The wheel strategy does not have a single identified inventor. The strategy is a logical combination of two of the oldest and most widely-used options strategies in existence: the cash-secured put and the covered call. Both strategies have been practiced by institutional and retail investors since listed options began trading on the CBOE in 1973.
The term "wheel strategy" gained significant popular traction in online trading communities — particularly Reddit's r/thetagang and options forums — in the 2018-2022 period as retail options trading surged. However, the underlying mechanics are textbook options strategies taught in virtually every options education program.
The key insight that distinguishes the wheel strategy as a systematic approach is the intentional cycling between put selling and covered call writing as a capital-efficient income generation loop — a concept that has been practiced in various forms by income-focused options traders for decades.