Cash-Secured Put Screener

How to use a cash-secured put screener

A cash-secured put screener has one job: surface the highest-yielding short-put setups across the market, assuming you have enough cash on hand to be assigned 100 shares per contract. The hard part is ranking. Annualized yield alone always promotes the riskiest contracts to the top — deep-ITM short-dated puts can look like 200%+ annualized until they get assigned 5% below your strike. A useful screener has to balance yield against probability of expiring OTM, which is exactly what the Score column does here.

The wheel strategy in one paragraph

Selling cash-secured puts is the entry half of the “wheel.” You sell puts on names you'd genuinely want to own at the strike price. If the put expires worthless, you keep the premium and sell another. If you get assigned, you take delivery of the shares (using the cash you had set aside as collateral) and immediately start selling covered calls against them. Repeat until called away — then start the wheel again on the put side. The screener powers the entry leg.

What the columns mean

• OTM % — how far below the current underlying the strike sits. Higher = bigger cushion before assignment.
• Δ (delta) — for a short put, delta is negative. A delta of −0.25 means roughly a 75% chance the put expires worthless. The screener shows the raw value (e.g. −0.27) so the sign tells you which side you're on.
• Put Premium — the bid-ask midpoint. Multiply by 100 to get the cash you receive per contract.
• Annualized — (premium ÷ strike) × (365 ÷ DTE). Strike, not underlying, because the strike is the cash you actually have to set aside.
• Score — Annualized × (1 − |delta|). Promotes high-yield setups with a realistic chance of expiring worthless above lottery-ticket deep-ITM puts.

Picking from the list

Most CSP sellers target deltas around −0.20 to −0.35, which is 65–80% probability the put expires worthless. The screener already filters out anything outside −0.10 to −0.45.

• Want pure income, willing to own the stock? Sort by Annualized and pick the top-ranked name you'd be happy to own at the strike.
• Want to maximize expire-worthless rate? Sort by OTM % descending.
• Want to dodge volatility? Toggle “Exclude earnings-week” — earnings moves can blow your strike through the floor overnight.

What this screener doesn't do

This is a market-wide scan. It doesn't know your cash balance, your existing commitments, or which names you already have open wheel cycles on. For that, you need the full CoverEdge app: every put fill is auto-synced from your brokerage, assignment events chain to the resulting share lot, and the screener engine overlays on your real portfolio with portfolio-aware roll analysis. Start a free 14-day trial below — no credit card required.