01 — SQQQ · WHEEL STRATEGY

Best SQQQ 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.

-3x daily leveraged Nasdaq-100 inverse ETF with structural decay and high contract volume.

Find the best strikes →FREE · 20 ANALYSES/DAY · NO CARD
ProShares UltraPro Short QQQ
Leveraged ETF
SQQQ
$41.83+21.6% / 30d
IV rank (1y)
47.2% · moderate
Option vol
35K /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
$38.5 put · Nov 27
27 DAYS · 8.0% OTM · SELL TO OPEN
Credit
$393
Return
9.4%
PoP
67%
StrikeExpirationCreditReturn ↓PoP
$39
6.8% OTM
Dec 4
34 days
$365
$3.65 / share
8.73%64%
$39.5
5.6% OTM
Dec 4
34 days
$260
$2.60 / share
6.22%62%
$40
4.4% OTM
Nov 27
27 days
$237
$2.37 / share
5.67%60%
$38.5
8.0% OTM
Dec 4
34 days
$216
$2.16 / share
5.16%67%
$39
6.8% OTM
Nov 27
27 days
$191
$1.91 / share
4.57%66%
$38
9.2% OTM
Dec 4
34 days
$188
$1.88 / share
4.49%70%
$37
11.6% OTM
Dec 4
34 days
$158
$1.58 / share
3.78%73%
$38
9.2% OTM
Nov 27
27 days
$152
$1.52 / share
3.63%71%
$37.5
10.3% OTM
Nov 27
27 days
$124
$1.24 / share
2.96%74%
10 of 20 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 · $38.5 put · 27 DTE

$0+$393losses$34.57 BREAKEVEN$39 STRIKE

Key numbers

Premium collected+$393
Max profit+$393
Breakeven$34.57
Capped above$38.5
Probability of profit67%
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 SQQQ.

Alpha Hawk scans live chains and recommends setups based on current market conditions.

Analyze SQQQ free →