01 — USO · WHEEL STRATEGY

Best USO 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.

WTI crude futures tracker with structural roll cost and event-driven moves around OPEC and inventories.

Find the best strikes →FREE · 20 ANALYSES/DAY · NO CARD
United States Oil Fund
Commodity ETF
USO
$168.19+15.5% / 30d
IV rank (1y)
11.3% · low
Option vol
51K /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
$164 put · Dec 4
36 DAYS · 1.5% OTM · SELL TO OPEN
Credit
$950
Return
5.7%
PoP
60%
StrikeExpirationCreditReturn ↓PoP
$162.5
2.4% OTM
Dec 4
36 days
$877
$8.77 / share
5.27%62%
$162
2.7% OTM
Dec 4
36 days
$870
$8.70 / share
5.22%63%
$163
2.1% OTM
Dec 4
36 days
$855
$8.55 / share
5.13%62%
$161
3.3% OTM
Dec 4
36 days
$782
$7.82 / share
4.69%64%
$164
1.5% OTM
Nov 27
29 days
$767
$7.67 / share
4.6%61%
$157.5
5.5% OTM
Dec 4
36 days
$735
$7.35 / share
4.41%69%
$163
2.1% OTM
Nov 27
29 days
$722
$7.22 / share
4.33%62%
$160
3.9% OTM
Dec 4
36 days
$714
$7.14 / share
4.29%66%
$157
5.8% OTM
Dec 4
36 days
$705
$7.05 / share
4.23%70%
10 of 65 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 · $164 put · 36 DTE

$0+$950losses$154.50 BREAKEVEN$164 STRIKE

Key numbers

Premium collected+$950
Max profit+$950
Breakeven$154.50
Capped above$164
Probability of profit60%
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 USO.

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.