1
AI options screening, wheel candidates, briefings and Monte Carlo trade simulations.
Verdict. Best for wheel and premium sellers who want AI to screen contracts and simulate exits.
Best tools for the wheel strategy and covered calls
Screen contracts, check the payoff, and keep track of premium collected.
Updated Oct 22, 2026. Our picks, in order. Software reviews only, not investment advice.
2
OptionStrat
Free planOptions analytics
Visual options strategy builder with profit/loss charts and flow.
Verdict. Best for seeing the risk of a spread before you place it.
3
Market Chameleon
Free planOptions analytics
Implied volatility, earnings moves and options screeners.
Verdict. Best for checking implied vs. historical earnings moves and IV rank.
4
Option Alpha
Free planOptions analytics
No-code options trading bots, backtester and education.
Verdict. Best for automating rule-based options strategies without writing code.
5
Tradervue
Free planTrade journaling
Long-running trading journal with imports, reports and sharing.
Verdict. Best simple, proven journal. The free tier is enough to start reviewing trades.