United States 12 Month Natural Gas Fund LP (UNL) Wheel Strategy

Running a UNL wheel strategy lets you generate consistent premium income on United States 12 Month Natural Gas Fund LP while setting your own entry and exit prices on the underlying. United States 12 Month Natural Gas Fund LP's wheel combines cash-secured puts and covered calls into a repeatable cycle: sell puts at strikes where you'd be happy to own UNL, and if assigned, sell calls at strikes where you'd be happy to sell. Use our scanner to find the best UNL wheel strategy setups in real time.

The wheel works best on liquid, high-quality names with stable fundamentals and active options markets — exactly the profile many large-cap leaders fit. The mechanics are simple: sell a cash-secured put on UNL, collect premium, and either keep the premium if it expires worthless or take assignment at a discount to current price. Once assigned, sell covered calls against the shares to keep collecting premium until they're called away. Choosing the right strikes, expirations, and IV environment is what separates a profitable UNL wheel from a losing one.

The Benchmark Futures Contracts are the futures contracts on natural gas as traded on the NYMEX that are the near month contract to expire, and the contracts for the following 11 months, for a total of 12 consecutive months’ contracts, except when the near month contract is within two weeks of expiration.

The difference between a wheel that compounds and one that bleeds comes down to strike selection, IV timing, and discipline on assignment. Our scanner handles the heavy lifting: it ranks every leg of the UNL wheel strategy by delta, premium yield, IV rank, and days to expiration, so you can deploy capital where the math works. Build your UNL wheel strategy on data, not gut feel — and let the options wheel do what it does best: pay you to wait.