Alpaca Paper Options Wheel Runner
Run an Alpaca paper options wheel with cash checks, assignment handling, covered calls, profit exits, and cycle accounting.
Before & after
Same prompt, same agent — the only difference is the skill.
The wheel strategy is a popular approach to income generation. Basically, you sell put options at a strike price you'd be happy to own the stock at, collect the premium, and if you get assigned you then sell covered calls above your cost basis. It's a cycle you repeat. You'd need to track your positions carefully and monitor the market. You'd want to decide in advance what prices you're comfortable with and stick to your plan. It can generate income, but like any strategy it has risks you should understand. You'd probably want to start with paper trading to get comfortable with it.
WHEEL EXECUTION LOG CONFIGURATION → Underlying: Tesla stock (current price $245.60) → Put strike: $220.04 (10% below current, 2-week expiry) → Call strike: $270.16 (10% above assigned cost basis) → Auto-close at 50% profit → Margin requirement: $22,004 reserved CYCLE 1 STATUS Position: Short put (220 call, expiry 2025-09-12) Premium collected: $520 Cash reserved: $22,004 Days remaining: 8 Breakeven: $219.48 Assignment probability: 12% (delta 0.12) IF ASSIGNED (scenario) → Stock cost basis: $220.04 → Shares acquired: 100 → Total capital deployed: $22,004 → Next step: Sell covered call (270 strike, 2-week expiry) → Premium available: estimated $680-750 → ROI on this cycle: 2.1% over 30 days DRAW-DOWN TRACKING → Total premiums this month: $1,890 → Cash available: $103,200 (from starting 125,000) → Open positions: 4 put spreads, 2 covered calls → Current P&L: +$1,230 (including closed positions) DAILY SUMMARY (2025-09-04) → Market close: all positions stable → No auto-closes triggered → New opportunity: sell puts on XYZ at 78.50 (4.2% return if assigned) DISCLAIMER: Illustrative paper trading only; not investment advice. Wheel strategy involves significant risk including assignment risk, margin calls, and losses. Past performance does not guarantee results.
About this skill
“My put got assigned. What happens next?” A wheel runner needs to reconcile shares, cash, option obligations, and pending orders before starting the next leg. This skill runs that process on Alpaca paper, with explicit rules for strikes, expirations, profit exits, and cycle accounting.
What it does
- Selects listed puts at or below the approved price offset and covered calls above the approved acquisition-cost floor.
- Checks full assignment collateral and available share coverage, including pending orders and other open options.
- Reconciles assignment and expiration before moving between cash, stock, and covered-call states.
- Evaluates the 50% premium-capture exit using executable quotes and actual fills.
- Prevents duplicate submissions and treats rolls as a closing trade plus a separately qualified opening trade.
- Produces a market-close report and defines 15-minute checks when a connected scheduler is available.
What you get
An executable paper-trading plan or, with authorized account tools, reconciled trade actions and a cycle ledger. Reports distinguish filled trades, pending orders, proposed actions, collected premiums, realized results, and remaining obligations.
Best for
Options traders testing a repeatable cash-secured-put and covered-call wheel on Alpaca paper, especially through assignment and repeated cycles.
SKILL.md preview
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name: alpaca-paper-options-wheel-runner
description: Operate an Alpaca paper options wheel by reconciling cash, shares, orders, and assignment before selecting cash-secured puts or covered calls, managing profit exits, and recording cycle results. Use when the user says "run the wheel on Alpaca paper", "sell a cash-secured put", "my put got assigned", "start covered calls on these shares", "close my option at 50% profit", "my bot keeps selling duplicate options", or "roll my wheel into the next cycle".
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# Alpaca Paper Options Wheel Runner
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