Curriculum
3 working modules
Learn the Wheel, step by step
New to options? Start with the Options Basics primer — five minutes on the vocabulary the Wheel assumes you already know. Then three working modules take you through the rest of the Wheel: strike selection, expiration timing, and the adjustment playbooks that keep every position on the rails. For the end-to-end strategy overview, jump to the explainer below.
The Wheel phases
Sell Put
Get Assigned
Sell Call
Start here
Beginner
Available
Options basics
New to options? Spend five minutes on the vocabulary — what an option is, calls vs puts, strike, expiration, and premium. Every module below assumes you already speak this language.
The working modules
02
Available
Strike selection
Pick a strike that maximises premium-per-day without over-reaching for assignment — the delta, DTE, and bid-ask rules of thumb.
03
Available
Expiration timing
Choose the DTE window so theta works in your favour — without taking on unnecessary gamma risk in the final week.
04
Available
Adjustment playbooks
Roll, close, accept, or rescue — the four-position map for any outcome the market hands you.
Each module above zooms in on one part of the Wheel. For the end-to-end explainer — the cash-secured put, the assignment, and the covered call, all in one continuous read — start with the strategy overview.
Want the full explainer? Read the Wheel strategy overview →