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SPY — Cash-Secured Put & Wheel Strategy Analysis

Price: 770.19 ATR: 5.5

SPY wheel strategy & cash-secured put scanner. SPY is currently trading at $770.19 and trading above all four key moving averages (50/100/150/200-day) — a strong uptrend. This page shows the live SPY options chain across 12 expirations (2026-09-08 through 2026-10-02, DTE 2–26 days), optimized for cash-secured put and wheel strategy candidates.

Highlight criteria:   Yield% ≥ 30% | Buffer% ≥ 15% | ATR/Dist ≥ 2.5
SPY — 6-Month Daily Price
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Show Expiries:
2026-09-08
DTE 2  |  Trading days: 1
Strike Prem ATR/Dist Buffer% Yield%
500.00 0.01 49.1 35.1% 0.4%
530.00 0.01 43.65 31.2% 0.3%
560.00 0.01 38.2 27.3% 0.3%
570.00 0.01 36.38 26.0% 0.3%
575.00 0.01 35.47 25.3% 0.3%
580.00 0.01 34.56 24.7% 0.3%
585.00 0.01 33.65 24.0% 0.3%
590.00 0.01 32.74 23.4% 0.3%
595.00 0.01 31.84 22.7% 0.3%
600.00 0.01 30.93 22.1% 0.3%
610.00 0.01 29.11 20.8% 0.3%
615.00 0.01 28.2 20.1% 0.3%
620.00 0.01 27.29 19.5% 0.3%
625.00 0.01 26.38 18.9% 0.3%
630.00 0.01 25.48 18.2% 0.3%
635.00 0.01 24.57 17.6% 0.3%
640.00 0.01 23.66 16.9% 0.3%
645.00 0.01 22.75 16.3% 0.3%
650.00 0.01 21.84 15.6% 0.3%
655.00 0.02 20.93 15.0% 0.6%
660.00 0.02 20.02 14.3% 0.6%
665.00 0.02 19.12 13.7% 0.5%
670.00 0.02 18.21 13.0% 0.5%
675.00 0.02 17.3 12.4% 0.5%
680.00 0.02 16.39 11.7% 0.5%
685.00 0.02 15.48 11.1% 0.5%
690.00 0.02 14.57 10.4% 0.5%
695.00 0.02 13.66 9.8% 0.5%
700.00 0.02 12.76 9.1% 0.5%
705.00 0.02 11.85 8.5% 0.5%
710.00 0.04 10.94 7.8% 1.0%
715.00 0.04 10.03 7.2% 1.0%
718.00 0.04 9.48 6.8% 1.0%
719.00 0.04 9.3 6.6% 1.0%
720.00 0.04 9.12 6.5% 1.0%
721.00 0.04 8.94 6.4% 1.0%
722.00 0.04 8.76 6.3% 1.0%
723.00 0.04 8.58 6.1% 1.0%
724.00 0.04 8.39 6.0% 1.0%
725.00 0.04 8.21 5.9% 1.0%
726.00 0.04 8.03 5.7% 1.0%
727.00 0.04 7.85 5.6% 1.0%
728.00 0.04 7.67 5.5% 1.0%
729.00 0.04 7.49 5.3% 1.0%
730.00 0.04 7.3 5.2% 1.0%
731.00 0.04 7.12 5.1% 1.0%
732.00 0.04 6.94 5.0% 1.0%
733.00 0.06 6.76 4.8% 1.5%
734.00 0.06 6.58 4.7% 1.5%
735.00 0.06 6.39 4.6% 1.5%
736.00 0.06 6.21 4.4% 1.5%
737.00 0.06 6.03 4.3% 1.5%
738.00 0.06 5.85 4.2% 1.5%
739.00 0.06 5.67 4.0% 1.5%
740.00 0.06 5.49 3.9% 1.5%
741.00 0.06 5.3 3.8% 1.5%
742.00 0.06 5.12 3.7% 1.5%
743.00 0.06 4.94 3.5% 1.5%
744.00 0.06 4.76 3.4% 1.5%
745.00 0.06 4.58 3.3% 1.5%
746.00 0.06 4.4 3.1% 1.5%
747.00 0.06 4.21 3.0% 1.5%
748.00 0.06 4.03 2.9% 1.5%
749.00 0.08 3.85 2.8% 1.9%
750.00 0.08 3.67 2.6% 1.9%
751.00 0.08 3.49 2.5% 1.9%
752.00 0.08 3.31 2.4% 1.9%
753.00 0.08 3.12 2.2% 1.9%
754.00 0.10 2.94 2.1% 2.4%
755.00 0.11 2.76 2.0% 2.7%
756.00 0.12 2.58 1.8% 2.9%
757.00 0.13 2.4 1.7% 3.1%
758.00 0.16 2.22 1.6% 3.9%
759.00 0.18 2.03 1.5% 4.3%
760.00 0.22 1.85 1.3% 5.3%
761.00 0.26 1.67 1.2% 6.2%
762.00 0.32 1.49 1.1% 7.7%
763.00 0.40 1.31 0.9% 9.6%
764.00 0.50 1.12 0.8% 11.9%
765.00 0.62 0.94 0.7% 14.8%
766.00 0.78 0.76 0.5% 18.6%
767.00 0.98 0.58 0.4% 23.3%
768.00 1.24 0.4 0.3% 29.5%
769.00 1.57 0.22 0.2% 37.3%
770.00 1.98 0.03 0.0% 46.9%
LAST PRICE: $770.19
771.00 1.27 -0.15 -0.1% 30.1%
772.00 0.88 -0.33 -0.2% 20.8%
773.00 0.60 -0.51 -0.4% 14.2%
774.00 0.40 -0.69 -0.5% 9.4%
775.00 0.26 -0.87 -0.6% 6.1%
776.00 0.18 -1.06 -0.8% 4.2%
777.00 0.12 -1.24 -0.9% 2.8%
778.00 0.08 -1.42 -1.0% 1.9%
779.00 0.06 -1.6 -1.1% 1.4%
780.00 0.04 -1.78 -1.3% 0.9%
781.00 0.04 -1.96 -1.4% 0.9%
782.00 0.02 -2.15 -1.5% 0.5%
783.00 0.02 -2.33 -1.7% 0.5%
784.00 0.02 -2.51 -1.8% 0.5%
785.00 0.02 -2.69 -1.9% 0.5%
786.00 0.02 -2.87 -2.1% 0.5%
787.00 0.02 -3.05 -2.2% 0.5%
788.00 0.02 -3.24 -2.3% 0.5%
789.00 0.02 -3.42 -2.4% 0.5%
790.00 0.02 -3.6 -2.6% 0.5%
791.00 0.01 -3.78 -2.7% 0.2%
792.00 0.01 -3.96 -2.8% 0.2%
793.00 0.01 -4.15 -3.0% 0.2%
794.00 0.01 -4.33 -3.1% 0.2%
795.00 0.01 -4.51 -3.2% 0.2%
796.00 0.01 -4.69 -3.4% 0.2%
797.00 0.01 -4.87 -3.5% 0.2%
798.00 0.01 -5.05 -3.6% 0.2%
799.00 0.01 -5.24 -3.7% 0.2%
800.00 0.01 -5.42 -3.9% 0.2%
801.00 0.01 -5.6 -4.0% 0.2%
802.00 0.01 -5.78 -4.1% 0.2%
803.00 0.01 -5.96 -4.3% 0.2%
804.00 0.01 -6.14 -4.4% 0.2%
805.00 0.01 -6.33 -4.5% 0.2%
806.00 0.01 -6.51 -4.6% 0.2%
807.00 0.01 -6.69 -4.8% 0.2%
808.00 0.01 -6.87 -4.9% 0.2%
809.00 0.01 -7.05 -5.0% 0.2%
810.00 0.01 -7.23 -5.2% 0.2%
815.00 0.01 -8.14 -5.8% 0.2%
820.00 0.01 -9.05 -6.5% 0.2%
825.00 0.01 -9.96 -7.1% 0.2%
830.00 0.01 -10.87 -7.8% 0.2%
835.00 0.01 -11.78 -8.4% 0.2%
840.00 0.01 -12.69 -9.1% 0.2%
875.00 0.01 -19.05 -13.6% 0.2%
880.00 0.01 -19.96 -14.3% 0.2%
950.00 0.01 -32.68 -23.3% 0.2%
2026-09-09
DTE 3  |  Trading days: 2
Strike Prem ATR/Dist Buffer% Yield%
525.00 0.01 44.56 31.8% 0.2%
535.00 0.01 42.74 30.5% 0.2%
540.00 0.01 41.83 29.9% 0.2%
550.00 0.01 40.01 28.6% 0.2%
570.00 0.01 36.38 26.0% 0.2%
575.00 0.01 35.47 25.3% 0.2%
580.00 0.01 34.56 24.7% 0.2%
585.00 0.01 33.65 24.0% 0.2%
590.00 0.01 32.74 23.4% 0.2%
595.00 0.01 31.84 22.7% 0.2%
600.00 0.01 30.93 22.1% 0.2%
605.00 0.01 30.02 21.4% 0.2%
610.00 0.01 29.11 20.8% 0.2%
615.00 0.01 28.2 20.1% 0.2%
620.00 0.01 27.29 19.5% 0.2%
625.00 0.02 26.38 18.9% 0.4%
630.00 0.02 25.48 18.2% 0.4%
635.00 0.02 24.57 17.6% 0.4%
640.00 0.02 23.66 16.9% 0.4%
645.00 0.02 22.75 16.3% 0.4%
650.00 0.02 21.84 15.6% 0.4%
655.00 0.02 20.93 15.0% 0.4%
660.00 0.02 20.02 14.3% 0.4%
665.00 0.02 19.12 13.7% 0.4%
670.00 0.02 18.21 13.0% 0.4%
675.00 0.02 17.3 12.4% 0.4%
680.00 0.02 16.39 11.7% 0.4%
685.00 0.02 15.48 11.1% 0.4%
690.00 0.02 14.57 10.4% 0.4%
695.00 0.04 13.66 9.8% 0.7%
700.00 0.04 12.76 9.1% 0.7%
705.00 0.04 11.85 8.5% 0.7%
710.00 0.04 10.94 7.8% 0.7%
715.00 0.04 10.03 7.2% 0.7%
718.00 0.06 9.48 6.8% 1.0%
719.00 0.06 9.3 6.6% 1.0%
720.00 0.06 9.12 6.5% 1.0%
721.00 0.06 8.94 6.4% 1.0%
722.00 0.06 8.76 6.3% 1.0%
723.00 0.06 8.58 6.1% 1.0%
724.00 0.06 8.39 6.0% 1.0%
725.00 0.06 8.21 5.9% 1.0%
726.00 0.06 8.03 5.7% 1.0%
727.00 0.06 7.85 5.6% 1.0%
728.00 0.06 7.67 5.5% 1.0%
729.00 0.06 7.49 5.3% 1.0%
730.00 0.06 7.3 5.2% 1.0%
731.00 0.06 7.12 5.1% 1.0%
732.00 0.06 6.94 5.0% 1.0%
733.00 0.06 6.76 4.8% 1.0%
734.00 0.08 6.58 4.7% 1.3%
735.00 0.08 6.39 4.6% 1.3%
736.00 0.08 6.21 4.4% 1.3%
737.00 0.08 6.03 4.3% 1.3%
738.00 0.08 5.85 4.2% 1.3%
739.00 0.08 5.67 4.0% 1.3%
740.00 0.08 5.49 3.9% 1.3%
741.00 0.08 5.3 3.8% 1.3%
742.00 0.08 5.12 3.7% 1.3%
743.00 0.10 4.94 3.5% 1.6%
744.00 0.10 4.76 3.4% 1.6%
745.00 0.11 4.58 3.3% 1.8%
746.00 0.11 4.4 3.1% 1.8%
747.00 0.12 4.21 3.0% 2.0%
748.00 0.12 4.03 2.9% 2.0%
749.00 0.14 3.85 2.8% 2.3%
750.00 0.15 3.67 2.6% 2.4%
751.00 0.16 3.49 2.5% 2.6%
752.00 0.18 3.31 2.4% 2.9%
753.00 0.20 3.12 2.2% 3.2%
754.00 0.22 2.94 2.1% 3.5%
755.00 0.24 2.76 2.0% 3.9%
756.00 0.28 2.58 1.8% 4.5%
757.00 0.32 2.4 1.7% 5.1%
758.00 0.36 2.22 1.6% 5.8%
759.00 0.42 2.03 1.5% 6.7%
760.00 0.49 1.85 1.3% 7.8%
761.00 0.57 1.67 1.2% 9.1%
762.00 0.67 1.49 1.1% 10.7%
763.00 0.79 1.31 0.9% 12.6%
764.00 0.94 1.12 0.8% 15.0%
765.00 1.10 0.94 0.7% 17.5%
766.00 1.30 0.76 0.5% 20.6%
767.00 1.54 0.58 0.4% 24.4%
768.00 1.83 0.4 0.3% 29.0%
769.00 2.18 0.22 0.2% 34.5%
770.00 2.60 0.03 0.0% 41.1%
LAST PRICE: $770.19
771.00 1.91 -0.15 -0.1% 30.1%
772.00 1.48 -0.33 -0.2% 23.3%
773.00 1.12 -0.51 -0.4% 17.6%
774.00 0.83 -0.69 -0.5% 13.0%
775.00 0.60 -0.87 -0.6% 9.4%
776.00 0.44 -1.06 -0.8% 6.9%
777.00 0.30 -1.24 -0.9% 4.7%
778.00 0.22 -1.42 -1.0% 3.4%
779.00 0.15 -1.6 -1.1% 2.3%
780.00 0.11 -1.78 -1.3% 1.7%
781.00 0.08 -1.96 -1.4% 1.2%
782.00 0.06 -2.15 -1.5% 0.9%
783.00 0.04 -2.33 -1.7% 0.6%
784.00 0.04 -2.51 -1.8% 0.6%
785.00 0.02 -2.69 -1.9% 0.3%
786.00 0.02 -2.87 -2.1% 0.3%
787.00 0.02 -3.05 -2.2% 0.3%
788.00 0.02 -3.24 -2.3% 0.3%
789.00 0.02 -3.42 -2.4% 0.3%
790.00 0.02 -3.6 -2.6% 0.3%
791.00 0.02 -3.78 -2.7% 0.3%
792.00 0.02 -3.96 -2.8% 0.3%
793.00 0.02 -4.15 -3.0% 0.3%
794.00 0.02 -4.33 -3.1% 0.3%
795.00 0.02 -4.51 -3.2% 0.3%
796.00 0.02 -4.69 -3.4% 0.3%
797.00 0.02 -4.87 -3.5% 0.3%
798.00 0.02 -5.05 -3.6% 0.3%
799.00 0.01 -5.24 -3.7% 0.2%
800.00 0.01 -5.42 -3.9% 0.2%
801.00 0.01 -5.6 -4.0% 0.2%
802.00 0.01 -5.78 -4.1% 0.2%
803.00 0.01 -5.96 -4.3% 0.2%
804.00 0.01 -6.14 -4.4% 0.2%
805.00 0.01 -6.33 -4.5% 0.2%
806.00 0.01 -6.51 -4.6% 0.2%
809.00 0.01 -7.05 -5.0% 0.2%
810.00 0.01 -7.23 -5.2% 0.2%
820.00 0.01 -9.05 -6.5% 0.1%
825.00 0.01 -9.96 -7.1% 0.1%
830.00 0.01 -10.87 -7.8% 0.1%
840.00 0.01 -12.69 -9.1% 0.1%
850.00 0.01 -14.5 -10.4% 0.1%
855.00 0.01 -15.41 -11.0% 0.1%
950.00 0.01 -32.68 -23.3% 0.1%
2026-09-10
DTE 4  |  Trading days: 3
Strike Prem ATR/Dist Buffer% Yield%
505.00 0.01 48.19 34.4% 0.2%
510.00 0.01 47.28 33.8% 0.2%
515.00 0.01 46.37 33.1% 0.2%
520.00 0.01 45.47 32.5% 0.2%
540.00 0.01 41.83 29.9% 0.2%
550.00 0.01 40.01 28.6% 0.2%
560.00 0.01 38.2 27.3% 0.2%
565.00 0.01 37.29 26.6% 0.2%
570.00 0.01 36.38 26.0% 0.2%
580.00 0.01 34.56 24.7% 0.2%
585.00 0.01 33.65 24.0% 0.2%
590.00 0.01 32.74 23.4% 0.2%
595.00 0.02 31.84 22.7% 0.3%
600.00 0.02 30.93 22.1% 0.3%
605.00 0.02 30.02 21.4% 0.3%
610.00 0.02 29.11 20.8% 0.3%
615.00 0.02 28.2 20.1% 0.3%
620.00 0.02 27.29 19.5% 0.3%
625.00 0.02 26.38 18.9% 0.3%
630.00 0.02 25.48 18.2% 0.3%
635.00 0.02 24.57 17.6% 0.3%
640.00 0.02 23.66 16.9% 0.3%
645.00 0.02 22.75 16.3% 0.3%
650.00 0.02 21.84 15.6% 0.3%
660.00 0.02 20.02 14.3% 0.3%
665.00 0.02 19.12 13.7% 0.3%
670.00 0.02 18.21 13.0% 0.3%
675.00 0.04 17.3 12.4% 0.5%
680.00 0.04 16.39 11.7% 0.5%
685.00 0.04 15.48 11.1% 0.5%
690.00 0.04 14.57 10.4% 0.5%
695.00 0.06 13.66 9.8% 0.8%
700.00 0.06 12.76 9.1% 0.8%
705.00 0.06 11.85 8.5% 0.8%
710.00 0.06 10.94 7.8% 0.8%
715.00 0.06 10.03 7.2% 0.8%
718.00 0.08 9.48 6.8% 1.0%
719.00 0.08 9.3 6.6% 1.0%
720.00 0.08 9.12 6.5% 1.0%
721.00 0.08 8.94 6.4% 1.0%
722.00 0.08 8.76 6.3% 1.0%
723.00 0.08 8.58 6.1% 1.0%
724.00 0.08 8.39 6.0% 1.0%
725.00 0.08 8.21 5.9% 1.0%
726.00 0.08 8.03 5.7% 1.0%
727.00 0.08 7.85 5.6% 1.0%
728.00 0.08 7.67 5.5% 1.0%
729.00 0.10 7.49 5.3% 1.3%
730.00 0.10 7.3 5.2% 1.3%
731.00 0.10 7.12 5.1% 1.2%
732.00 0.10 6.94 5.0% 1.2%
733.00 0.11 6.76 4.8% 1.4%
734.00 0.11 6.58 4.7% 1.4%
735.00 0.11 6.39 4.6% 1.4%
736.00 0.12 6.21 4.4% 1.5%
737.00 0.12 6.03 4.3% 1.5%
738.00 0.12 5.85 4.2% 1.5%
739.00 0.12 5.67 4.0% 1.5%
740.00 0.14 5.49 3.9% 1.7%
741.00 0.14 5.3 3.8% 1.7%
742.00 0.15 5.12 3.7% 1.8%
743.00 0.16 4.94 3.5% 2.0%
744.00 0.16 4.76 3.4% 2.0%
745.00 0.18 4.58 3.3% 2.2%
746.00 0.18 4.4 3.1% 2.2%
747.00 0.20 4.21 3.0% 2.4%
748.00 0.22 4.03 2.9% 2.7%
749.00 0.24 3.85 2.8% 2.9%
750.00 0.26 3.67 2.6% 3.2%
751.00 0.29 3.49 2.5% 3.5%
752.00 0.32 3.31 2.4% 3.9%
753.00 0.35 3.12 2.2% 4.2%
754.00 0.39 2.94 2.1% 4.7%
755.00 0.44 2.76 2.0% 5.3%
756.00 0.49 2.58 1.8% 5.9%
757.00 0.55 2.4 1.7% 6.6%
758.00 0.62 2.22 1.6% 7.5%
759.00 0.70 2.03 1.5% 8.4%
760.00 0.80 1.85 1.3% 9.6%
761.00 0.92 1.67 1.2% 11.0%
762.00 1.05 1.49 1.1% 12.6%
763.00 1.20 1.31 0.9% 14.4%
764.00 1.38 1.12 0.8% 16.5%
765.00 1.58 0.94 0.7% 18.8%
766.00 1.82 0.76 0.5% 21.7%
767.00 2.09 0.58 0.4% 24.9%
768.00 2.41 0.4 0.3% 28.6%
769.00 2.78 0.22 0.2% 33.0%
770.00 3.20 0.03 0.0% 37.9%
LAST PRICE: $770.19
771.00 2.56 -0.15 -0.1% 30.3%
772.00 2.09 -0.33 -0.2% 24.7%
773.00 1.69 -0.51 -0.4% 19.9%
774.00 1.34 -0.69 -0.5% 15.8%
775.00 1.05 -0.87 -0.6% 12.4%
776.00 0.82 -1.06 -0.8% 9.6%
777.00 0.62 -1.24 -0.9% 7.3%
778.00 0.47 -1.42 -1.0% 5.5%
779.00 0.35 -1.6 -1.1% 4.1%
780.00 0.26 -1.78 -1.3% 3.0%
781.00 0.19 -1.96 -1.4% 2.2%
782.00 0.15 -2.15 -1.5% 1.8%
783.00 0.11 -2.33 -1.7% 1.3%
784.00 0.08 -2.51 -1.8% 0.9%
785.00 0.06 -2.69 -1.9% 0.7%
786.00 0.06 -2.87 -2.1% 0.7%
787.00 0.04 -3.05 -2.2% 0.5%
788.00 0.04 -3.24 -2.3% 0.5%
789.00 0.04 -3.42 -2.4% 0.5%
790.00 0.04 -3.6 -2.6% 0.5%
791.00 0.02 -3.78 -2.7% 0.2%
792.00 0.02 -3.96 -2.8% 0.2%
793.00 0.02 -4.15 -3.0% 0.2%
794.00 0.02 -4.33 -3.1% 0.2%
795.00 0.02 -4.51 -3.2% 0.2%
796.00 0.02 -4.69 -3.4% 0.2%
797.00 0.02 -4.87 -3.5% 0.2%
798.00 0.02 -5.05 -3.6% 0.2%
799.00 0.02 -5.24 -3.7% 0.2%
800.00 0.02 -5.42 -3.9% 0.2%
801.00 0.02 -5.6 -4.0% 0.2%
802.00 0.02 -5.78 -4.1% 0.2%
803.00 0.02 -5.96 -4.3% 0.2%
804.00 0.02 -6.14 -4.4% 0.2%
805.00 0.02 -6.33 -4.5% 0.2%
806.00 0.02 -6.51 -4.6% 0.2%
807.00 0.02 -6.69 -4.8% 0.2%
808.00 0.02 -6.87 -4.9% 0.2%
809.00 0.02 -7.05 -5.0% 0.2%
810.00 0.02 -7.23 -5.2% 0.2%
815.00 0.01 -8.14 -5.8% 0.1%
820.00 0.01 -9.05 -6.5% 0.1%
825.00 0.01 -9.96 -7.1% 0.1%
830.00 0.01 -10.87 -7.8% 0.1%
840.00 0.01 -12.69 -9.1% 0.1%
905.00 0.01 -24.5 -17.5% 0.1%

SPY — Cash-Secured Put & Wheel Strategy FAQ

What is the best SPY cash-secured put strike today?

OptionSpeed's scanner highlights SPY strikes that meet our three filters: annualized yield ≥ 50%, downside buffer ≥ 15%, and ATR/Distance ratio ≥ 2.5. Stars on this page mark strikes currently in our Super Stocks cache. As of this snapshot, the highest-yielding CSP candidate on SPY is the $770.00 strike at 46.9% annualized.

Is SPY a good wheel strategy stock right now?

SPY is trading at $770.19 with an ATR of $5.50. SPY is trading above all four key moving averages (50/100/150/200-day) — a strong uptrend.

How much capital do I need to sell a SPY cash-secured put?

Cash-secured puts require you to hold enough cash to buy 100 shares at the strike price if assigned. For a $770.00 strike on SPY, you need $77,000 in cash per contract. Strikes closer to the current $770.19 price require more capital but offer higher premiums and lower assignment probability.

What does the wheel strategy look like on SPY?

The wheel on SPY follows three steps: (1) sell a CSP at a strike you'd be comfortable owning SPY at; (2) if assigned, you own 100 shares at the strike price; (3) sell covered calls against those shares to collect premium while waiting for the call to expire worthless or the stock to be called away. OptionSpeed tracks every step so you can see your rolling premium and realized P&L.

Should I close my SPY CSP before earnings?

Most wheel traders close or roll CSPs 1–2 days before earnings because implied volatility typically collapses after the announcement (IV crush). The premium you collected is largely an upfront payment for accepting that volatility risk. Holding through earnings exposes you to gap risk — even if your strike isn't breached, the IV drop alone can wipe out most of your collected premium.

What's a good buffer percentage for SPY puts?

Buffer percentage measures how far the strike is below the current stock price. For SPY at $770.19, a strike at $709.00 gives the largest downside buffer in our current chain. OptionSpeed flags strikes with ≥15% buffer as wheel-quality candidates. Lower buffer = higher premium but higher assignment probability.

See also: cash-secured put primer · wheel strategy guide · today's Super Stocks picks · all 671 tickers