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BA wheel strategy yields

Last price $175.40 · Expiry 2026-12-04 (32 DTE) · IV 33% · Next earnings 2027-01-26

Cash-secured put

17.2% annualized
Strike
$165.0
Premium (mid)
$2.49 (bid 2.23 / ask 2.75)
Yield
1.51% (premium ÷ strike)
Delta
-0.252
Option IV
33.4%
Open interest
179

Covered call

20.4% annualized
Strike
$185.0
Premium (mid)
$3.13 (bid 2.92 / ask 3.35)
Yield
1.78% (premium ÷ price)
Delta
0.313
Option IV
33.6%
Open interest
294

Selling one BA put requires ~$16,500 cash collateral per contract. Figures are mid-prices from delayed data as of 2026-11-02.

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