Here's a little 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 the visitors and free plan users, the dataset is a random selection of 100 of the top scoring 500 contracts. For Premium users, you'll get the full scored dataset of 0 contracts in addition to the top scoring 500 contracts, which downloads immediately upon logging in as a Premium user .Ok - To The Dashboard!