The Iron Wheel

The Iron Wheel organises options trading into campaigns — a running strategy on a single underlying, such as a wheel, a covered call, a cash-secured put or a poor man's covered call. Each fill you record against a campaign updates its open position, its profit and loss, and the capital it ties up, so rolls, assignments and expirations stay accounted for as one story rather than a list of unrelated trades.

At any moment, a campaign answers:

• What have I made or lost here, realised and unrealised?
• Which positions are open, and what are they worth right now?
• How much capital is at risk if the underlying moves against me?
• Where does this campaign break even, and how does its profit and loss change as the underlying moves?

Realised profit and loss is calculated FIFO with commissions included in every lot; capital requirements follow a Reg-T or TIMS margin model. Trades can be pasted in from a broker confirmation instead of entered one at a time. The Iron Wheel is a record-keeping and analysis tool — it does not connect to your broker, place orders, or give investment advice.