Allow Wheel is a setting for strategies that follow the DOPE Spreads signal source. It lets you choose whether your strategy takes the trades DOPE marks as "wheel" trades — positions he is intentionally fine getting exercised (assigned) on.
What is a "wheel" trade?
Most of DOPE's trades are quick spreads — opened and then closed for a profit before expiration. A wheel trade is different: it's usually a single option (like a cash-secured put) placed knowing that if the stock lands the wrong way, the position may be assigned — you end up owning (or being short) the underlying shares instead of just closing for cash. DOPE runs those assignments through his longer-term "wheel" strategy on purpose.
When DOPE sends out one of these, he checks a Wheel Trade box on the alert. That tags the trade so your strategy knows it's one of the assignment-friendly ones.
The box only exists on contracts DOPE sells — assignment is something that happens to a seller, so a contract he bought can never be tagged as a wheel trade. If your Allow Wheel is off, you'll still receive every one of his bought calls and puts as normal.
Where you'll find it
The Allow Wheel switch only appears when your strategy's Signal Sources setting is set to DOPE Spreads. Open your strategy settings and go to the Copy Trade tab — the switch is there as soon as DOPE Spreads is selected. If your strategy follows any other source, that tab won't offer it, and if your source has no follow-the-leader settings at all the tab isn't shown.
How it works
- Off (the default). Your strategy ignores any alert DOPE flags as a wheel trade. It still takes all of his normal, non-wheel trades exactly as before. Nothing about your regular trading changes.
- On. Your strategy takes wheel trades too, treating them like any other DOPE Spreads alert.
Note
Allow Wheel starts off for every strategy. You have to turn it on yourself to start receiving wheel trades — so if you do nothing, you'll simply skip them.
Example
Say DOPE sends two alerts this morning:
- A put credit spread on SPY — a normal quick trade. Not marked as wheel.
- A single-leg cash-secured put on AAPL that he's happy to be assigned on if AAPL dips — if it finishes in the money he simply takes the shares. Marked as wheel.
- If your Allow Wheel switch is off, your account takes the SPY trade and quietly skips the AAPL one.
- If it's on, your account takes both.
Warning
Wheel trades carry real assignment risk — turning Allow Wheel on means you're comfortable potentially being assigned the shares (and putting up the capital for them). Only turn it on if that fits your account size and plan.
Spotting a wheel trade while it's open
When your strategy takes a wheel trade, its card on the Trades page carries a teal WHEEL tag next to the other tags (like CALL, STO and the strategy name). That's your reminder that this position might not simply be closed for cash — it could end in assignment instead.
The tag stays with the trade after it closes: on the History page you'll find the same WHEEL tag in the trade's Exit Type column, next to how it closed.
For example, if DOPE sells the SOFI 10/16 $18 call as a wheel trade and your strategy copies it, your SOFI card shows WHEEL while it's open, and the SOFI row on your History page shows it after it closes. A normal SPY credit spread from DOPE the same morning shows no such tag in either place.
Tip
The tag can take a few seconds to appear on a brand-new card. If you still don't see it after that, the alert wasn't sent as a wheel trade.
What happens if one gets assigned
If a wheel trade you took ends in assignment, the option itself finishes as a gain — you keep the entire premium, because the contract was never bought back. The shares you took delivery of are a separate position from that point on.
On the strategy's Marketplace listing you'll see that trade tagged WHEEL instead of a win or loss, and the shares appear in their own table. Wheel Holdings walks through how that's reported and how the stock affects the strategy's total.
Note
The shares land in your brokerage account, and what you do with them next is up to you — StaxInvesting doesn't automatically sell covered calls against them or close the position for you.
Changing your mind
Flip the switch and save whenever you like. The change takes effect on the next alert — trades already open are never touched. Turning it off mid-day just means the next wheel-flagged alert is skipped; turning it on means the next one is taken.
Seeing which trades it would add
The switch is also on the Backtest page's Position tab. Off is the default there too, and off skips the wheel-flagged alerts — exactly as your bot refuses them — so a default backtest already matches the set your strategy would trade. The note under your results says how many were skipped.
Turn it on and run the same window again: the difference between the two is precisely what the wheel trades contributed, on that source's real alerts rather than in the abstract.