Wheel Strategy Spreadsheet - Signature Series

Hello everyone, I trust your weekend provided some much needed rest. It’s been a wild and busy year already, yet, somehow I can’t rationalize where the time has gone. The bible tells us in James 4:14 that our life is like the morning fog – it’s here a little while, then it’s gone. And my Pastor says it this way, yesterday is gone and tomorrow may never be mine. In that light, I hope you’ll enjoy this week just a little more, maybe take that vacation, or enjoy some family time. Whatever it is for you I hope we can all pencil it into the schedule. It might be well past time for us all to move into that abundant life Jesus tells us about.

That said, I’ve got a great new wheel strategy spreadsheet to share with you today. I must also add, this has taken me weeks to complete. One simple change affects countless other items and getting every thing to work in harmony was not an easy task. In any case, it’s complete and ready for anyone needing a beautiful spreadsheet to track their options wheel strategy trades.

In the next few sections I’m going to walk through this spreadsheet completely. I hope you’ll take a few minutes to follow along as I introduce this exciting new addition to the signature spreadsheet series. If you find it compelling, I hope you’ll also consider supporting the site by purchasing it through the OptionBoxer Webstore or by clicking the banner below. If you ever have any questions please feel free to reach out anytime.

Wheel Strategy Spreadsheet Overview

As agreed, in my Signature Series – Iron Condor Spreadsheet post, the Wheel Strategy Spreadsheet is the 2nd of many signature series spreadsheets to come. If you haven’t already (and you trade the iron condor strategy) you may want to have a look at that one as well. Additionally, if you’re new to the wheel strategy, you may want to view my free trading tools page. There you’ll find a few iterations of a Free Wheel Strategy Spreadsheet that is and will remain free to use.

Now, the first thing I hope you’ll notice about the new Wheel Strategy Spreadsheet is that the look and feel of the signature series remains the same. The functionality and appeal are unmatched, in my opinion. So it was important many of the features be included here as well.

Moving on, you may also notice there isn’t an equity graph present. This was intentional but not because I didn’t want the equity graph. I certainly did. Only I had a problem, after weeks of trial and error I simply couldn’t reconcile exercise or assignment without adding an obscene number of calculations. I did not want this. I wanted the signature series to maintain functionality, simplicity, and attractiveness above anything else.

So, while I would have preferred the equity graph, the diversification graph is more than fitting for traders or investors holding a portfolio of shares. But, if you still really want the equity graph I did a complete walkthrough on accomplishing that task with app script. Using app script bypasses the problem I was having with exercise or assignment by copy/pasting the data daily rather than by transaction.

Wheel Strategy Spreadsheet General Details

Having said all of that, the Signature Series – Wheel Strategy Spreadsheet is designed to not only track the trades but to also provide valuable information throughout a trade. The spreadsheet doesn’t neglect any aspect of the wheel strategy but does focus in on a few key aspects.

Current and Future Income
Current and Future Market Sentiment
Current Position Status
Tracking & Visualizing Results

After all, the wheel strategy is, in my opinion, an income strategy. Thus, making income a core focus was of paramount importance. Moreover, by highlighting several technical, fundamental, and market environmental indicators we’ll know when (and when not to) consider that next position.

Once a trade is entered, on any asset, the search function provides relevant metrics for that particular asset. That way you’ll never have to break out the calculator to see what your cost basis or total capital commitment is on that holding.

Finally, and keeping in line with the signature series design. I’ve added visualizations that provide feedback we actually want. From profit/loss per year to income pending per month, you’ll know exactly where you stand on a trade or overall. Additionally, I’ve included the ability to track dividends and any potential interest payments. These income streams are included in every calculation, including the income received and pending graphs. That said, if you’re looking for a solution to have the dividends applied automatically, then a look at this Reddit post will get the ball moving in the right direction.

Dashboard Review

With the brief introduction out of the way, let’s take a closer look at each section so functionality is clear.

First, in the upper left corner you’ll see “Symbol Selection”. By adjusting the symbol in the drop down box the “Investment Lookup” and “Technical Indication” sections will each update to reflect that underlying. Which will be useful in the analysis and ongoing trade processes.

Performance Statistics

Arguably the most important information for all of us traders is, are we making money? As such, at any point in time we can see the market value or “current balance” if no position is active. This balance will update in almost real time for any equity assets in the portfolio. Options trades are applied as they’re entered but a final tally occurs when a position is closed.

“Available Capital” is provided to know how much buying power is currently available. That said, you’ll likely have more buying power available than is shown here if you’re trading in a margin account. It isn’t possible for me to know what equities you’ll hold or your specific brokers requirements. Therefore, this is a simple calculation that adds up the maximum risk for all open positions. If nothing else, this metric assures the cash is always available to cover every position.

“Cumulative Profit/Loss” sums up all the debits and credits, for every trade. “Realized Profit/Loss” however may differ from cumulative p/l if any positions are currently open. Each remaining statistic is simply a quick look at the total income from the most common sources. Though, I included the other selection for any income (or expenses) that I couldn’t foresee.

Investment Lookup

With a high likelihood that we won’t be trading just one symbol at a time an investment lookup function was required. With this functionality we can filter out everything unrelated to a particular asset. We’ll quickly see how many shares we hold, what our average entry price was for those shares, an adjusted cost basis, and a total profit/loss. All unique to the symbol selected in the symbol selection drop down.

So it’s clear, the adjusted share cost and adjusted cost per share are not the same. Adjusted share cost is the total adjusted cost of the shares purchased. Meaning, any income has been subtracted from that cost. Adjusted cost per share is that adjusted cost divided by the number of currently held shares.

Finally, don’t be alarmed by the negative sign on the cost calculations. I prefer to see that so I know that was money I had to pay out of my balance. If that ever becomes a problem for others I may alter it. However, for me, I like to see those figures moving closer to zero as I inch closer to paying for the position with earned income.

Settings

Moving into settings there isn’t much to enter. The starting date alters the dates across the spreadsheet. Be sure not to accidentally enter a starting date in 2025 and then enter previous data from 2024. While the calculations will still occur the graphs will not reflect data outside of the date range. Currently the spreadsheet starts at the date entered and extends for 10 years.

Starting account value and account goal are where that criteria is required. Very likely you’ll be trading the wheel strategy inside of a larger account. This entry can assist not to exceed the limit you’ve placed on wheel trades. For example, suppose you had a $100,000 dollar account and you only wanted to commit 20% to the wheel specifically. The account value would be set at $20,000 and the spreadsheet will assume that is the maximum available capital.

Finally, the account goal is just something I like. I enter the amount I’d want to achieve so that I’m always pushing higher. It isn’t an imperative calculation and is only tied to the account goal percentage in the performance statistics section.

Wheel Strategy Spreadsheet – Signature Series Visualizations

Portfolio by Market Value

As is titled, this diversification graph will showcase each asset held in the portfolio by the current market value. Please note these values do not include any income received. Rather, I thought it important to highlight the bare value of each asset in the portfolio since income data is visualized elsewhere.

Gain/Loss by Year

Again, as titled, the gain/loss by year simply finds the closing dates of trades and adds them up by year. One thing to note however, be mindful that closing dates for opening and then closing trades are entered as the same date. Basically, to avoid any erroneous graphs, be sure not to have an opening trade in one year and then closed in another year. This would result in a debit in the initial year and a credit in the following year. I point this out because I ran into that problem during testing. I marked an assigned put with the date the put was assigned, and not the date the shares we’re actually closed. We’ll get into using the spreadsheet later but I wanted to mention it here as well.

Gain/Loss by Symbol

Gain/loss by symbol is a measure of profits or losses separated by each symbol traded within the spreadsheet. The spreadsheet is currently set to a maximum of 50 unique assets. If you find more are required this is easily corrected. You can feel free to reach out to me or alter the calculations from the graphs/calculations page directly.

Income Captured by Month

This graph highlights the actual monthly income that has been put into the account. This isn’t pending or open, this is realized income that has been accrued through trading the wheel strategy, through dividends, interest, or any other means. Also, please note that as the year changes this graph can also change. Simply, select the desired year from the drop down menu just above.

Income Pending by Month

Similar to the income captured graph, the income pending graph highlights all pending options trades currently on the books. Typically, with multiple positions open we don’t know immediately if we’re meeting our goals each month. This graph bridges that gap. At a seconds notice we can see if we’re light on our monthly needs next February or if we’ve over extended in July. Additionally, this graph will update by the year selected above the income captured graph. That way any future income, even LEAPS, can be visualized quickly.

Market Barometer & Trade Environment

Current Sentiment

This section highlights the “mood” of the market at that particular point in time. This is a short term indication for what the market is doing right here and now. If the data points listed here point to bearishness, its highly probable the market is already down for the day or will be soon or vice versa. This indicator will change day to day and minute to minute as the prices or values listed change. The current sentiment will always be indicated by a bearish, neutral, or bullish tag at the top right of the section.

Fundamental Indication

It isn’t possible to fundamentally analyze the entirety of the market, that would be thousands of companies. However, the data points listed in this section tell the markets current story. If the winds are picking up and this section is indicating bearishness then caution is advised. Alternatively, if these criteria are in line with a generally healthy market then we can feel confident to proceed accordingly. This is a longer term indication for what’s happening within the markets. Similarly to the current sentiment, the fundamental indication will be noted with bullish, neutral, or bearish tag.

Technical Indication

The technical indication section pulls in some common moving averages(SMA) and includes a rate of change(ROC) metric. The moving averages serve to highlight prevailing trends while the ROC provides the momentum of those trends. Admittedly, I rarely look at each calculation in a vacuum. Instead, I use them to underscore possible trade environment criteria and that happens automatically without input from me. Again, noted by a bullish, neutral, or bearish tag.

Trade Environment

Finally, the environment section makes use of the indicators present within the spreadsheet. The metrics in this section, in my opinion, point to a favorable or unfavorable environment to enter a trade. That said, there is no holy grail in trading the wheel strategy and even favorable environments can deteriorate. Still, it’s important to me that at entry I’ve at least considered the likelihood a trade will be successful. These values help frame the trade’s picture so at least I know it’s centered. This section will be indicated by a potential, wait, or an unclear tag. Unclear simply meaning the metrics aren’t in alignment, not that a trade will or will not be successful.

Transactions Review

The Signature Series – Wheel Strategy Spreadsheet boasts a robust transactions page without the need for mindless data entry. To keep with the design and aesthetic of the signature series I had to avoid 37 different data points for entry. Officially, there are 11 points of entry, which is more than I prefer but not excessively so.

Each data point is important to some area of functionality within the spreadsheet. Remember back to the beginning of this post when I said I struggled because everything is connected? Well, it’s important to be mindful of that point when entering transactions. The details matter.

I won’t go through each requirement in this section, I’ll save that for the tutorial below. Though, I want to point out the two most important criteria to the spreadsheets proper functionality. That is, “Transaction Status” and “Transaction Type”. These two criteria indicate what calculations are supposed to occur, and when. So, if you ever feel there is an error, double check that the transactions status & type are entered properly. For example, if a put is changed from open to assigned open, the calculations now assume you hold 100 shares. In addition to any put income. This would of course, throw calculations off throughout the spreadsheet if the change wasn’t intentional.

In any case, the transactions page is intuitive and I leveraged every piece of data to create the very best wheel strategy spreadsheet I’ve ever seen. Simply enter the trade specific details and the transactions section will indicate relevant criteria about that transaction and relay that information throughout the workbook.

Graph/Calculations Review

Again, it was of the utmost importance I avoid loading down the spreadsheet with waves of calculations. As mentioned, to create the equity graph that I preferred would have added no less than 10 new columns of calculation requirements. All of which would have been array formulas and nested if functions. Not exactly easy to diagnose a problem should one arise.

So, to keep it as simple but as functional as possible the graphs/calculations page mirrors that of the iron condor spreadsheets calculations page. With the only true difference being the calculations to create the diversification graph on the overview page.

That said, nothing here should ever need to be altered. These calculation simply provide the look and functionality required to produce the information we need as traders. However, should it ever be needed, even a novice spreadsheet user would be able to view or alter the functions here with ease.

Signature Series – Wheel Strategy Spreadsheet Tutorial

Ok, this will serve as an important section for someone just starting out with the spreadsheet. Additionally, I will do my very best to describe every detail but please reach out if you ever encounter an issue. I will respond promptly to correct or assist in using the spreadsheet as intended.

Overview Selections

Beginning with the “Overview” page the only areas that will require interaction are those points where data can be entered. Everything else will populate automatically. Highlighted in the first image below, I’ve pointed out the pieces of information that can be changed from the overview page. Each should be fairly straightforward. Enter the symbol you intend to lookup or analyze, set the year for the subgraphs, and the start date/account values in the settings module.

Transaction Status

First, let’s look at the transactions status requirement. At every phase of a wheel strategy trade one of the criteria will be required and each alters how calculations occur down the line. If you’re entering a put to begin, select open while the put is open. If it expires worthless, the transaction status will then be marked as closed.

Should the put be assigned (share ownership), the assigned open criteria will then be selected while the shares are on the books. Once the shares are closed, come back and change the selection to assigned closed.

Exercise will never happen for a put and assignment will never happen for a call. The logic of the spreadsheet is that puts are assigned to us and calls are exercised away from us.

As an example, consider the following chain of events;

Put was sold – mark “Open” initially
Put was assigned – change marking from “Open” to “Assigned Open” (while the shares are held)
Call was sold – mark “Open”
Call was later exercised – mark “Exercised”
Return to the corresponding put – mark “Assigned Closed”

An important note – the spreadsheet cannot reconcile buying or selling unequal share lots whether through “Buy/Sell Stock” or “Exercise/Assignment”. To counter that just make sure that any opening share transaction has an equal share closing transaction.

As an example, suppose your assigned 5 short puts on XYZ stock but only get exercised against 300 shares. You’ll want to enter each put as its own line item. That way, any opening transactions are cancelled out with a closing transaction. Below is an image to assist in understanding what I’m describing.

It sounds more confusing than it is. Essentially, any remaining shares need to be shown as still open and not closed.

Transaction Type

Next is the transaction type selection criteria. I don’t believe this will generate an issue but when a trade is entered you’ll choose whichever identifies the type of trade. For instance, a short put would just have “Put” selected, a short call, “Call”, or buying shares, “Buy Stock”, etc.

For the sake of being completely thorough, I’ve added the ability to include dividends, interest payments, or any “Other” debits/credits to the account. Adding this functionality should cover every way income is generated throughout the wheel strategy. However, if at any time you find something not included please reach out to me so I can correct.

Trade Details

In the next section of the transaction page you’ll find the bulk of the data entry requirements. Each entry is necessary for everything to populate accordingly. However, you’ll notice from the image some items can be left blank, depending on the transaction type selected. For example, when buying stock there wouldn’t be an options expiration date, a transaction credit, or an end date (initially). Therefore, those items could remain blank to avoid unnecessary data entry.

From left to right;

Expiration Date – The options expiration date.
Strike or Share price – The strike price of an option or the per share price of stock that is bought or sold.
Entry Date – The date the trade began.
Quantity – Number of contracts or number of shares transacted.
Transaction Debit – The total value of the transaction without fees.
Transaction Credit – The total value of the transaction without fees.
Total Transaction Fees – Any options commissions or trading fees associated with that transaction.

Transaction | Risk | Days

Finally, the remaining items will calculate automatically based on the inputs from the previous sections. This criteria is then pulled into the graphs/calculations page or into the overview page directly to provide the finished Signature Series – Wheel Strategy Spreadsheet.

The transaction module here is mostly to highlight some pertinent information relating to opening or closing share positions. Though, the net transaction figure is exactly that for each transaction, options or shares. The risk segment calculates to show the maximum possible risk for each transaction along with a percent to short strike calculation. This highlights if a short call or put is nearing assignment or exercise.

Lastly, in the days section you’ll see days to expiration and days in trade. This is to make note of timing until a particular contract expires or how long a trade has lasted, respectively.

Jeff’s Wheel Strategy

To round out this signature series wheel strategy spreadsheet post, I thought I’d share how I would trade the wheel strategy today. Admittedly, I have largely moved away from the strategy myself. Not because I don’t prefer it, but because the assets I prefer are just to costly. I wouldn’t be able to maintain my core portfolio and trade the ETF’s I like, at least not at this time. In the future, if/when capital is available I will indeed be incorporating the wheel strategy back into my arsenal. The income generation alone is just to enticing not to.

Here is a complete list of my criteria for trading the wheel strategy. It isn’t intended to be a guide for you to implement the strategy but rather something to consider as you prepare your own wheel strategy approach. In all, the wheel strategy is one of my favorites but I just simply don’t want to risk trading lower priced assets anymore. You may remember how my Youtube series ended trading MPW. Not great, but it was entirely my own fault. I should have stayed the course with Energy Transfer and the outcome of that series would have been dramatically more positive.

Final Thoughts

Well, that brings us to the end of our discussion on the Signature Series – Wheel Strategy Spreadsheet. I believe I covered every possible aspect of the spreadsheet and its use, but feel free to reach out on the Contact page if ever needed.

In total, I find the spreadsheet visually stunning and effortless to use. This was the overarching goal when I set out to make it so I’m pleased with where it stands, for now. Ultimately however, whether I’ve accomplished the mission will be up to each of you. I hope you’ll have a look and let me know what you think.

Lastly, similarly to the iron condor spreadsheet, the wheel strategy spreadsheet was designed for use with google sheets themes. Should the current theme ever feel tired and in need of some fresh paint, simply head to Format > Theme to select a fresh new look. Additionally, every theme is fully customizable with very little effort. For example, in the picture below I created a dark theme that I think really pops. The logo would need to be changed of course, and possibly the chart lines but everything else looks stellar, in just two clicks of the mouse.