BMY wheel: cash-secured put & covered-call yields
Bristol-Myers Squibb Co. · Healthcare · $63.88 close on Sep 28, 2026
What the Sep 28, 2026 close says about BMY
At 37.6% implied volatility, the options market is pricing a one-standard-deviation move of about $7.10 (11.1%) in BMY by Oct 30, 2026, 32 days out.
Selling the $61 put (−0.32Δ) for $1.53 means assignment would leave a cost basis of $59.47, 6.9% below the $63.88 close.
The 81-day 0.30Δ put pays 1.4× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.048 vs $0.027).
At 0.30Δ on the Oct 30 expiry the put yields 2.51% on its strike and the call 1.75% on spot: puts pay 1.4× what calls do on BMY this session.
Moving down to the $59 put (−0.22Δ) buys 3.1% more room below spot and keeps 54% of the 0.30Δ premium.
Open interest in the stored window totals 134,451 contracts; the largest single line is the $50 put expiring Dec 18 with 27,790 (20.7% of the window).
BMY goes ex-dividend on Oct 2, 2026 ($0.63 declared), inside the Oct 30 covered-call window. A short call that is in the money before an ex-date can be assigned early.
By options volume BMY ranks #212 of 441 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 BMY
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $61 | −0.32 | $1.53 Sep 28 | $153.00 | $6,100 | 2.51% | 28.6% | $59.47 | 13 | 6 |
| 0.20Δ | $59 | −0.22 | $0.83 Sep 28 | $83.00 | $5,900 | 1.41% | 16.0% | $58.17 | 165 | 11 |
Snapshot #77 · session 2026-09-28 · captured 22:21 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 | $60 | −0.31 | $2.16 Sep 28 | $216.00 | $6,000 | 3.60% | 16.2% | $57.84 | 16,049 | 37 |
| 0.20Δ | $57.50 | −0.22 | $1.55 Sep 28 | $155.00 | $5,750 | 2.70% | 12.1% | $55.95 | 3,144 | 4 |
Snapshot #77 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on BMY
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $67 | 0.32 | $1.12 Sep 28 | $112.00 | 1.75% | 20.0% | 6.64% | 75.7% | 260 | 13 |
| 0.20Δ | $69 | 0.21 | $0.70 Sep 28 | $70.00 | 1.10% | 12.5% | 9.11% | 103.9% | 65 | 38 |
Snapshot #77 · session 2026-09-28 · captured 22:21 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 | $70 | 0.29 | $1.67 Sep 28 | $167.00 | 2.61% | 11.8% | 12.19% | 55.0% | 6,572 | 73 |
| 0.20Δ | $72.50 | 0.22 | $1.16 Sep 28 | $116.00 | 1.82% | 8.2% | 15.31% | 69.0% | 1,281 | 6 |
Snapshot #77 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
BMY volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 37.6%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- Ex-div Oct 2, 2026 · $0.63 declaredchecked Sep 28, 2026
- Open interest, stored window
- 134,451 contractssession 2026-09-28
- Largest open-interest line
- $50 put · Dec 18 · 27,790
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #212 of 441 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.