How to Use the Wheel Strategy Simulator - Practice With No Real Money at Risk

The Wheel Strategy Simulator provides a place to practice the complete wheel cycle without risking real money. This tutorial explains how to set up simulated positions, manage them through expiration events, and use the performance tracking to build skills and confidence before committing real capital to the strategy.

To start a simulated wheel, select a stock from the simulator's universe, enter a cash-secured put strike, premium and expiration based on the current option chain, and confirm the paper trade. The simulator records the premium collected and follows the position against current stock prices, so you can see how it responds to price movements before you close it.

At expiration, if the stock closes above your strike, the put expires worthless and you keep the full premium. If assigned, you receive shares in your simulated account and immediately transition to the covered call phase of the wheel. Working through the full cycle, including being assigned and managing the recovery through covered calls, builds familiarity with each decision point. Simulated results leave out slippage, early assignment and price gaps, so treat them as practice rather than a forecast of live results.