01 — HYG · WHEEL STRATEGY

Best HYG wheel strategy setups.

Pick how long you want to wait and how much risk you'll take. We score every live strike across the next 3 expirations and surface the top setups — updated hourly.

Credit-spread proxy with options flow tied to recession risk and risk-off positioning.

Find the best strikes →FREE · 20 ANALYSES/DAY · NO CARD
iShares iBoxx High Yield Corporate Bond ETF
Bond ETF
HYG
$77.58+0.9% / 30d
IV rank (1y)
32.8% · moderate
Option vol
11K /day

02 — Live setups

Suggested strikes

Choose your time horizon and risk band. Every match is scored on return, premium, and probability of profit.

Days to expiration
Probability of profit
Sort by
Cash-secured put · first leg of the wheel
$76.5 put · Dec 4
36 DAYS · 1.4% OTM · SELL TO OPEN
Credit
$42
Return
0.54%
PoP
62%
StrikeExpirationCreditReturn ↓PoP
$77
0.8% OTM
Nov 20
22 days
$31
$0.31 / share
0.4%67%
$76
2.0% OTM
Dec 4
36 days
$26
$0.26 / share
0.34%65%
$76.5
1.4% OTM
Nov 27
29 days
$25
$0.25 / share
0.32%74%
$76.5
1.4% OTM
Nov 20
22 days
$23
$0.23 / share
0.3%73%
$76
2.0% OTM
Nov 27
29 days
$17
$0.17 / share
0.22%69%
$75.5
2.7% OTM
Nov 27
29 days
$13
$0.13 / share
0.17%71%
$75
3.3% OTM
Nov 27
29 days
$10
$0.10 / share
0.13%70%
$55
29.1% OTM
Nov 27
29 days
$0
$0.00 / share
0%70%
9 of 9 matchesCustomize filters →

03 — Strategy

Wheel Strategy, plainly explained

Traders who want to own quality stocks at lower cost basis while generating premium income on both sides.

P&L at expiration · $76.5 put · 36 DTE

$0+$42losses$76.08 BREAKEVEN$77 STRIKE

Key numbers

Premium collected+$42
Max profit+$42
Breakeven$76.08
Capped above$76.5
Probability of profit62%
Days to expiration36

When this trade makes sense

Use when

  • ✓You're willing to start by selling cash-secured puts
  • ✓You'd be happy owning the stock if assigned
  • ✓You can hold long-term if assigned at a lower price
  • ✓IV rank is elevated — both legs pay better premium

Avoid when

  • ✕You can't tie up the cash for the put leg
  • ✕You don't want this stock at any price
  • ✕Earnings are inside the expiration window
  • ✕Premiums are unusually low — nothing to collect
Read the full wheel strategy guide →

05 — RUN IT LIVE

See the highest chance of profit on HYG.

Option Agent scans live chains and recommends setups based on current market conditions.

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Option Agent is not a registered investment advisor, broker-dealer, or financial planner. All analysis, recommendations, and data are for informational and educational purposes only and do not constitute personalized investment advice. Options trading involves substantial risk of loss and is not suitable for all investors. Past probability calculations do not guarantee future results. Consult a qualified financial advisor before making investment decisions.