01 — TLT · WHEEL STRATEGY

Best TLT 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.

Macro-sensitive duration play with options flow tied to long-end Treasury yields and Fed expectations.

Find the best strikes →FREE · 20 ANALYSES/DAY · NO CARD
iShares 20+ Year Treasury Bond ETF
Bond ETF
TLT
$86.08-0.3% / 30d
IV rank (1y)
21.5% · low
P/E (fwd)
-4304.0
Option vol
36K /day

02 — Live setups

Suggested strikes

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

Days to expiration
Probability of profit
Sort by
Cash-secured put · first leg of the wheel
$85.5 put · Jun 5
27 DAYS · 0.7% OTM · SELL TO OPEN
Credit
$64
Annualized
10.05%
PoP
61%
StrikeExpirationCreditAnnualized PoP
$85.5
0.7% OTM
Jun 12
34 days
$75
$0.75 / share
9.35%60%
$85
1.3% OTM
Jun 5
27 days
$48
$0.48 / share
7.54%69%
$85
1.3% OTM
Jun 12
34 days
$59
$0.59 / share
7.36%67%
$84.5
1.8% OTM
Jun 12
34 days
$44
$0.44 / share
5.49%73%
5 of 5 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 · $85.5 put · 27 DTE

$0+$64losses$84.86 BREAKEVEN$86 STRIKE

Key numbers

Premium collected+$64
Max profit+$64
Breakeven$84.86
Capped above$85.5
Probability of profit61%
Days to expiration27

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 TLT.

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

Analyze TLT free →

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.