Position by position, you already know. Account-wide is the harder question. PremiumGuard answers it: how much of the account is committed and to what, how much rides on one name, and whether the premium is paying for the capital it ties up.
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Your broker shows a cash balance and a list of positions. Neither one tells you how much of the account is committed, what it is committed to, or how much of it rides on a single name. Capital at risk answers all three, and it is rebuilt on every sync.
A sold put ties up cash your broker only reports as reduced buying power. Capital at risk counts it, so the exposure number is the real one. See how it is computed
Three names carry 85.7% of the stock exposure.
That is the kind of drift nobody notices trade by trade. Every name past your declared cap paints amber the moment it crosses, and the engine writes it up as an insight you can act on. Position-level detail lives in the wheel tracker.
Win rate on its own flatters a wheel trader. These are the numbers that hold the strategy to account: what the premium earned against the money standing behind it, what the stock quietly took back, and the worst stretch the account has actually lived through.
premium P&L ÷ notional deployed
$21,480 ÷ $612,000 = 3.5%
Premium yield tells you what the account earned on the money you put in. Capital efficiency tells you what it earned on the money you actually pledged to open positions, which is the number that moves when you sell closer to the money or size up.
|equity P&L| ÷ premium P&L
$3,060 ÷ $21,480 = $0.14
Fourteen cents of stock loss for every dollar of premium collected. This is the number a premium-only spreadsheet hides, and it is the difference between a wheel that compounds and one that funds its own losses.
Want the same picture name by name? The trade journal ranks every symbol you have closed.
One row per month: the capital base you have contributed, what the closed cycles earned, and what you actually took out. The last column is the one that matters, and almost nobody tracks it.
| Month | Contributions | Net P&L | Distributions | Dist / Cont |
|---|---|---|---|---|
| July 2026 Jul 2026 | $250,000 | +$4,480 | $3,400 | 1.4% |
| June 2026 Jun 2026 | $250,000 | +$4,980 | $3,200 | 1.3% |
| May 2026 May 2026 | $250,000 | +$4,260 | $3,000 | 1.2% |
| April 2026 Apr 2026 | $250,000 | −$1,120 | · | · |
| March 2026 Mar 2026 | $235,000 | +$3,640 | $2,500 | 1.1% |
| February 2026 Feb 2026 | $235,000 | +$2,180 | · | · |
| Total | $250,000 | +$18,420 | $12,100 | 4.8% |
$12,100 came out. $18,420 came in. The base never shrank.
That is what a wheel run as income is supposed to look like, and it is the only proof that holds up over a year. When the ratio flips, you are spending the base, and the safe withdrawal engine throttles you before it happens rather than after.
Connect a broker and the composition, the efficiency metrics, and the monthly ledger populate from your own fills in minutes. Nothing to enter, nothing to reconcile by hand.