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.

By default the system assigns symbols for you based on your allocation. You can also pick your own from the approved list — at least one is required. See How The Wheel System Picks Assets for the defaults at each allocation level and the full approved list.

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. On each entry run, the system ranks the qualifying puts across your symbols by return on the capital each one requires, and funds the best-paying ones first. Your allocation, and the one-open-contract-per-symbol limit, still govern how much goes to work — ROI ranking decides the order, not the size.

If you've set a custom symbol list, it's preserved. The system only ever trades names you selected.

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.

Default: off. Optional.

With this on, the system may use your account's margin buying power as collateral rather than settled cash alone, which lets it hold more positions from the same account.

This carries real assignment risk. A put backed by margin isn't pre-funded, so being assigned leaves you with a margin loan, interest charges, and exposure to a margin call. Read Using margin buying power before turning it on.

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 evaluated twice a day, at 10:00 AM and 1:00 PM Eastern, on the system's entry days. See When Wheel Paycheck trades.