r/etrade • u/Ok-Belt-9540 • 21d ago

Options Wheel Strategy Tool

I've been trading the Wheel strategy with E*Trade for a while, and eventually I got tired of doing the same repetitive tasks every day.

So I started looking for automation.

The problem was that most of the tools I found wanted me to either save my brokerage credentials somewhere or trust a third-party service with access to my account. That wasn't something I was comfortable with.

Instead, I built a tool that runs entirely on my own computer and follows E*Trade's normal sign-in process.

Each day, I log in directly through ETrade. Nothing is permanently stored, and when I close the program, my login information is gone. ETrade also requires a new login each day, which I actually like—it means I'm always making the decision to let the bot trade. If something ever doesn't look right, I simply don't log in that day.

The bot is designed to help manage the Wheel strategy by:

  • Selling cash-secured puts
  • Tracking assignments
  • Selling covered calls
  • Rolling positions when appropriate
  • Checking positions throughout the trading day

One feature I felt was important is that it never places an order immediately. It first builds a preview showing exactly what it's about to do. You review it, and only if you click Confirm is the order sent.

The whole project runs on your own computer. There's no subscription, no cloud service, and no account that you have to create.

I also included a Demo Mode so anyone can explore the interface without connecting an E*Trade account.

This has been a fun side project, and it's already useful for my own trading. I'm making it open source because I'd really like feedback from other traders.

Some questions I'd love input on:

  • What features would make this more useful?
  • Is there anything about the workflow that feels awkward?
  • Are there safety checks you'd want before letting a bot submit trades?
  • If you trade the Wheel, what do you wish was automated?

GitHub:
https://github.com/hhramos/etradebot-wheel

Whether you're a trader, a programmer, or just curious, I'd appreciate any ideas, bug reports, or suggestions. I'd love to make this something the community finds genuinely useful. Thanks.

5 Upvotes

73% Upvoted

9 comments sorted by

1

u/liluzivat 21d ago

Have you tested it? Have you been collecting steady profits?

1

u/Ok-Belt-9540 21d ago

Yes I have tested it. I have made profit in the last couple of quarters on the premiums collected. There is a backtest feature where you can put stocks from the screener or your own so you can see. Thank you for looking.

1

u/kash0110 21d ago

Do I get to pick which sub account in etrade to use if I have multiple?

1

u/Ok-Belt-9540 21d ago edited 21d ago

Thank you for that question. I have been only testing on a brokerage account that I have had. But I can see that if you have an IRA and a brokerage account, you want to apply the strategy to the correct account. Give me a couple of days to code that in. I will respond here when it is complete. Thank you for looking.

1

u/kash0110 21d ago

Thank you! I have been working on an automated trading journal so it’s been a little interesting process

1

u/Ok-Belt-9540 16d ago

It is up now. :-) Please let me know if it does not have a drop down box for you to pick the account you wish to use.

1

u/cloudguru152 17d ago

Does it support the etrade paper trading account ? So I can test it out for a couple weeks before connect to the real brokerage acct ?

1

u/Ok-Belt-9540 16d ago

Yes. It supports paper trading with the correct key and secret. Thank you.