> ## Documentation Index
> Fetch the complete documentation index at: https://docs.bigdipperoptions.com/llms.txt
> Use this file to discover all available pages before exploring further.
# Wheel Module 3 — Executing with BigDipperOptions
> Wheel page workflow: scatter, Pareto frontier, score, GEX, walls, filters, checklist, and a compare-three reject drill.
**Learn** · **Wheel · Step 4 of 5** · [Learn home](/learn/overview) · **Prev:** [Module 2](/learn/wheel-module-2-candidates) · **Next:** [Module 4](/learn/wheel-module-4-lifecycle)
**Companion UI doc:** [Wheel Page Guide](/dashboard/wheel-page-guide) (screenshots + filter examples)\
**Est. time:** \~45–60 min
BigDipperOptions **narrows choices**—it does not place trades. **Chart prices are delayed**—confirm live prices at your broker. [Delayed Data Disclaimer](/learn/delayed-data-disclaimer).
***
## New terms (Module 3)
| Term | Plain meaning |
| - | - |
| **ROC** | Return on capital—premium vs cash tied up ([how it's calculated](/dashboard/wheel-page-guide#period-roc-vs-annualized-roc)) |
| **Assignment risk** | Platform estimate of how likely you end up owning shares |
| **Pareto frontier** | Dots with the best trade-off between return and risk—none strictly worse than another on both axes |
| **Dominated** | A dot worse than another on both return and risk—easy reject |
| **Score** | One decimal combining IV, open interest (OI), gamma, and more ([scale](/introduction/what-is-score#score-scale)) |
| **GEX** | Dealer hedging context—can dampen or amplify moves ([GEX focus](/introduction/gex-analytics-focus)) |
***
## Your job in this module
1. Pass Module 2 on the stock
2. Use the **Wheel page** to compare puts and **reject** most of them
3. Run the checklist below
4. Place **at most one** trade at your broker (or zero)
***
## 1. Wheel page orientation
Treat the Wheel page as a **research cockpit**:
* Candidates after your filters
* Visual comparison of **return vs assignment risk**
* Structure overlays (score, GEX, walls) in the side panel
* Shortlist → one order at your broker (off-platform)
Unfamiliar control? Pause and find it on screen before continuing—[Wheel Page Guide](/dashboard/wheel-page-guide) has screenshots.
***
## 2. ROC vs assignment-risk scatter
Each dot is a **candidate contract** (strike + expiry) that passed basic filters.
| Axis | Read as | Wheel question |
| - | - | - |
| **ROC** | Premium efficiency vs cash tied up | “Is the credit worth the capital parked?” |
| **Assignment risk** | Higher chance you end in shares | “How often am I asking for Phase B?” |
**Skill:** do not maximize ROC blindly. High ROC + high assignment risk on a name you barely want to own is a Module 2 fail—even if the dot looks attractive.
* **Up** = more return on your cash
* **Right** = more assignment risk
* **Pink / dominated** = reject
* **Green frontier** = compare these only
**Dot interaction:** hover = tooltip · click = [Options Chain Report](/dashboard/navigation-tips) side panel to reject symbols. See [scatter interaction GIF](/dashboard/wheel-page-guide#how-to-read-each-dot).
***
## 3. The Pareto frontier
Candidate **A dominates B** if A is better on ROC **and** no worse on assignment risk (or better on risk and no worse on ROC)—so B is strictly worse on the trade-off you care about.
The **Pareto frontier** is the set of **non-dominated** candidates—the efficient edge of the cloud.
* Points **inside** the cloud are often dominated → easy **rejects**
* Points **on** the frontier deserve comparison—not automatic entry
**Platform role:** surface frontier candidates so you spend attention on **trade-offs**, not dominated noise.
***
## 4. Score — what it is and how to read it
**Score** highlights where market focus and participation are intense—it is **not** whether a trade is “good.”
* Higher score → more attention / positioning at that level
* Use it to notice **engagement**, then apply Module 2 ownability and liquidity rules
* Experimental and relative—see [What is Score?](/introduction/what-is-score)
**Do not** translate score into “high probability of profit.” Confirm **live IV** at your broker before selling.
***
## 5. Dealer positioning / GEX
Dealer hedging can **dampen** (often with positive GEX) or **amplify** (negative GEX) moves.
For wheel research:
* Calmer dealer backdrop → short premium *may* be easier to manage (still not safe)
* Stress / negative GEX → rich premium can be a warning, not a gift
Deeper context: [GEX graph](/optionschain/gamma-exposure-graph) · side panel on dot click.
***
## 6. Walls and magnets
| Structure | Research use |
| - | - |
| **Put wall** | Downside concentration—still must be a price you’d own |
| **Call wall** | Context for covered-call strikes after assignment |
| **Magnets / pin risk** | Price may gravitate toward large OI near expiry—manage DTE and strikes |
Walls are **not** guarantees. They are structure labels for discrimination.
Related: [GEX weight distribution](/optionschain/gex-weight-distribution) · [Wheel — Covered calls](/dashboard/wheel-page-guide#all-covered-calls-phase-b).
***
## 7. Filters
Use filters to enforce Module 2 policy **before** you fall in love with a credit. Full recipes: [Filtering the Wheel page](/dashboard/wheel-page-guide#filtering-the-wheel-page).
| Filter | Example intent |
| - | - |
| **Symbol** | Watchlist you already vetted for ownability |
| **DTE (days to expiration)** | Your default band (e.g. 21–45) |
| **Cash** | ≤ your per-trade cap |
| **Assignment risk** | ≤ 25% |
| **Period / Annualized ROC** | Minimum efficiency worth your time |
| **Premium** | Floor so spreads do not eat the credit |
| **Score** | Tie-breaker only—e.g. `< 2` for lighter names |
**Example session:**
```text theme={null}
Select symbols… → (your Module 2 list)
DTE → 21 – 45
Cash → ≤ your cap
Assignment risk → ≤ 25%
Period ROC → ≥ 1.0%
Premium → ≥ 150
```
Zero results? Valid outcome—**do not loosen risk caps** just to force a trade.
***
## 8. End-to-end workflow
| Step | Action |
| - | - |
| 1 | **Select symbols…** — Module 2 watchlist |
| 2 | **Filter** on scatter — stack from guide above |
| 3 | **Scatter** — show **Frontier**; hover; click → side panel; **reject** bad symbols |
| 4 | **CSP table** — **Spread %**, **OI**, **cash**, **delta** |
| 5 | **Checklist** (below) → broker for live quotes |
| 6 | **Reject** until at most one remains |
| 7 | Log entry fields for the [Module 4 journal](/learn/wheel-module-4-lifecycle#8-journal-keep-using-it) |
***
## 9. Pre-trade checklist (printable)
* [ ] **Name I’d hold?** Willing to own through a serious drawdown at this strike
* [ ] **Liquid enough?** OI / spread acceptable vs credit
* [ ] **Event policy OK?** Earnings / binary not ignored
* [ ] **ROC / risk on frontier?** Not a dominated interior point
* [ ] **Score used correctly?** Focus only—not a buy signal
* [ ] **GEX / regime acceptable?** Not ignoring stress because premium is rich
* [ ] **Size within cap?** Per-ticker and portfolio limits
* [ ] **Live broker confirm?** Prices, margin, order details verified
***
## 10. Worked example — compare 3, reject 2
Pick three dots from your filtered scatter—**A, B, C**.
| Check | A | B | C |
| - | - | - | - |
| Module 2 pass? | | | |
| Liquidity OK? | | | |
| On / near frontier? | | | |
| Dominated by another? | | | |
| IV tension OK? | | | |
| **Decision** | Keep / Reject | Keep / Reject | Keep / Reject |
**Target:** one keep or **zero**. Write two reject reasons, e.g.:
* “Reject B—dominated; worse risk for less ROC.”
* “Reject C—famous name, but I won’t hold through this event regime.”
***
## Checkpoint
* [ ] I can explain dominated vs frontier in one minute
* [ ] I rejected ≥2 candidates in one live session
* [ ] I used the Wheel Page Guide beside the app
* [ ] Ready for [Module 4 paper capstone](/learn/wheel-module-4-lifecycle#capstone-first-paper-wheel-cycle)
**Next:** [Module 4 — Managing the lifecycle](/learn/wheel-module-4-lifecycle)
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