BAC wheel: cash-secured put & covered-call yields
Bank of America Corporation · Financials · $50.67 close on Nov 11, 2026
What the Nov 11, 2026 close says about BAC
At 26.1% implied volatility, the options market is pricing a one-standard-deviation move of about $3.80 (7.5%) in BAC by Dec 11, 2026, 30 days out.
Selling the $49 put (−0.30Δ) for $0.75 means assignment would leave a cost basis of $48.25, 4.8% below the $50.67 close.
The 65-day 0.30Δ put pays 1.5× the premium of the 30-day one for 2.2× the time — more premium per day on the 30-day contract ($0.025 vs $0.017).
At 0.30Δ on the Dec 11 expiry the put yields 1.53% on its strike and the call 1.01% on spot: puts pay 1.5× what calls do on BAC this session.
Moving down to the $48 put (−0.23Δ) buys 2.0% more room below spot and keeps 67% of the 0.30Δ premium.
Open interest in the stored window totals 250,491 contracts; the largest single line is the $45 put expiring Jan 15 with 48,547 (19.4% of the window).
BAC goes ex-dividend on Dec 4, 2026 ($0.32 declared), inside the Dec 11 covered-call window. A short call that is in the money before an ex-date can be assigned early.
By options volume BAC ranks #48 of 679 names in our universe.
Near-the-money options volume (522) is 52% below 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 BAC
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $49 | −0.30 | $0.75 Nov 11 | $75.00 | $4,900 | 1.53% | 18.6% | $48.25 | 100 | 5 |
| 0.20Δ | $48 | −0.23 | $0.50 Nov 11 | $50.00 | $4,800 | 1.04% | 12.7% | $47.50 | 168 | 15 |
Snapshot #9036 · session 2026-11-11 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 30
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $48 | −0.29 | $1.09 Nov 11 | $109.00 | $4,800 | 2.27% | 12.8% | $46.91 | 2,764 | 35 |
| 0.20Δ | $46 | −0.19 | $0.66 Nov 11 | $66.00 | $4,600 | 1.43% | 8.1% | $45.34 | 4,049 | 29 |
Snapshot #9036 · session 2026-11-11 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 65
Covered calls on BAC
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $53 | 0.26 | $0.51 Nov 11 | $51.00 | 1.01% | 12.2% | 5.60% | 68.2% | 854 | 68 |
| 0.20Δ | $54 | 0.17 | $0.32 Nov 11 | $32.00 | 0.63% | 7.7% | 7.20% | 87.6% | 939 | 89 |
Snapshot #9036 · session 2026-11-11 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 30
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $55 | 0.23 | $0.73 Nov 11 | $73.00 | 1.44% | 8.1% | 9.99% | 56.1% | 33,697 | 562 |
Snapshot #9036 · session 2026-11-11 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 65
BAC volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 26.1%session 2026-11-11
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- Ex-div Dec 4, 2026 · $0.32 declaredchecked Nov 9, 2026
- Open interest, stored window
- 250,491 contractssession 2026-11-11
- Largest open-interest line
- $45 put · Jan 15 · 48,547
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #48 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 (34 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.