Options Wheel Strategy Tool
I've been trading the Wheel strategy with E*Trade for a while, and eventually I got tired of doing the same repetitive tasks every day.
So I started looking for automation.
The problem was that most of the tools I found wanted me to either save my brokerage credentials somewhere or trust a third-party service with access to my account. That wasn't something I was comfortable with.
Instead, I built a tool that runs entirely on my own computer and follows E*Trade's normal sign-in process.
Each day, I log in directly through ETrade. Nothing is permanently stored, and when I close the program, my login information is gone. ETrade also requires a new login each day, which I actually like—it means I'm always making the decision to let the bot trade. If something ever doesn't look right, I simply don't log in that day.
The bot is designed to help manage the Wheel strategy by:
- Selling cash-secured puts
- Tracking assignments
- Selling covered calls
- Rolling positions when appropriate
- Checking positions throughout the trading day
One feature I felt was important is that it never places an order immediately. It first builds a preview showing exactly what it's about to do. You review it, and only if you click Confirm is the order sent.
The whole project runs on your own computer. There's no subscription, no cloud service, and no account that you have to create.
I also included a Demo Mode so anyone can explore the interface without connecting an E*Trade account.
This has been a fun side project, and it's already useful for my own trading. I'm making it open source because I'd really like feedback from other traders.
Some questions I'd love input on:
- What features would make this more useful?
- Is there anything about the workflow that feels awkward?
- Are there safety checks you'd want before letting a bot submit trades?
- If you trade the Wheel, what do you wish was automated?
GitHub:
https://github.com/hhramos/etradebot-wheel
Whether you're a trader, a programmer, or just curious, I'd appreciate any ideas, bug reports, or suggestions. I'd love to make this something the community finds genuinely useful. Thanks.