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15-min delayed
Strategy · Live on SPY $652.40
Wheel strategy
intermediatemoderate riskCycle: sell puts until assigned, then sell calls until called away. Repeat.
Payoff workbench
Wheel strategy on SPY at $652.40
Expiry
Contracts1
Drag anywhere on the chart to test a price at expiryP/L at expiry · 1 contract (100 sh)
▲ +$4,215
back to cashmissed the moonrestart CSP
Stock ripped through your call strike. Shares called away.
You exit the call phase, pocket the gains to the strike, and start a new CSP cycle.
Credit collected
+$455
4.55/sh × 100 sh
Your P/L at $712
+$4,215
at the dragged expiry price
Break-even
$647.85
Max loss
−$18,285
Modelled estimate: premiums are approximations from delayed quotes. Confirm at your broker.
Live chain
Pick your strike: SPY calls · 30 days out
How it’s built
The legs: toggle them to see why each one matters
Long 100 shares (post-assignment)
From CSP cycle
Short 1 call · $690 · 30d
Premium +$455
Short 1 put · $620 · 30d
Premium +$575
Result
Wheel · CC phase
You hold shares + sold a call. Same as a covered call.
Pairs well with
Unfamiliar term? The glossary defines it in a sentence, and the plain-English guides cover the ideas in longer form.
Educational only, not financial advice. Quotes delayed at least 15 minutes. Premiums, deltas and probabilities are modelled estimates, not live market quotes. Confirm at your broker. Denaras never places trades.