1. The position
2. The quotes
One line per option: strike, premium per share (the bid is the realistic fill), days to expiry, and optionally its implied volatility in percent. Copy them from your broker's chain.
Result
Questions people ask
Which covered call strike should I sell?
There is no single best strike; it is a trade between premium and the chance of losing the shares. A strike closer to the stock price pays more but is more likely to be exercised. This tool lists every quote you paste, ranks them by annualized premium yield, shows the model chance of being called away, and picks the highest-paying quote that stays under the assignment chance you set.
What does annualized return mean here?
It is the premium divided by the capital tied up, scaled to a year by 365 divided by the days to expiry. A 1.5% premium over 30 days shows as about 18.3% simple annualized. It assumes you could repeat the trade at the same price every cycle, which you usually cannot, so treat it as a way to compare quotes, not a forecast.
How is the chance of being called away calculated?
From a Black-Scholes model: the probability the stock finishes above the strike at expiry, using the implied volatility you type for each quote or the default. Implied volatility is on your broker's chain. The model assumes smooth lognormal prices, so real-world gaps make it an estimate rather than a forecast.
What is the wheel strategy?
Selling cash-secured puts until you are assigned the stock, then selling covered calls on it until it is called away, and repeating. Switch the mode to cash-secured puts to rank put quotes by yield on the cash set aside and by the effective purchase price if you are assigned.
What can go wrong with covered calls?
The stock can fall by more than the premium, which is the main risk; the call only cushions the first part of a drop. The shares can also be called away below your cost basis, locking in a loss, or in a taxable account triggering a taxable sale. Early assignment before a dividend is also possible. The scenario table shows the payoff at expiry next to simply holding the stock.
Is this investment or tax advice?
No. It is arithmetic and a probability model on the quotes and figures you type. It does not recommend buying, selling or writing any option or security, does not know your tax situation, and options involve risk, including loss of the whole investment in some strategies. Read your broker's options disclosure and talk to a qualified adviser.
Not decided
Whether to trade at all. The model ignores dividends, early exercise, volatility changes, bid-ask spreads beyond the premium you type, margin and portfolio effects, taxes (a call that is exercised may realize a taxable gain, and a qualified covered call can affect holding periods), and what the stock does next. Options can lose money, and short puts can lose most of the strike price. One underlying at a time.
Related tools: the tax lot sale optimizer for choosing which shares to sell, the tax-loss harvesting calculator, and the wash sale checker.