 1 contract (e.g., 200 = $2.00 premium).
Setup B
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Notes: ROC assumes cash-secured put collateral = strike × 100 × contracts. This tool does not model assignment, IV crush, slippage, or gaps.
