Most wheel traders do their research by glancing at a chart, checking IV Rank, and maybe reading a news headline. That's not enough. The information that most affects whether a wheel campaign succeeds or blows up — earnings quality, debt levels, management changes, forward guidance — lives in SEC filings. And most traders never look at them.
Here's how to use SEC filings to make smarter decisions at every phase of the wheel strategy.
Which SEC Filings Should Wheel Traders Actually Read?
The 10-K (Annual Report) — Read Before Starting Any New Campaign
The 10-K is the most comprehensive view of a company's financial health available to the public. Before selling the first put on any new ticker, check the most recent 10-K for: revenue trend direction, net income and margin trajectory, total debt vs cash position, risk factors that could trigger sudden moves, and management's assessment of competitive threats. A deteriorating 10-K doesn't mean the stock is uninvestable — but it does mean you need to size the position conservatively and have a clear exit plan.
The 10-Q (Quarterly Report) — Review for Active Campaigns
Quarterly reports update the picture between annual filings. A strong earnings beat with raised guidance is your green light to sell CSPs aggressively and even slightly closer to the money. A miss with lowered guidance should trigger a review of your active campaign — maybe moving to lower delta, or considering whether to continue at all.
The 8-K (Current Event Report) — Monitor While Holding Assigned Shares
8-Ks are unscheduled material events: executive departures, merger announcements, material agreements, earnings pre-announcements. A negative 8-K can gap a stock down 15-20% overnight — exactly the kind of move that turns a manageable assignment into a recovery campaign. Set up alerts for 8-K filings on any ticker where you have an active position.
How Do You Analyze SEC Filings Without a Finance Degree?
MoneySense.ai automatically downloads and analyzes 10-K, 10-Q, and 8-K filings using AI. It highlights key financial metrics, summarizes material changes from the prior period, and provides sentiment analysis on management commentary. For a wheel strategy trader making decisions about a company's medium-term health, this is exactly the level of analysis you need — comprehensive but actionable, without requiring you to read 80-page documents yourself.
Practical Decision Framework: SEC Filings at Each Stage
- Before selling a new CSP: Check the most recent 10-Q analysis on MoneySense.ai and confirm no pending catalyst events
- Before earnings: Review management commentary from the prior quarter's call; consider rolling to an expiration past the announcement date or closing the position
- After an unexpected 8-K: Reassess your thesis immediately and evaluate recovery options if assigned
- Annual review of ongoing campaigns: Read the full 10-K summary for every stock you're actively wheeling to confirm the fundamental case is still intact