Down to the bare bones technical implementation.
Here's a step-by-step rundown of how The Wheel Screener works, for those interested in the technicals.
1. Each day, well before the market opens , The Wheel Screener retrieves all future-expiring options for 7000+ securities .
2. Those contracts are then scrubbed for certain criteria: they need given minimums of open interest, volume, bid / ask sizes, volatility, they are expiring within the next two months (as so to fit the wheel strategy)among other metric goodies.
3. This 'scrubbed' dataset still results in a sizable set of contracts to examine .
4. Multiple calculations are run on the 'scrubbed' dataset - things like the score, the market efficiency metric, and all the risk vs. reward percentages. Metrics like the score are then normalized against the entire options dataset .
5. The Wheel Screener process has completed. The completed dataset is uploaded daily to this site! For visitors and Free plan customers, the dataset is all contracts associated to companies in the Magnificent 7.
Customers with the Starter plan get access to the full scored S&P 500 dataset of 7259 contracts.
Customers with the Premium plan get access to the full scored dataset of 27447 contracts .