Wheel Paycheck sells cash-secured puts to collect premium. If a put is assigned and you take delivery of shares, it sells covered calls against them until they're called away, then begins again.

Default: on. When off, no new entries are made. Existing options stay open at your brokerage and run to expiration.

Range $1,000 to $50,000,000. Minimum to deploy is $5,000.

This caps the collateral the system can commit to cash-secured puts. Selling a put requires enough buying power to take delivery of 100 shares, so your allocation directly determines how many positions it can hold and which symbols it can trade at all.

Required buying power is confirmed with your brokerage before each order rather than estimated, so margin treatment on your account is accounted for.

Default: AAPL, MSFT, KO, JPM, XOM, VZ. At least one required.

Only include symbols you'd be content to own. Assignment is a normal outcome of the wheel, not a failure — when a put is assigned you own 100 shares per contract, and the system sells calls against them until they're called away. If you wouldn't want to hold a name through a drawdown, leave it out.

More symbols gives the system more opportunities and spreads risk. The system also favours symbols with fewer positions already open, so your allocation spreads across your list rather than concentrating in one name.

Default: 60. Options: 0, 7, 14, 30, 60, or 90 days.

Shorter expirations decay faster and cycle more often but collect less per trade. Longer expirations collect more up front and tie capital up for longer.

Default: 30. Range 10 to 50, corresponding to 0.10 through 0.50 delta.

Delta approximates the probability of finishing in the money. A 20 delta put is roughly 20% likely to be assigned — further from the current price, less premium. A 40 delta sits closer, collects more, and is assigned more often.

Lower delta is more conservative. Higher delta collects more premium and takes on more assignment.

Default: on.

Applies once you've been assigned and the system is selling covered calls against your shares.

With this on, it only sells calls at strikes above your cost basis, so shares called away are never sold at a loss. The trade-off: if the stock has fallen well below your entry, no acceptable strike exists and the system waits, collecting nothing on that symbol.

With it off, it sells at the target delta regardless. More consistent premium, but shares can be called away below your cost basis.

Cost basis is the weighted average across your open lots in that symbol.

Click Save. Changes apply to new entries — they don't alter contracts already open, since the system never modifies an open position.

New entries are only placed on Fridays. See When Wheel Paycheck trades.