A: The Wheel Screener will remain focused on cash secured puts and covered calls. We are currently working on a separate Options Screener product which will have more complex strategies, but that's quite a ways off.

It's true that for the wheel strategy, stocks with higher share prices have a higher margin requirement - it will be at least 100 times the strike price of the option, since to kick off the process you sell a put, i.e. a cash secured put. So a contract with a $5 strike put requires $500 of margin, $6 requires $600, and so on.

The recommended strategy for the wheel strategy itself is 1. pick a stock that represents a company or index you don't mind owning - after all, that is a main part of the wheel strategy! 2. begin by selling a put. You either a) keep all the premium if the option expires OUT of the money, or b) buy the shares at the given strike if the option expires IN the money. If assigned, you can then sell a covered call - since you will then have the shares in your portfolio. (if not assigned you would sell another put). Either way you can continue the cycle at a relatively flexible interval of your choice (typically in the 7-60 day time range)

We have an interactive tutorial that can give you a feel for what the cycle is like:

https://wheelscreener.com/interactive-guide/

I would recommend sorting by strike or stock price to find plays that can work on a smaller budget! Also the max loss column can show you what the potential cost of buying the shares would be.