Put expires above strike
You keep the premium, the collateral is released, and you can sell another put. The trade can still miss a strong rally in the stock.
Wheel simulator
Your paper-trading desk
Build a hypothetical trade, move the stock to expiration, and watch every phase update in real time.
Load an example
02
0 turns
The live wheel
Step 1 of 4
Choose a stock you would be comfortable owning, then open a cash-secured put.
03
0 days
Running ledger
Realized P&L
$0.00
0.00% on collateral
Premium collected
$0.00
Open stock P&L
$0.00
Wheel-adjusted basis
—
Capital secured
$9,500.00
Shares held
0
Risk lens
A cash-secured put can still lose substantially if the stock falls far below the strike.
04
Move the market
Set the hypothetical stock price at expiration, then resolve the open option.
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05
Current leg
Expiration payoff
Short put P&L includes premium and the obligation to buy shares at the strike.
06
Trade journal
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Start
Your actions and outcomes will appear here.
Read the result
What the simulator is teaching you
Premium is real income, but it is not free money. Each credit comes with an obligation and changes the shape—not the existence—of risk.
Put finishes below strike
You may be assigned 100 shares per contract at the strike. Premium lowers the economic breakeven, but a deep decline can overwhelm it.
Call expires below strike
You keep both the shares and call premium, then may write another covered call. The stock’s downside risk remains with you.
Call finishes above strike
Your upside is capped: shares may be called away at the strike. You realize the stock gain or loss plus premiums, then return to cash.
Method & limits
A clear model, not a market forecast
The model uses expiration value and assumes assignment when a short put finishes below its strike and call-away when a short call finishes above its strike. Actual options can be exercised early, orders may experience slippage, and taxes, dividends, changing volatility, liquidity, and buying-power rules can alter real outcomes.
Wheel-adjusted basis is an educational economic measure: assigned share price minus cumulative net premiums in this simulation. It may differ from the tax basis shown by a broker.
Educational simulation only.
Nothing on this page is investment advice or a recommendation. Options involve substantial risk and are not suitable for every investor. Hypothetical results do not represent actual trading and do not guarantee future outcomes.