AEP wheel: cash-secured put & covered-call yields
American Electric Power Company, Inc. · Utilities · $129.18 close on Nov 13, 2026
What the Nov 13, 2026 close says about AEP
At 17.6% implied volatility, the options market is pricing a one-standard-deviation move of about $7.04 (5.4%) in AEP by Dec 18, 2026, 35 days out.
Selling the $125 put (−0.30Δ) for $1.50 means assignment would leave a cost basis of $123.50, 4.4% below the $129.18 close.
The 63-day 0.30Δ put pays 1.6× the premium of the 35-day one for 1.8× the time — more premium per day on the 35-day contract ($0.043 vs $0.037).
Moving down to the $120 put (−0.15Δ) buys 3.9% more room below spot and keeps 40% of the 0.30Δ premium.
Open interest in the stored window totals 18,407 contracts; the largest single line is the $140 call expiring Jan 15 with 3,051 (16.6% of the window).
By options volume AEP ranks #238 of 679 names in our universe.
Near-the-money options volume (1.1k) is 66% above its 5-session average.
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on AEP
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $125 | −0.30 | $1.50 Nov 13 | $150.00 | $12,500 | 1.20% | 12.5% | $123.50 | 930 | 1,044 |
| 0.20Δ | $120 | −0.15 | $0.60 Nov 13 | $60.00 | $12,000 | 0.50% | 5.2% | $119.40 | 1,590 | 12 |
Snapshot #9576 · session 2026-11-13 · captured 22:00 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 35
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $125 | −0.34 | $2.34 Nov 13 | $234.00 | $12,500 | 1.87% | 10.8% | $122.66 | 1,362 | 3 |
| 0.20Δ | $120 | −0.20 | $1.05 Nov 13 | $105.00 | $12,000 | 0.88% | 5.1% | $118.95 | 749 | 3 |
Snapshot #9576 · session 2026-11-13 · captured 22:00 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 63
Covered calls on AEP
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $135 | 0.24 | $1.11 Nov 13 | $111.00 | 0.86% | 9.0% | 5.36% | 55.9% | 636 | 30 |
Snapshot #9576 · session 2026-11-13 · captured 22:00 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 35
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $135 | 0.31 | $2.15 Nov 13 | $215.00 | 1.66% | 9.6% | 6.17% | 35.7% | 2,114 | 4 |
| 0.20Δ | $140 | 0.18 | $1.00 Nov 13 | $100.00 | 0.77% | 4.5% | 9.15% | 53.0% | 3,051 | 6 |
Snapshot #9576 · session 2026-11-13 · captured 22:00 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 63
AEP volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 17.6%session 2026-11-13
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Nov 10, 2026
- Open interest, stored window
- 18,407 contractssession 2026-11-13
- Largest open-interest line
- $140 call · Jan 15 · 3,051
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #238 of 679 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.
- No contract near 0.30Δ traded this session
- We are building our own daily implied-volatility history (35 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.