Wheel Strategy Trade Tracker in Google Sheets: Track CSPs, Covered Calls, and Assignment

Introduction

The wheel runs on rhythm: sell a cash-secured put, optionally take assignment, then sell covered calls against shares. None of that works well if your log is messy. This guide walks through a practical Google Sheets layout so you can track open CSPs and CCs, assignments, cost basis, and notes in one place. For a full template with tabs already wired up, copy the free Wheel Strategy Options Tracker v1 from https://wheelstrategyoptions.com/blog/precision-options-selling-advanced-tracker-guide-with-a-free-google-sheets-template/

Setting Up Your Wheel Tracking Spreadsheet

Create a new Google Sheet and name it something descriptive like "Wheel Options Tracker." Here's a suggested structure for your columns:

• Ticker: The underlying asset symbol (e.g., AAPL, MSFT – but for this example, we'll use fictional tickers like FICT1, FICT2).
• Trade Type: (Put, Covered Call)
• Action: (Selling, Buying, Assigned, Expired)
• Strike Price: The strike price of the option.
• Premium Received/Paid: The premium collected or paid for the option.
• Expiration Date: The option's expiration date.
• Quantity: Number of contracts or shares.
• Cost Basis (if assigned): The price you paid for the shares if your put was assigned.
• Current Price: Use =GOOGLEFINANCE(A2, "price") (assuming "Ticker" is in column A). This dynamically updates the current market price.
• Profit/Loss: Calculate your P/L based on current price and premiums. For puts, it could be =F2-(B2*100) if assigned or =F2 if expired. For calls, it might be =F2+(E2*100)-H2.
• Notes/Watchlist: Add any relevant observations or track potential future trades here.
• Trade Status: Open, Closed

Managing Active and Watchlist Trades

Active Trades:

Input all details of your active trades. Regularly update the "Action" and "Trade Status" columns. As trades expire or get assigned, ensure your cost basis (if assigned on a put) and profit/loss are accurately updated. For example, if FICT1 is assigned at $100, input $100 in "Cost Basis." Then your "Profit/Loss" on the covered call would reflect the difference between the call's strike, premium, and this cost basis.

Watchlist:

Use the "Notes/Watchlist" column to list tickers and strike prices you're considering. Input potential trade parameters and then use the live "Current Price" to monitor price action and identify opportune entry points. Example: "FICT2 - Watching for put sell at $50 strike if price drops below $48."

Analyzing Your Performance

Use Google Sheet functionalities like SUM, AVERAGE, and COUNTIFS to analyze your trading performance. For example, you could calculate:

• Total premiums collected
• Average profit/loss per trade
• Win rate (percentage of profitable trades)

Example Scenarios and Risk/Benefit Analysis

Scenario 1: You sell a put on FICT1 at $100 strike for $2 premium. If FICT1 stays above $100, you keep the $200 premium (per contract). If FICT1 drops below $100 and you're assigned, you buy 100 shares at $100 each. Your risk is potentially unlimited if FICT1 drops significantly, but your maximum profit is capped at the premium.

Scenario 2: You're assigned FICT1 at $100. You now sell a covered call at $105 strike for $1 premium. If FICT1 stays below $105, you keep the $100 premium, effectively reducing your cost basis to $99. If FICT1 climbs above $105, your shares are called away. Your maximum profit is capped at $600 ($500 price appreciation + $100 premium) per contract.

We highly recommend using our wheel strategy screener to find wheel strategy trades that you can then track with the spreadsheet setup above.

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Disclaimer: This article is for informational purposes only and not financial advice. Investments are subject to risk and should be carefully analyzed before making any decisions.