Documentation

QuantWheel Docs

Everything you need to know about using QuantWheel for options trading

Roadmap & Priority Improvements

We're constantly improving QuantWheel based on trader feedback. Here's what's coming next:

Custom Rating SystemSOON

Personalize the rating formula for Screener & Roll Assistant

Covered Calls P&LSOON

Track covered calls as separate P&L in Journal

Roll Alerts

Get notified when it's time to roll positions

Position Close Alerts

Alerts when positions hit profit targets

Adjusted Options Support

Handle stock splits and adjusted contracts

Enhanced Journal Analytics

More detailed performance metrics

Want to influence the roadmap?

Join our Discord community to vote on features, share feedback, and connect with other traders.

Join Discord

Options Screener

Overview

The Options Screener scans the entire options market in real-time to find high-probability trading opportunities. It combines options data (Greeks, IV, yield) with fundamental and technical analysis to help you make informed decisions.

Options Fields

Strike

The strike price of the option contract.

Direct from market data

Bid / Ask / Mid

Current bid, ask, and midpoint prices for the contract.

Mid = (Bid + Ask) / 2

Stock Price

Current price of the underlying stock.

Real-time market price

Diff %

Percentage difference between strike and stock price (distance OTM).

((Strike - Stock Price) / Stock Price) × 100 for puts

Risk %

Probability of the option being assigned (ITM at expiration).

Based on delta, IV, and days to expiry using Black-Scholes

DTE (Days to Expiry)

Number of days until the option expires.

Expiration date - Current date

Yield %

Return on collateral for this single trade.

(Premium / Collateral) × 100

Weekly %

Yield normalized to a weekly basis for comparison.

Yield × (7 / DTE)

Yearly % (WAPR)

Annualized return assuming you could repeat this trade year-round.

Weekly % × 52

IV % (Implied Volatility)

Market's expectation of future price movement.

Derived from option price using Black-Scholes model

Open Interest

Total number of outstanding contracts. Higher = more liquidity.

Direct from market data

Delta

Rate of change in option price per $1 move in stock. Also approximates probability ITM.

Black-Scholes derivative

Theta

Daily time decay - how much value the option loses per day.

Black-Scholes derivative

Gamma / Vega / Rho

Second-order Greeks for advanced risk analysis.

Black-Scholes derivatives

Financial Metrics

These metrics help you evaluate the underlying company's financial health.

Z-Score (Altman)

Bankruptcy risk indicator. Higher = safer.

> 3.0 Safe | 1.8-3.0 Gray zone | < 1.8 Distress

F-Score (Piotroski)

Financial strength score (0-9). Higher = stronger fundamentals.

7-9 Strong | 4-6 Average | 0-3 Weak

P/E Ratio

Price to earnings. Lower may indicate undervaluation.

Varies by sector. Compare to peers.

ROIC %

Return on invested capital. Measures efficiency.

> 15% Excellent | 10-15% Good | < 10% Poor

PEG Ratio

P/E adjusted for growth. Accounts for growth expectations.

< 1 Undervalued | 1-2 Fair | > 2 Expensive

EPS Growth %

Year-over-year earnings per share growth.

Positive = growing | Negative = declining

Interest Coverage

Ability to pay interest on debt. Higher = safer.

> 5 Strong | 2-5 Adequate | < 2 Risk

Debt/EBITDA

Leverage ratio. Lower = less debt burden.

< 2 Low | 2-4 Moderate | > 4 High

Market Cap

Total company value. Affects liquidity and volatility.

Large cap > $10B | Mid $2-10B | Small < $2B

Technical Metrics

Technical indicators to help time your entries.

RV/IV Ratio

Realized vs Implied Volatility. Shows if options are over/underpriced.

> 1 = IV cheap (good for selling) | < 1 = IV expensive

RSI (14-day)

Relative Strength Index. Momentum oscillator.

> 70 Overbought | < 30 Oversold | 30-70 Neutral

RSI Trend

Direction of RSI movement (Rising/Falling).

Confirms momentum direction

Sentiment

Aggregate market sentiment score.

Positive = Bullish | Negative = Bearish

SMA20/SMA50 Trend

Whether price is above/below moving averages.

Above = Uptrend | Below = Downtrend

Diff to SMA20/50

Percentage distance from moving averages.

Large % = Extended | Near 0% = At support/resistance

EM30 (Expected Move)

30-day expected price range based on IV.

Helps set strike selection

Skew25

Put/Call IV skew at 25 delta.

High skew = More demand for puts (bearish hedge)

Momentum

Price momentum score.

Positive = Bullish momentum | Negative = Bearish

Rating System

The Rating combines multiple factors to give you a quick assessment of trade quality:

Yield relative to risk (risk-adjusted return)

Probability of profit (based on delta/risk)

Days to expiration (time efficiency)

Distance from strike (buffer zone)

Coming Soon: Custom rating formulas so you can weight factors according to your trading style.

Options Journal

Overview

The Options Journal automatically tracks your trades synced from your connected broker. It calculates P&L, displays performance metrics, and helps you analyze your trading history.

P&L Calculation - Closed Wheel Chains

We calculate P&L for "closed wheel chains" - meaning the full cycle of a wheel strategy position.

What is a Closed Wheel Chain?

A wheel chain starts when you sell a Cash Secured Put (CSP). If assigned, you receive shares. The chain only closes when those shares are sold off (either through a covered call assignment or a direct sale).

Example:

Sell CSP on AAPL at $150 strike → Collect $200 premium
Stock drops, you get assigned 100 shares at $150
Sell covered calls while holding shares
Eventually shares are called away at $155
Chain closes: Total P&L = All premiums + (Exit price - Entry price) × shares

Current Limitations

Covered Calls as Separate P&L

Currently, covered calls are grouped with the wheel chain. We're working on an improvement to track covered calls as separate P&L entries for more granular analysis.

Coming Soon

Adjusted Options & Stock Splits

We don't currently handle adjusted options (from mergers, special dividends, etc.) or stock splits. These may show incorrect P&L calculations.

On Roadmap

Roll Assistant

The Roll Assistant helps you find optimal roll opportunities for your underwater positions. Enter your current position and it calculates all possible rolls, sorted by:

Net Credit: Premium received for rolling

Equity Released: Capital freed up by rolling down

Days Extended: Additional time added

Annual Yield: Annualized return on the roll

Risk Level: Probability of assignment

Rating Score: Combined quality metric

Coming Soon: Custom rating formulas and Roll Alerts to notify you when good roll opportunities appear.

Try Free Roll Calculator

Alerts & Notifications

Set up custom alerts to get notified when trading opportunities match your criteria. Receive notifications via:

Discord

Upcoming Alert Types:

Roll Alerts - Get notified when it's optimal to roll a position

Position Close Alerts - Alerts when positions hit your profit targets

Ready to start trading smarter?

Join thousands of traders using QuantWheel to find better options trades.

Start Free Trial Join Community