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Getting started

WheelTrading.io needs two short preparation phases before the app can work for you: one at Lynx / IBKR (external) and one inside WheelTrading itself. Together they typically take 30-60 minutes.

The setup checklist in the header (small rocket "Setup 0/6") walks you through phase B - clicking a step jumps straight into the right settings page. The full view lives under Setup checklist in the header once you are logged in. No account yet, or not logged in? Start at the login page - the tier selection (Wheel Starter / Master / Premium with a 4-week free trial) runs through the registration wizard. Details: Plans & subscription model.

Phase A - Preparation at Lynx / IBKR (external)

These steps have to be done once directly at Lynx, since WheelTrading has no access to your broker account.

  1. Open a Lynx account (live / master user) with options trading

enabled (short puts + covered calls). This is the user WheelTrading uses for position sync, quotes and orders.

  1. Create a second LYNX user (trade user for the browser).

The master login collides with WheelTrading as soon as you also log in with it in a browser (LYNX/IBKR only allows one active session). For manual trading via the LYNX+ web interface — where you transfer the order values yourself, field by field — you therefore need a second user on the same account. Walkthrough: Set up a LYNX second user.

  1. Optional: enable a paper trading login for risk-free practice

(separate user, added in WheelTrading under Settings - My account - IBKR accounts alongside the live account).

  1. Order the market-data subscriptions (US Securities Bundle +

OPRA are required for live quotes).

  1. Install Microsoft Authenticator on your phone - required for

the IBKR / LYNX login itself (do not confuse this with the 2FA for your WheelTrading account, which uses the same authenticator app but is set up separately - see phase B step 8). QR codes for the app download are below.

  1. Generate a Flex Web Service token (valid 1 year).
  2. Create the Flex queries: either ONE combined transactions query

(recommended) or two separate queries (trades + dividends).

Detailed walkthrough with click paths: Set up your Lynx / IBKR account.

Download Microsoft Authenticator

Scan the QR code with your phone camera to jump straight into the matching app store.

iPhone (Apple App Store):

QR code: Microsoft Authenticator on the Apple App Store

Direct link: apps.apple.com

Android (Google Play):

QR code: Microsoft Authenticator on Google Play

Direct link: play.google.com

Phase B - Set up inside WheelTrading

Once phase A is done, enter the values here. The setup checklist in the header shows your progress (0/6 -> 6/6). Sensible order:

Login required: All the steps below take place inside the logged- in area. If you are not signed in yet: Log in / choose a subscription.

1. Create an account

Sign up on the landing page. You will receive a confirmation email - after that you can log in.

2. Choose a subscription

WheelTrading offers three paid tiers (no free tier) with a 4-week free trial in the tier of your choice - so from day one you use exactly the plan you would pay for. Prices, cancellation rules and full feature matrix: Plans & subscription model.

  • Wheel Starter - entry level for up to approx. **5 open

positions**. Filter settings inherit from the system default, no volatility / IV automation.

  • Wheel Master *(the typical choice for the active wheel

strategy) - up to 15 open positions, full filter settings (take profit, ATR, NLV scaling, positions), configurable earnings / dividends blockers, Telegram notifications*.

  • Wheel Premium - all Master features, plus **unlimited

positions, editable volatility regime (VIX) and IV-Rank / IV-Percentile, custom delta targets and roll thresholds**, editable ATR period.

Note: The position limits and features above reflect the current state in Plans & subscription model and the 2026-08-14 subscription model. Not investment advice, not a recommendation - pick the tier that fits your portfolio and trading style.

3. Enter IBKR credentials

Connect live and/or paper account under Settings -> My account -> IBKR accounts. Without these credentials WheelTrading cannot pull positions, quotes or orders.

4. Paste Flex token + query ID

Under Settings -> Global settings -> API keys:

  • IBKR Flex token (from phase A step 6)
  • Either IBKR Flex query ID (Transactions) (combined - recommended)
  • or the two separate IDs (trades + dividends)

Right after that, press the manual import button (below the field block) once so the history is loaded immediately - otherwise you wait for the next cron tick.

5. Confirm market-data subscriptions

After logging in, the onboarding step "Confirm market-data subscriptions" opens the market-data checklist (/settings/marketdata-checklist). Tick the box as soon as US Securities Bundle + OPRA are active in IBKR. Until then we display a yellow "delayed data" banner above the dashboard. Not signed in yet? Go to the login page.

6. Enter API keys

  • Finnhub (required) for news + earnings calendar
  • DeepL (optional) for news translation
  • Gemini (optional) for the AI outlook on the research page

Free-tier keys are sufficient for all three services. Details: Configure API keys.

7. Enable 2FA

Under Settings -> My account -> Security pair a TOTP authenticator (Microsoft Authenticator, Google Authenticator, Authy) with the QR code. From then on every login requires the 6-digit code.

8. Optional: set up the Telegram bot

Push notifications on order fills, assignments and gateway warnings. Full walkthrough: Telegram notifications.

Activate the filter

Afterwards you can set take-profit thresholds, max positions, ATR distances and more in the Filter settings panel. Fields not allowed under your plan are greyed out.

Note: Any field you don't set yourself uses the system default or the plan override automatically.

No "auto-trading" happens without your action: WheelTrading computes proposals, but EVERY order has to be manually confirmed by you in the send dialog and pushed to Lynx.