ABBV wheel: cash-secured put & covered-call yields
ABBVIE INC. · Healthcare · $266.28 close on Sep 28, 2026
What the Sep 28, 2026 close says about ABBV
At 31.4% implied volatility, the options market is pricing a one-standard-deviation move of about $24.76 (9.3%) in ABBV by Oct 30, 2026, 32 days out.
Selling the $255 put (−0.30Δ) for $5.10 means assignment would leave a cost basis of $249.90, 6.2% below the $266.28 close.
The 81-day 0.30Δ put pays 1.5× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.159 vs $0.091).
At 0.30Δ on the Oct 30 expiry the put yields 2.00% on its strike and the call 1.49% on spot: puts pay 1.3× what calls do on ABBV this session.
Moving down to the $245 put (−0.17Δ) buys 3.8% more room below spot and keeps 48% of the 0.30Δ premium.
Open interest in the stored window totals 29,654 contracts; the largest single line is the $300 call expiring Dec 18 with 12,571 (42.4% of the window).
ABBV goes ex-dividend on Oct 15, 2026 ($1.73 declared), inside the Oct 30 covered-call window. A short call that is in the money before an ex-date can be assigned early.
By options volume ABBV ranks #148 of 441 names in our universe.
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on ABBV
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $255 | −0.30 | $5.10 Sep 28 | $510.00 | $25,500 | 2.00% | 22.8% | $249.90 | 19 | 31 |
| 0.20Δ | $245 | −0.17 | $2.45 Sep 28 | $245.00 | $24,500 | 1.00% | 11.4% | $242.55 | 14 | 25 |
Snapshot #48 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $250 | −0.29 | $7.40 Sep 28 | $740.00 | $25,000 | 2.96% | 13.3% | $242.60 | 718 | 47 |
| 0.20Δ | $240 | −0.21 | $4.60 Sep 28 | $460.00 | $24,000 | 1.92% | 8.6% | $235.40 | 2,676 | 48 |
Snapshot #48 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on ABBV
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $280 | 0.28 | $3.97 Sep 28 | $397.00 | 1.49% | 17.0% | 6.64% | 75.8% | 75 | 16 |
| 0.20Δ | $285 | 0.22 | $2.54 Sep 28 | $254.00 | 0.95% | 10.9% | 7.98% | 91.1% | 222 | 82 |
Snapshot #48 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $290 | 0.28 | $6.00 Sep 28 | $600.00 | 2.25% | 10.2% | 11.16% | 50.3% | 1,789 | 59 |
| 0.20Δ | $300 | 0.20 | $3.75 Sep 28 | $375.00 | 1.41% | 6.3% | 14.07% | 63.4% | 12,571 | 75 |
Snapshot #48 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
ABBV volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 31.4%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- Ex-div Oct 15, 2026 · $1.73 declaredchecked Sep 28, 2026
- Open interest, stored window
- 29,654 contractssession 2026-09-28
- Largest open-interest line
- $300 call · Dec 18 · 12,571
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #148 of 441 optionable names by options volume
How these numbers are made
One end-of-day snapshot per session from a 15-minute-delayed feed. A premium is a contract’s last trade, used only if it printed that session, sits above intrinsic value and is in order with its neighbours; deltas are the feed’s own. Expiries are the first at least 30 and 60 days out, and nothing under 30 days is annualized. Not investment advice. Full methodology.
- We are building our own daily implied-volatility history (1 of 252 sessions so far); IV rank and percentile need a full year of it.
- Our data provider does not license announced earnings dates, and we do not publish estimates.
- Our data feed carries last trades, not live bid/ask quotes, so we cannot show a spread.