BAC wheel: cash-secured put & covered-call yields
Bank of America Corporation · Financials · $56.70 close on Sep 25, 2026
What the Sep 25, 2026 close says about BAC
At 28.3% implied volatility, the options market is pricing a one-standard-deviation move of about $4.97 (8.8%) in BAC by Oct 30, 2026, 35 days out.
Selling the $54 put (−0.27Δ) for $0.83 means assignment would leave a cost basis of $53.17, 6.2% below the $56.70 close.
At 0.30Δ on the Oct 30 expiry the put yields 1.54% on its strike and the call 1.68% on spot: puts and calls pay within 10% of each other on BAC this session.
Moving down to the $53 put (−0.20Δ) buys 1.8% more room below spot and keeps 76% of the 0.30Δ premium.
Open interest in the stored window totals 82,974 contracts; the largest single line is the $55 put expiring Dec 18 with 13,856 (16.7% of the window).
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on BAC
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $54 | −0.27 | $0.83 Sep 25 | $83.00 | $5,400 | 1.54% | 16.0% | $53.17 | 241 | 7 |
| 0.20Δ | $53 | −0.20 | $0.63 Sep 25 | $63.00 | $5,300 | 1.19% | 12.4% | $52.37 | 414 | 57 |
Snapshot #13 · session 2026-09-25 · captured 08:07 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 | Unavailable1 | |||||||||
| 0.20Δ | $50 | −0.16 | $0.69 Sep 25 | $69.00 | $5,000 | 1.38% | 6.0% | $49.31 | 8,114 | 16 |
Snapshot #13 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 84
Covered calls on BAC
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $59 | 0.33 | $0.95 Sep 25 | $95.00 | 1.68% | 17.5% | 5.73% | 59.8% | 96 | 40 |
| 0.20Δ | $61 | 0.19 | $0.43 Sep 25 | $43.00 | 0.76% | 7.9% | 8.34% | 87.0% | 87 | 335 |
Snapshot #13 · session 2026-09-25 · captured 08:07 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 | $60 | 0.34 | $1.49 Sep 25 | $149.00 | 2.63% | 11.4% | 8.45% | 36.7% | 11,275 | 4,768 |
| 0.20Δ | $62.50 | 0.23 | $0.82 Sep 25 | $82.00 | 1.45% | 6.3% | 11.68% | 50.7% | 13,757 | 146 |
Snapshot #13 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 84
BAC volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 28.3%session 2026-09-25
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Sep 27, 2026
- Open interest, stored window
- 82,974 contractssession 2026-09-25
- Largest open-interest line
- $55 put · Dec 18 · 13,856
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- Unavailable5
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 (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.
- Not ranked yet — liquidity ranks are computed at the weekly re-rank of the whole universe.