How to Track Your Wheel Strategy Performance
Cash-secured puts, assignments, covered calls — the wheel has a lot of moving parts. Here's how to see the full picture.
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The problem
Why this is harder than it looks
The wheel strategy cycles through cash-secured puts, stock assignments, and covered calls — sometimes over weeks or months. Your broker shows each phase as separate trades. A cash-secured put that gets assigned becomes a stock position, and the covered calls you sell against it are yet another set of trades. Calculating your true cost basis and total return across the full wheel cycle requires connecting trades that your broker treats as completely unrelated.
Difficulty in market analysis
Limited understanding of options strategies
Loss of capital due to poor trade decisions
Confusion over complex strategies
Step by step
Here's how to do it
Export your trades covering the full wheel cycle
Make sure your export date range covers the initial cash-secured put through your most recent covered call. The wheel can span months, so go back far enough to capture the opening trade.
If you've been running the wheel on the same underlying for a while, export the last 3-6 months to capture complete cycles.
Import the CSV into OptionsEdge
Upload your ThinkorSwim or Tastytrade CSV. OptionsEdge parses all fills — puts, calls, stock assignments, and closures — and prepares them for grouping.
Check that puts and calls are grouped into one wheel position
OptionsEdge detects the wheel pattern: cash-secured put → assignment → covered call. These appear as a single position showing your adjusted cost basis including all premiums collected.
If your wheel spans a very long period, make sure you imported all the fills. Missing the original put means the cost basis won't reflect that premium.
Track premiums collected across the cycle
The position detail shows total premium income — from the initial put, each covered call, and any rolls. This is your real yield on the underlying, not just the most recent call.
Monitor adjusted cost basis
Each covered call premium and each put premium reduces your effective cost basis. OptionsEdge tracks this automatically, so you always know your true breakeven price.
Analyze wheel performance by underlying
Use Dashboard analytics to see which stocks produce the best wheel returns. Filter by strategy type to compare win rates, average premiums, and annualized returns across your wheel positions.
Watch out
Common mistakes to avoid
Only tracking the covered call side and ignoring the premium from the initial cash-secured put
Not updating cost basis when a put gets assigned — the stock basis should include the put premium
Treating each wheel cycle as a separate trade instead of one continuous position
Missing the connection between assignment and covered call in your journal
The easier way
How OptionsEdge handles this for you
Auto-groups cash-secured puts and covered calls into a single wheel position
Tracks adjusted cost basis across the full put → assignment → call cycle
Strategy-level P&L shows total wheel performance including all premiums collected
Roll tracking preserves history when you roll covered calls to new expirations
Analytics reveal which underlyings generate the best wheel returns over time
Keep reading
Related guides
See your wheel's true performance.
Import your broker CSV and see puts, assignments, and covered calls as one position with true cost basis. Free to start.
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