Optionscanner's covered call screen starts from the shares you actually hold at your connected brokerages, counts whole 100-share lots per account, subtracts calls already written against them, and scans strikes for the uncovered lots, never below your average cost. The wheel side screens cash-secured puts around the 0.25 delta, 30 to 45 day convention, and tracks each position through the cycle.
From the shares you own, not from a market-wide list. It reads the positions at each connected brokerage, counts whole 100-share lots per stock and per account (lots at two brokers are never pooled, because a covered call has to sit in the account that holds the shares), finds calls already written against them, and shows the uncovered lots. Odd lots under 100 shares are left out, since one contract covers exactly 100.
A call written below what you paid for the shares locks in a loss if the shares are called away: the premium is small and certain, the capital loss is larger and becomes final on assignment. The screen therefore never lists a strike below your average cost per share, read from your broker. When a stock has fallen far below cost, the honest choices are holding, or selling the shares as a stock decision, rather than disguising an exit as income. The wheel strategy page covers the same rule inside the full cycle.
Around the common convention: a short put near 0.25 delta inside a 30 to 45 day window, on a stock you are willing to own at that strike, with the full cash to buy 100 shares per contract set aside. Roughly one-in-four odds of assignment per cycle is what that delta implies. The cash-secured put entry explains the mechanics, and put credit spread vs cash-secured put compares it with the defined-risk alternative.
Each position sits in exactly one state: short put open, shares held after assignment, covered call open, or called away and complete. Premium from every state adds up to the cycle's realized result, and when the app's broker check detects an assignment or expiration, it asks you to confirm the change rather than committing it on its own.
Stocks you do not hold, for the covered call side; it is a screen for your own shares, not a list of high-premium covered calls across the market. Calls are screened one lot group at a time for the account that holds the shares, and ex-dividend dates still need checking for early assignment risk on calls in the money, as dividends and options explains.
From the shares you own, not from a market-wide list. It reads the positions at each connected brokerage, counts whole 100-share lots per stock and per account (lots at two brokers are never pooled, because a covered call has to sit in the account that holds the shares), finds calls already written against them, and shows the uncovered lots. Odd lots under 100 shares are left out, since one contract covers exactly 100.
A call written below what you paid for the shares locks in a loss if the shares are called away: the premium is small and certain, the capital loss is larger and becomes final on assignment. The screen therefore never lists a strike below your average cost per share, read from your broker. When a stock has fallen far below cost, the honest choices are holding, or selling the shares as a stock decision, rather than disguising an exit as income. The wheel strategy page covers the same rule inside the full cycle.
Around the common convention: a short put near 0.25 delta inside a 30 to 45 day window, on a stock you are willing to own at that strike, with the full cash to buy 100 shares per contract set aside. Roughly one-in-four odds of assignment per cycle is what that delta implies. The cash-secured put entry explains the mechanics, and put credit spread vs cash-secured put compares it with the defined-risk alternative.
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