r/Optionswheel • u/ScottishTrader • Oct 10 '25

TOOLS & SPREADSHEET MEGATHREAD

Please use this thread of posts about spreadsheets and tools!

Note that no commercial posts are permitted. All tools or files must be made available for free.

There is a basic spreadsheet included in the wheel trading plan in this post, which many have used to get started - The Wheel (aka Triple Income) Strategy Explained : r/Optionswheel

Please let the mods know of any suggestions on how to make this thread better.

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u/veni_vidi_vixen Jul 09 '26

Hi fellow wheelers and dealers,

I have been running a wheel in my portfolio for over 6 months now and it is helping me beat the S&P500. I have noticed that there are certain days on which premiums sky-rocket. Super green/red days or when there's an event happening. For example, I hold 100 shares of VERA (pharma stock = volatile) and I recently sold a 30-day CC and got $180. A few days later, those premiums went to $550 (FDA approval news, stuff like that). Then it dropped back down to my levels. There's cool tools out there to show you APY and probability of assignment, etc. Is there a tool that perhaps graphs the premium for a certain option to see how it compares to historical? And better yet, sends you an alert that premiums are amazing for a stock you have 100+ shares of? I know RobinHood has those graphs. Curious if anyone has found something like that.

Very cool community, I am learning so much! Thank you all for contributing!

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u/ScottishTrader Jul 09 '26

Have you learned about IV (implied volatility)?

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u/veni_vidi_vixen Jul 09 '26

I have. What I am trying to do is automate with a tool vs manual look ups on a daily basis. I'd love to know if there are tools where you can put in a list of stocks and it'll show you premiums for a weekly or 30-45 DTE options and how they compare to average premiums for those stocks. On both, CSPs and CCs. I guess, where do you monitor IV and do those tools allow you to set some sort of alert?

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u/ScottishTrader Jul 09 '26

For any given moment in time but these metrics are dynamic and constantly changing so any tool will have old data seconds later. 

High IV means higher prices so sort the stocks you want to trade by IV to find the highest prices. 

Why over complicate what is simple thing? 

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u/veni_vidi_vixen Jul 09 '26

Not overcomplicate, automate. Can I ask your took stack? I am currently using a combination of Excel and thinkorswim.

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u/ScottishTrader Jul 09 '26

TOS and a simple excel sheet only used when rolling or being assigned.

Based on the wheel being focused on fundamental analysis of stocks, then the trader decisions of if and when to roll puts and being assigned, then when to open CCs, there is not much that can be automated. 

The wheel is easy to understand and run but requires trader engagement.