What is the wheel score used in the OptionIncomeTools wheel screener?

The wheel score is a 0–100 composite that ranks an underlying for the wheel strategy by combining premium efficiency, liquidity, and assignment-risk-adjusted yield; it is a screening heuristic, not a forecast.

Calculation type: Heuristic score Method version: 1.0 Date reviewed: 2026-06-23

Formula

A weighted average of three sub-scores (each 0–100):
  50% × annualized screen yield (normalized)
  30% × liquidity score
  20% × assignment-risk score (lower delta = higher score)

Worked example

SOFI scores 72 because its annualized screen yield is in the top quartile of our universe (yields 85), its liquidity score is 78, and its assignment-risk score is 50 due to a 0.30 short put delta. Composite = 0.5(85) + 0.3(78) + 0.2(50) = 72.

Common misinterpretation

Treating wheel score as a quality score or a prediction of profit. It is a relative ranking inside our screened universe under the current snapshot. A wheel score of 75 today may be 55 tomorrow if implied volatility falls or assignment risk rises.

Limitations

Does not include account-type fit (no naked options in IRA, etc.).
Does not adjust for upcoming earnings or ex-dividend dates — check those separately.
Normalization is relative to our 70-ticker universe, not the entire US options market.

Tools that use this metric

Primary references

Methodology page

References cite the source institution where the underlying definition or rule is published. OptionIncomeTools does not redefine standardized options terms; it ranks and presents data using widely accepted definitions.

Related glossary entries

Browse the full glossary for related definitions.

Educational only — not investment advice. See the disclaimer and methodology. Material methodology corrections are logged at corrections.