Best Options Tracking Software in 2026 (Detailed Comparison)

If you're trading options—especially running the wheel strategy with cash-secured puts (CSPs) and covered calls—you know that tracking your trades manually in spreadsheets is time-consuming and error-prone. As your portfolio grows, you need a better solution.

After testing every major options tracking tool on the market, I'm breaking down the best options tracking software in 2026, comparing features, pricing, and real-world usability. Whether you're a theta gang trader, LEAPS investor, or just want to stop using Google Sheets, this guide will help you choose the right tool.

Quick answer: Options Tracker is the best options tracker for wheel strategy traders — it's the only tool in this comparison that automatically creates a stock position with the correct cost basis when a cash-secured put gets assigned, and it supports multiple brokerage accounts. It's free for up to 1 account and 10 open positions; Pro is $4.99/month for unlimited. Covered Wheel is the best fully free option if you don't need multi-account support or advanced metrics. Google Sheets is best only if you want full manual customization and are comfortable writing your own formulas.

Quick Comparison Table

Tool	Best For	Price	Wheel Support	Assignment Tracking	Multi-Account
Options Tracker	Wheel strategy traders	$4.99/mo	✅ Excellent	✅ Automatic	✅ Yes
Covered Wheel	Budget-conscious traders	Free	✅ Good	✅ Manual	❌ No
Google Sheets	DIY customization	Free	⚠️ Manual setup	⚠️ Manual formulas	⚠️ Complex setup
TradeLog	Tax reporting	$199/yr	❌ Limited	❌ No	✅ Yes
TastyTrade	Broker-integrated	Free (with account)	⚠️ Basic	❌ No	❌ Single broker

1. Options Tracker - Best for Wheel Strategy Traders

Price: $4.99/month (free forever, no credit card required)

What It Does Well

Automatic Assignment Tracking: This is the killer feature. When your CSP gets assigned, Options Tracker automatically creates a stock position with the correct cost basis (strike price minus premium collected). You don't have to manually calculate anything or create new entries.

Example: You sell a $25 CSP on PLTR for $2.50 premium. It gets assigned. Options Tracker automatically creates:

• Stock position: 100 shares of PLTR
• Cost basis: $22.50/share (strike minus premium)
• Available shares for covered calls: 100
• Total P&L including CSP premium: Automatically calculated

When you sell a covered call against those shares, it tracks which shares are "used" and prevents you from over-allocating (selling more CCs than you have shares for).

Dashboard Analytics: The dashboard shows:

• Total realized P&L
• Open positions P&L (unrealized)
• Return on capital deployed (uses total capital tied up, not just premium)
• Annualized returns (properly calculated based on holding period)
• Performance breakdown by ticker
• Performance breakdown by strategy (CSP vs Covered Call vs LEAPS)

Multi-Account Support: If you trade in multiple brokers (e.g., Robinhood for small plays, IBKR for serious trading), you can track them separately and see combined performance.

CSV Import/Export: Import trades from your broker's CSV export. Export your data for tax reporting or analysis.

What Could Be Better

• No API integration: You have to manually enter trades (though CSV import helps). Some competitors offer direct broker connections, but those are usually $20+/month.
• Mobile app: Currently web-only. The site is mobile-responsive, but a dedicated app would be nice.
• Trade alerts: Doesn't remind you when options are expiring soon (you can set calendar reminders manually).

Who It's For

• Wheel strategy traders (CSPs → Assignment → Covered Calls)
• Theta gang members who sell premium regularly
• Traders with multiple accounts
• Anyone tired of spreadsheet formulas

Try it: free forever, no credit card required

2. Covered Wheel - Best Free Option

Price: Free

What It Does Well

Covered Wheel is purpose-built for wheel strategy traders and it's completely free. That's a huge advantage if you're just starting out or have a small portfolio.

Key Features:

• Track CSPs, covered calls, and stock positions
• Cost basis calculation
• Searchable trade history
• Basic P&L tracking

What Could Be Better

• Single account only: Can't track multiple brokers separately
• Manual assignment handling: When a CSP assigns, you have to manually create the stock position and calculate cost basis
• Limited analytics: Basic P&L only, no return on capital or annualized returns
• No export: Can't export data for tax reporting

Who It's For

• Beginners who want to try tracking before paying
• Traders with small portfolios (under 20 active positions)
• Anyone who wants a simple, free solution

3. Google Sheets - Best for DIY Customization

Price: Free

What It Does Well

Google Sheets gives you complete control. You can customize every formula, add any metric you want, and integrate with external data sources.

Advantages:

• Completely free
• Fully customizable
• Can use Google Finance formulas for live stock prices
• Great if you're good with spreadsheets

What's Painful About It

I tracked 200+ trades in Google Sheets for a year before building Options Tracker. Here's what drove me crazy:

• Manual entry for everything: Every CSP close, every assignment, every covered call. It takes 2-3 minutes per trade.
• Formula errors: One typo and your entire P&L calculation is wrong. You won't notice until you wonder why your returns don't match your broker.
• Assignment tracking is hell: When a CSP assigns:
  • Create a new row in "Stock Positions" tab
  • Calculate cost basis = (strike × 100) - premium collected
  • Link back to the original CSP trade
  • Update "Available Shares" for covered calls
  • Remember which shares are tied to which covered calls
  It's easy to mess up, especially if you're managing multiple tickers.
• No automatic calculations: Want to see annualized returns? Write a formula. Want return on capital deployed? Another formula. Make sure they're right.

Who It's For

• Traders who love spreadsheets
• People with very small portfolios (under 10 trades/month)
• Anyone who needs custom metrics not available in other tools

Tip: If you're going this route, don't start from scratch — our wheel strategy tracking guide walks through the exact tabs and formulas to build, or skip the spreadsheet entirely and try Options Tracker free.

4. TradeLog - Best for Tax Reporting

Price: $199/year

What It Does Well

TradeLog is designed for tax reporting. It handles wash sales, short-term vs long-term gains, and generates reports your accountant will love.

Key Features:

• Wash sale tracking
• Tax lot accounting
• IRS-ready reports (Schedule D, Form 8949)
• Import from major brokers

What's Missing

• Not designed for options strategies: It treats options like any other security. No special handling for wheel strategy, assignments, or covered calls.
• No assignment tracking: When a CSP assigns, you have to manually link the option trade to the stock acquisition.
• Expensive: $199/year is steep if you just want trade tracking.

Who It's For

• Active traders with complex tax situations
• Anyone who needs wash sale tracking
• Traders with 100+ trades per year

5. TastyTrade / Broker Platforms - Best for Broker Integration

Price: Free (with brokerage account)

What It Does Well

If you trade exclusively with one broker (TastyTrade, TD Ameritrade, Interactive Brokers), their built-in tracking is convenient.

Advantages:

• Automatic trade import (no manual entry)
• Real-time portfolio values
• Integrated with order entry
• Free

Limitations

• Single broker only: If you trade across multiple brokers, you need multiple tools or a separate tracker.
• Basic analytics: Most broker platforms show P&L but not advanced metrics like return on capital deployed or annualized returns.
• No assignment workflow: When a CSP assigns, the broker shows it as a stock purchase, but doesn't automatically link it to the original CSP or calculate your adjusted cost basis including premium.
• Limited export: Data is locked in the broker's system.

Who It's For

• Traders who use only one broker
• People who want automatic import
• Traders who don't need advanced metrics

How to Choose: Decision Tree

Are you running the wheel strategy (CSPs → Assignment → Covered Calls)?

• Yes → Options Tracker (automatic assignment tracking saves hours)
• No, just buying/selling options → Covered Wheel (free) or broker platform

Do you trade across multiple brokers?

• Yes → Options Tracker (multi-account support)
• No → Broker platform might be enough

Do you need advanced metrics (ROI, annualized returns, return on capital)?

• Yes → Options Tracker
• No → Covered Wheel or Broker platform

Is tax reporting your main concern?

• Yes → TradeLog
• No → Options Tracker

Want it completely free?

• Yes → Covered Wheel or Google Sheets
• No → Options Tracker (free plan)

Why I Built Options Tracker

I'm not going to pretend this is an unbiased review—I built Options Tracker because none of the existing solutions solved my problems as a wheel strategy trader.

Here's what kept frustrating me:

1. Assignment tracking was manual in every tool: When my PLTR $25 CSP got assigned, I'd have to:
   • Look up the original CSP trade
   • Calculate cost basis: $25 - ($2.50/100) = $22.50
   • Create a new stock position entry
   • Remember this position exists when selling covered calls
   This took 5-10 minutes per assignment. With 10-20 assignments per month, it added up.
2. No tool calculated return on capital deployed: Most tools show "premium collected" as a percentage of... what? The strike price? The stock value at assignment? The actual capital you had tied up? Options Tracker uses the real capital deployed: cash secured for CSPs, actual stock value for covered calls.
3. Multi-account tracking was either expensive or nonexistent: I trade in Robinhood (small plays), Interactive Brokers (serious trading), and Webull (crypto-related). Other tools either didn't support multiple accounts or charged $20+/month for it.

So I built Options Tracker to handle these exact use cases. If you're running the wheel strategy and tired of manual tracking, try the free plan.

Final Recommendations

Best Overall: Options Tracker
If you're serious about options trading and run the wheel strategy, Options Tracker's automatic assignment tracking and multi-account support are worth the $4.99/month. The free plan lets you test it risk-free.

Best Free Option: Covered Wheel
If you're just starting out or have a small portfolio, Covered Wheel is solid and costs nothing.

Best for Tax Reporting: TradeLog
If you're a high-volume trader with complex tax needs, TradeLog is worth the $199/year.

Best for DIY: Google Sheets
If you love spreadsheets and have time to build formulas, Sheets gives you unlimited customization. Just download a template to start.

What About Other Tools?

You might be wondering about other popular tools like OptionsPlay, OptionStrat, or OptionStalker. Here's why they're not in this comparison:

• OptionsPlay / OptionStrat: These are great for analyzing options strategies and finding trade ideas, but they don't track your executed trades. Different use case.
• Personal Capital / Mint: Good for overall portfolio tracking, but they don't understand options strategies. Your CSP shows up as "Short Put" but there's no context about why you sold it or what happens when it assigns.
• Excel: Same pros/cons as Google Sheets, but lacks cloud sync and Google Finance integration.

Try Before You Commit

Most good options trackers offer free plans. My recommendation:

1. Week 1: Try Options Tracker (free plan, no credit card)
2. Week 2: Test Covered Wheel (free)
3. Week 3: Compare to your current spreadsheet
4. Week 4: Choose the one that saved you the most time

Track 10-20 trades in each tool. Pay attention to:

• How long it takes to enter a trade
• How easy it is to see overall performance
• Whether assignment tracking is automatic or manual
• If the metrics shown actually help you make decisions

The best tracker is the one you'll actually use consistently.