AXP wheel: cash-secured put & covered-call yields
American Express Company · Financials · $316.41 close on Oct 19, 2026
What the Oct 19, 2026 close says about AXP
At 28.8% implied volatility, the options market is pricing a one-standard-deviation move of about $26.98 (8.5%) in AXP by Nov 20, 2026, 32 days out.
Selling the $305 put (−0.31Δ) for $5.62 means assignment would leave a cost basis of $299.38, 5.4% below the $316.41 close.
The 60-day 0.30Δ put pays 1.2× the premium of the 32-day one for 1.9× the time — more premium per day on the 32-day contract ($0.176 vs $0.117).
At 0.30Δ on the Nov 20 expiry the put yields 1.84% on its strike and the call 1.87% on spot: puts and calls pay within 10% of each other on AXP this session.
Moving down to the $295 put (−0.19Δ) buys 3.2% more room below spot and keeps 57% of the 0.30Δ premium.
Open interest in the stored window totals 18,748 contracts; the largest single line is the $310 put expiring Nov 20 with 1,741 (9.3% of the window).
By options volume AXP ranks #178 of 608 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 AXP
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $305 | −0.31 | $5.62 Oct 19 | $562.00 | $30,500 | 1.84% | 21.0% | $299.38 | 0 | 33 |
| 0.20Δ | $295 | −0.19 | $3.19 Oct 19 | $319.00 | $29,500 | 1.08% | 12.3% | $291.81 | 0 | 10 |
Snapshot #4173 · session 2026-10-19 · captured 22:11 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 | $300 | −0.28 | $7.00 Oct 19 | $700.00 | $30,000 | 2.33% | 14.2% | $293.00 | 708 | 11 |
| 0.20Δ | $290 | −0.19 | $4.10 Oct 19 | $410.00 | $29,000 | 1.41% | 8.6% | $285.90 | 427 | 58 |
Snapshot #4173 · session 2026-10-19 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 60
Covered calls on AXP
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $330 | 0.34 | $5.91 Oct 19 | $591.00 | 1.87% | 21.3% | 6.16% | 70.3% | 916 | 614 |
| 0.20Δ | $340 | 0.22 | $3.19 Oct 19 | $319.00 | 1.01% | 11.5% | 8.46% | 96.5% | 713 | 57 |
Snapshot #4173 · session 2026-10-19 · captured 22:11 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 | $340 | 0.29 | $6.00 Oct 19 | $600.00 | 1.90% | 11.5% | 9.35% | 56.9% | 804 | 31 |
| 0.20Δ | $350 | 0.20 | $3.72 Oct 19 | $372.00 | 1.18% | 7.2% | 11.79% | 71.7% | 1,292 | 115 |
Snapshot #4173 · session 2026-10-19 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 60
AXP volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 28.8%session 2026-10-19
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Oct 19, 2026
- Open interest, stored window
- 18,748 contractssession 2026-10-19
- Largest open-interest line
- $310 put · Nov 20 · 1,741
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #178 of 608 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.