Covered call and wheel analytics that keep each structure intact

CoveredLoop is software for seeing the book you already run. This page explains how the covered-call and wheel workspace is built — what is grouped, which numbers sit on a card, and how rolls, assignments, and leftover lots stay honest. It is not a recommendation to sell calls, cash-secured puts, or any other option. Options involve risk. Use the risk disclosures and a qualified professional before you trade.

A brokerage activity feed is a list of fills. A covered-call seller does not think in fills. They think in structures: 100 (or 200, or 300) shares against one or more short calls, sometimes a short put from a wheel, sometimes a dividend, sometimes a roll that closed last week’s call and opened next month’s. If those legs land in a generic options blotter, premium yield and net investment become a scavenger hunt.

CoveredLoop keeps covered calls and wheels in their own section, separate from naked equity, standalone options, and credit spreads. Same ticker does not get mashed together. Two lots of the same name — different cost, different short strike, different account — stay two cards. That is the difference between “I have AAPL somewhere” and “this lot’s net investment is X after Y in premium.”

Each card is meant to answer the questions options sellers actually ask at the desk. Stock P&L on the shares. Net premiums collected, including closed wheel puts that belong to the same structure. Premium yield against the capital you still have in the trade. Net investment after credits. Live marks on open legs so unrealized P&L is not a leftover from last night’s close.

Those figures feed the same window as the dashboard tiles and the P&L calendar. If you change the date range or the accounts in view, covered-call premium, unrealized gain or loss, and total equity stay in sync. You are not looking at three different definitions of “today.”

The wheel is a sequence, not a ticker. Cash-secured put, assignment into stock, covered call, maybe assignment away, maybe another put. CoveredLoop treats that path as one structure when the lots belong together, and as separate structures when they do not. Closed put premium still shows on the card so the yield on the eventual stock is not missing the first chapter.

When a lot was tagged wrong — leftover shares that should join a wheel, or a call that belongs with a different cost basis — you can merge or split without rewriting history by hand. The goal is a book you can audit, not a spreadsheet you are afraid to touch.

Rolling an open call or put is a first-class action: close the near leg, open the far one, keep the structure identity. Adding shares or a dividend does not create a stray equity line that never finds the covered-call card. If you need to recategorize, split a lot or an option into another strategy bucket rather than deleting and re-keying.

That cleanup matters at tax time and at review time. A journal note that says “rolled for a credit” is only useful if the P&L on that structure actually reflects the roll. CoveredLoop keeps the trade record and the daily journal in the same product so process notes sit next to the numbers.

If you are still evaluating the product, you do not need a live broker connected. The research screener ranks covered-call and wheel ideas with estimated return, opens a chain, and lets you run what-if. Add a setup to the Sample or Manual book in one click and see how it looks as a structure card — premium, net investment, marks — before you ever send an order.

Sample data is uncapped and free. Manual mode on the free tier is two accounts and twenty-five trades, enough to reconstruct a small book. Paid plans lift those manual limits and unlock Tradier live linking. Paper trading stays a separate book so practice fills never mix with live cash.

Connect Tradier when you want balances, day marks, and fills to sync without retyping. Live and paper can be linked at the same time and selected independently. Combined P&L leaves paper out unless you turn that book on. Covered-call tiles, trade history, and reports all honor the same account picker.

For a two-minute walkthrough of the signed-in workspace — dashboard, holdings, covered calls, spreads, P&L, metrics, and research — use What We Offer. For shorter notes on how we think about the book, read Insights.