BMY wheel: cash-secured put & covered-call yields
Bristol-Myers Squibb Co. · Healthcare · $62.32 close on Nov 12, 2026
What the Nov 12, 2026 close says about BMY
At 30.7% implied volatility, the options market is pricing a one-standard-deviation move of about $6.01 (9.6%) in BMY by Dec 18, 2026, 36 days out.
Selling the $60 put (−0.32Δ) for $1.19 means assignment would leave a cost basis of $58.81, 5.6% below the $62.32 close.
The 64-day 0.30Δ put pays 1.3× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.033 vs $0.024).
Moving down to the $57.50 put (−0.18Δ) buys 4.0% more room below spot and keeps 50% of the 0.30Δ premium.
Open interest in the stored window totals 217,113 contracts; the largest single line is the $60 put expiring Jan 15 with 25,182 (11.6% of the window).
By options volume BMY ranks #295 of 679 names in our universe.
Near-the-money options volume (1.6k) is 785% 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 BMY
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $60 | −0.32 | $1.19 Nov 12 | $119.00 | $6,000 | 1.98% | 20.1% | $58.81 | 19,999 | 97 |
| 0.20Δ | $57.50 | −0.18 | $0.59 Nov 12 | $59.00 | $5,750 | 1.03% | 10.4% | $56.91 | 23,116 | 65 |
Snapshot #9323 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $57.50 | −0.26 | $1.51 Nov 12 | $151.00 | $5,750 | 2.63% | 15.0% | $55.99 | 11,063 | 67 |
| 0.20Δ | $55 | −0.18 | $0.91 Nov 12 | $91.00 | $5,500 | 1.65% | 9.4% | $54.09 | 20,152 | 50 |
Snapshot #9323 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on BMY
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $67.50 | 0.23 | $0.82 Nov 12 | $82.00 | 1.32% | 13.3% | 9.63% | 97.6% | 5,685 | 928 |
Snapshot #9323 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $67.50 | 0.30 | $1.55 Nov 12 | $155.00 | 2.49% | 14.2% | 10.80% | 61.6% | 8,438 | 25 |
| 0.20Δ | $70 | 0.22 | $1.01 Nov 12 | $101.00 | 1.62% | 9.2% | 13.94% | 79.5% | 12,954 | 186 |
Snapshot #9323 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
BMY volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 30.7%session 2026-11-12
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 217,113 contractssession 2026-11-12
- Largest open-interest line
- $60 put · Jan 15 · 25,182
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #295 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.