Income & Stock Overlays Calculators
Covered Call
P&L analysis
Own stock + sell call — generate premium on existing position.
Calculate →Cash-Secured Put
P&L analysis
Sell put with cash collateral — get paid to potentially buy stock at a target price.
Calculate →Poor Man's Covered Call
P&L analysis
Long-dated call as stock substitute + short-dated short call — covered-call mechanics with less capital.
Calculate →Wheel Strategy
P&L analysis
Continuous rotation: cash-secured put → assignment → covered call → assignment → repeat.
Calculate →Covered Put
P&L analysis
Short stock + sell put — premium-generation on a short position.
Calculate →Covered Strangle
P&L analysis
Long stock + short call + short put — extra premium from selling both wings.
Calculate →Option Roll
Roll analysis
Close existing option and open a replacement — analyze net credit/debit and updated breakevens.
Calculate →Strategies that layer options on top of an existing or planned stock position: covered call, cash-secured put, poor man's covered call, the wheel strategy, covered put, covered strangle, and option-roll analysis.
When to use these calculators
Income & Stock Overlays generate premium from stock positions or position-substitutes. Covered calls and cash-secured puts are the foundational two; the wheel strategy combines them in a continuous rotation. Roll analysis applies when adjusting open positions.
All calculators on this page are EDUCATIONAL tools, not financial advice. Verify P&L numbers against your broker's risk tool before trading.
Frequently Asked Questions
- How accurate is the calculator?
- Uses standard textbook formulas. Brokerages may use proprietary models — verify before live trading.
- Is this advice to enter a trade?
- No. These are educational tools, NOT financial advice. Consult your own analysis and a qualified financial advisor before trading.
- What's the difference between covered call and wheel?
- A covered call is a single income trade (own stock, sell a call above market). The wheel is a rotation: sell a cash-secured put → if assigned, own stock → sell a covered call → if assigned, exit. Repeat.