Options Trading Tools
Five calculators that size and evaluate the core options income strategies in the order most traders actually learn them: a single covered call, a cash-secured put, combining both into the wheel, a defined-risk credit spread, and sizing that spread against your buying power.
Options income strategies all do the same basic thing: collect premium up front in exchange for taking on a defined obligation. But "how much income" and "how much capital" and "how much risk" are three different questions, and each strategy answers them differently. A covered call caps upside on stock you already own. A cash-secured put ties up cash in exchange for a chance to buy a stock cheaper. The wheel chains the two together. A credit spread swaps unlimited risk for a defined, capped one. None of that is obvious from the premium number alone.
The five tools below walk through that progression in order: collect income against stock you own, collect income against cash you're willing to deploy, combine the two into a repeatable cycle, move to a defined-risk spread instead of a single option, then size that spread against what your account can actually support.
The simplest options income trade: sell a call against shares you already hold, collect the premium, and know your breakeven and your capped upside if the stock gets called away. This calculator turns the strike, premium, and share price into both numbers before you place the trade.
Covered Call Income Calculator →If you don't own the stock yet but wouldn't mind owning it at a lower price, selling a cash-secured put collects premium now in exchange for the obligation to buy at the strike if it's assigned. This calculator shows exactly how much cash needs to sit in the account to secure the position.
Cash-Secured Put Capital Calculator →The wheel is just steps one and two run in a loop: sell cash-secured puts until assigned, then sell covered calls on the shares until they're called away, then start over. This calculator works backward from an annual return target to the monthly premium the strategy needs to collect to actually hit it.
Wheel Strategy Premium Target Calculator →A covered call or cash-secured put still carries the full downside of owning or being assigned the stock. A vertical credit spread caps that risk on both sides: this calculator takes the strikes and the credit received and returns the max profit, max loss, and breakeven on the spread.
Credit Spread Max Profit/Loss Calculator →Knowing a spread's max loss per contract is only half the sizing question. This calculator applies the standard Reg T margin formula for a defined-risk spread to your available buying power, so you know exactly how many contracts you can sell without over-committing the account.
Credit Spread Margin Calculator →Every options income strategy is a variation on the same trade: collect premium, accept an obligation, know your numbers before assignment forces the question. A covered call's breakeven doesn't tell you what a cash-secured put ties up. A cash-secured put's capital requirement doesn't tell you what a full wheel cycle needs to hit an annual target. And neither one tells you what happens once you move from owning the obligation outright to capping it with a spread. Run all five together and the whole income-strategy decision, from single option to sized spread, uses numbers you actually calculated instead of ones you assumed.