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V wheel strategy yields

Last price $425.51 · Expiry 2026-12-04 (32 DTE) · IV 24% · Next earnings 2027-01-26

Cash-secured put

14.1% annualized
Strike
$410.0
Premium (mid)
$5.07 (bid 4.3 / ask 5.85)
Yield
1.24% (premium ÷ strike)
Delta
-0.291
Option IV
24.4%
Open interest
1

Covered call

14.6% annualized
Strike
$440.0
Premium (mid)
$5.45 (bid 4.6 / ask 6.3)
Yield
1.28% (premium ÷ price)
Delta
0.331
Option IV
23.9%
Open interest
90

Selling one V put requires ~$41,000 cash collateral per contract. Figures are mid-prices from delayed data as of 2026-11-02.

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