The wheel strategy is a popular options trading methodology that generates income through selling cash-secured puts and covered calls. Proper execution of the wheel strategy requires meticulous tracking of your Adjusted Cost Basis (ACB), premium income, and roll cycles. OptionWheelTracker is the ultimate tool for theta gang traders to manage their wheel strategy campaigns, automate ACB calculations, and achieve consistent options income. By accurately logging assignments, tracking dividends, and monitoring net premium collected, OptionWheelTracker empowers options traders to maximize their return on capital and effectively lower their break-even prices over time.
From zero to tracking your first wheel strategy in under 2 minutes. Follow these 4 simple steps.
Sign up with Google in one click. We'll set up your profile with a default currency (USD) and contract size (100). You can change these anytime in Settings.
Your data is secured by Supabase with Row Level Security — no one else can see your trades.
A campaign tracks one ticker's entire wheel lifecycle — from the first CSP to getting called away. Click 'New Campaign' on the Campaigns page.
Pick the ticker you want to wheel (e.g., AAPL, MSFT, AMD)
Set a Target ACB if you have one in mind — the app will show your progress toward it
Choose your market (US, UK, India, EU, etc.) and the app auto-sets the currency
Click 'Log Trade' on your campaign detail page. Fill in the trade type, date, strike price, premium, and fees. The app calculates everything else.
Start by logging a 'Sell Cash-Secured Put' if you're beginning a new wheel
The net premium preview updates as you type so you can verify before saving
Don't worry about mistakes — you can delete trades and the ACB recalculates automatically
After logging trades, your campaign dashboard immediately updates. Watch your Adjusted Cost Basis decrease with every premium collected. The Dashboard shows your total premiums, active campaigns, and capital deployed.
The campaign card shows your current ACB, total premiums, and position cost at a glance
Campaign status automatically updates: Active CSP → Covered Call → Called Away
Log dividends too — they're included in your premium total and further reduce your ACB
Here's every trade type you can log and what it means:
| Trade Type | What Happens | Effect on ACB |
|---|---|---|
| Sell CSP | You sell a cash-secured put option | ↓ Reduces ACB |
| Buy to Close Put | Close your CSP early (pay premium back) | ↑ Increases ACB |
| Roll Put | Close + reopen at different strike/date | ↓ Usually reduces |
| Assignment | You buy 100 shares at strike price | Sets base cost |
| Sell Covered Call | You sell a call on your shares | ↓ Reduces ACB |
| Buy to Close Call | Close your CC early | ↑ Increases ACB |
| Roll Call | Close + reopen at different strike/date | ↓ Usually reduces |
| Called Away | Your shares are sold at strike price | Final profit/loss |
| Buy Shares | Manual purchase of shares | Sets base cost |
| Sell Shares | Manual sale of shares | Final profit/loss |
| Dividend | Cash dividend received | ↓ Reduces ACB |
Create your first campaign and start tracking. Every premium collected moves you closer to owning shares for free.
Start Tracking Now