CSP Only
Sell puts repeatedly. If assigned, sell the shares and return to cash before beginning another CSP cycle.
Free options simulator
Get assigned a hundred times before it ever happens to you.
Assignment is the part of the wheel people misjudge, and in a real account you meet it maybe twice a year. Here you can meet it as often as you like, under conditions you choose — calm bull, strong bull, choppy, bear market, crash — at whatever hour you happen to be thinking about it. The market does not need to be open.
What makes this a simulator
Not a calculator, not a backtester
A calculator prices one trade. A backtester replays history with the outcome already decided. This lab stops at each event and makes you choose — take the assignment or not, sell the call or wait, hold the shares or return to cash — without showing you what the path does next. That is the actual skill the wheel requires, and it is the one thing neither of the other tools can teach.
Wheel Strategy
Sell puts until assigned, keep the shares, sell covered calls, and return to puts after the shares are called away.
Decision Pauses
The simulation stops at put expiration, put assignment, call expiration, and called-away events. It cannot continue until you choose the next action.
A wheel cycle takes weeks. A run takes minutes.
In a real account a full rotation from put to assignment to called-away shares can run a month or more, which means a handful of cycles a year and a very slow feedback loop. Run it here and you can work through many rotations in one sitting, then repeat the same setup to see how much of the result was the strategy and how much was the path you happened to get.
What the lab tracks
Put and call premiums, assignments, expirations, called-away shares, completed Wheel rotations, realized share profit or loss, option payoff, and trade history.
Important limitations
The lab uses simulated price paths and simplified educational assumptions. It does not use a live option chain and does not model every feature of real trading, including taxes, slippage, commissions, or all early-assignment scenarios.
This simulator uses simulated prices and simulated money. It is provided for education only and is not personalized investment, tax, or trading advice. Options involve risk, and selling a cash-secured put can result in purchasing 100 shares at the strike price.
Go further
Covered Call Lab
The other half of the rotation, run on its own with a matched buy-and-hold comparison.
Open the Covered Call Lab →Covered Call Risk Research
Paired-path Monte Carlo experiments on volatility, delta, holding period, and market regime.
Read the study →CSP/Wheel Article
A plain-English walkthrough of cash-secured puts, assignment, the transition to covered calls, and a complete Wheel rotation.
Read on Substack →Options Articles
Plain-English discussions of premium, total return, assignment, and selling away upside.
Browse articles →COMMUNITY DISCUSSION
Questions, comments, and simulation results
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