New Wheel Strategy Option Scanner Features - September 2024

Happy Friday the 13th crew. I hope any expiring contracts donā€™t turn into A Nightmare (on Elm Street). But of course, thereā€™s no reason to be afraid of Freddy today; weā€™ve got the Premium Pirates tools on our side.

Speaking ofā€¦ Before we all call it a week, I wanted to share a quick upgrade we made to the Options Scanner this week.

You can now easily exclude symbols from the Options Scanner

See the new feature in action

Typically this isnā€™t an issue when you filter a scan with an Advanced Watchlist. However, there are times when you might want to scan for high-premium positions beyond your watchlist.

If a stock keeps popping up in your scans that you know you are never going to open a campaign on for whatever reason, it can be somewhat annoying. Now you can keep your scans clean and hunt down the best wheel stocks without distraction.

Here's an example

Earlier, I was researching new wheel campaigns to open and explore beyond my watchlist. I was trying to look at contracts that expire before the end of the year, but my scans were mucked up heavily by SYM.

Results from the wheel screener without stocks hidden

Although I have no feelings about whether or not I want to run a wheel campaign on SYM, I cannot get a fair value for it from MorningStar. The way I trade, I only run the wheel on stocks that are trading at a discount to fair value, so I will never run a wheel campaign on SYM. Having contracts on SYM show as all but one of the top contracts is making it harder than it needs to be to find what I am looking for.

I can just click theā€ hideā€ icon and exclude it from all scans.

Hide stock from the options wheel screener

Now SYM will be excluded from all my scans moving forward. Check out how much nicer my results are with SYM excluded

Results from the options scanner with stock hidden

If you want to add a stock you had hidden back to the scanner at any time in the future, you just head over to the settings where youā€™ll find a list of all the stocks you have hidden from the scanner. Just X them off the filtered list, and they will reappear in scans.

Wheel strategy settings

Itā€™s as easy as that. We are committed to continuing to roll out upgrades that make our high premiums options screener to best way to find stocks for the wheel strategy and covered calls.

Ready to try it yourself?

If you havenā€™t already, sign up for a free trial of Premium Pirates. The free trial is fully functional, so you can try all these tools yourself.

Until next time!