VST Vistra Corp.

The wheel strategy on Vistra Corp. (VST) involves cycling between selling cash-secured puts and covered calls to generate recurring premium income. VST is a popular wheel candidate due to its options liquidity, with tight bid-ask spreads and a full range of weekly and monthly expirations available.

To run the wheel on VST, start by selling a cash-secured put at a strike price where you would be comfortable owning shares. If the put expires worthless, you keep the premium and sell another. If assigned, you buy 100 shares and transition to selling covered calls above your effective cost basis until the shares are called away.

Before opening any position, check the earnings calendar to ensure you are not selling through an earnings date. Use the calculators above to model specific strikes and expirations before committing capital.