WandaVision gives plenty of screentime to Wanda Maximoff, but her powers are still undefined. While it's clear from her previous appearances in the Marvel Cinematic Universe that she can manipulate reality, the limits of her abilities have yet to be explored, leaving fans to wonder what she is really capable of.
Wanda is considerably more formidable than the Bewitched-style housewife that WandaVision makes her out to be. She gained her abilities because she and her fraternal twin, Pietro, were the human lab rats of Wolfgang Von Strucker's experiments with the Mind Stone. However, while it imparted supersonic speed, both mental and physical, upon her brother, Wanda got a more interesting set of new abilities. They fall under the basic category of psionic powers, with Maria Hill explaining them as "neuro-electric interfacing" in Avengers: Age of Ultron.
Like most psychically gifted superheroes, she can read the minds of humans, as well as artificial intelligence like Ultron and Vision. What makes her an intimidating foe, though, is her ability to manipulate others' thoughts and emotions, eliciting whatever response she desires. When she was still fighting against the Avengers, she forced them to recall painful moments from their pasts. Later, she overtook the consciousness of all of the civilians in Sokovia in order to get them to safety. She can also use her psychic connections to communicate wordlessly and sense danger before it arrives. Whenever she relies upon her telepathic skillset, her eyes glow a deep, dark red, and in cases of extreme exertion, a crimson energy mist seems to emanate from her fingertips.
Wanda also harbors telekinetic powers, which allows her to disrupt matter. She deploys that ability when she throws debris at Thanos in Avengers: Endgame. When fans last saw her, Wanda nearly defeated the Mad Titan on her own in the climactic Battle of Earth. Thanos managed to escape with the help of an air assault, but just barely. Wanda's telekinesis also enables her to create forcefields and disintegrate objects, and she can even use it to levitate and move through the air, giving her the appearance of flight.
In short, Wanda's a force to be reckoned with. However, despite her awesome superpowers and above-average combat skills, she's not invincible or unbeatable. To exert control over mind and matter, she must first be in control of her own body and brain, and if she's disturbed (as was the case in her fight with War Machine in Captain America: Civil War), she can be overcome.
How powerful Wanda is in the world of WandaVision remains an open debate. Given the series seems to take place in an alternate temporal (and possibly physical) reality, one neither Wanda nor Vision seem to comprehend, it's possible she created this reality without even realizing it. And if that's the case, WandaVision may be expanding Scarlet Witch's magical repertoire to get her out of whatever situation she's gotten herself into.
Written by Jac Schaeffer and directed by Matt Shakman, WandaVision stars Elizabeth Olsen as Wanda Maximoff/Scarlet Witch, Paul Bettany as Vision, Randall Park as Agent Jimmy Woo, Kat Dennings as Darcy Lewis, Teyonah Parris as Monica Rambeau and Kathryn Hahn as Agnes. New episodes air Fridays on Disney+.