BX wheel: cash-secured put & covered-call yields
Blackstone Inc. · Financials · $114.56 close on Sep 28, 2026
What the Sep 28, 2026 close says about BX
At 41.9% implied volatility, the options market is pricing a one-standard-deviation move of about $14.20 (12.4%) in BX by Oct 30, 2026, 32 days out.
Selling the $107 put (−0.27Δ) for $2.48 means assignment would leave a cost basis of $104.52, 8.8% below the $114.56 close.
The 81-day 0.30Δ put pays 1.9× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.078 vs $0.057).
At 0.30Δ on the Oct 30 expiry the put yields 2.32% on its strike and the call 2.27% on spot: puts and calls pay within 10% of each other on BX this session.
Moving down to the $105 put (−0.22Δ) buys 1.7% more room below spot and keeps 79% of the 0.30Δ premium.
Open interest in the stored window totals 14,834 contracts; the largest single line is the $140 call expiring Dec 18 with 1,734 (11.7% of the window).
By options volume BX ranks #118 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 BX
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $107 | −0.27 | $2.48 Sep 28 | $248.00 | $10,700 | 2.32% | 26.4% | $104.52 | 2 | 1 |
| 0.20Δ | $105 | −0.22 | $1.96 Sep 28 | $196.00 | $10,500 | 1.87% | 21.3% | $103.04 | 41 | 17 |
Snapshot #78 · 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 | $105 | −0.29 | $4.60 Sep 28 | $460.00 | $10,500 | 4.38% | 19.7% | $100.40 | 1,301 | 22 |
| 0.20Δ | $100 | −0.21 | $3.15 Sep 28 | $315.00 | $10,000 | 3.15% | 14.2% | $96.85 | 1,149 | 1,185 |
Snapshot #78 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on BX
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $123 | 0.31 | $2.60 Sep 28 | $260.00 | 2.27% | 25.9% | 9.64% | 109.9% | 3 | 1 |
| 0.20Δ | $127 | 0.22 | $1.76 Sep 28 | $176.00 | 1.54% | 17.5% | 12.40% | 141.4% | 5 | 2 |
Snapshot #78 · 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 | $130 | 0.27 | $3.35 Sep 28 | $335.00 | 2.92% | 13.2% | 16.40% | 73.9% | 1,107 | 16 |
| 0.20Δ | $135 | 0.20 | $2.21 Sep 28 | $221.00 | 1.93% | 8.7% | 19.77% | 89.1% | 715 | 33 |
Snapshot #78 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
BX volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 41.9%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 14,834 contractssession 2026-09-28
- Largest open-interest line
- $140 call · Dec 18 · 1,734
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #118 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.