CAT wheel: cash-secured put & covered-call yields
Caterpillar Inc. · Industrials · $819.95 close on Sep 28, 2026
What the Sep 28, 2026 close says about CAT
At 45.0% implied volatility, the options market is pricing a one-standard-deviation move of about $109.35 (13.3%) in CAT by Oct 30, 2026, 32 days out.
Selling the $770 put (−0.30Δ) for $20.35 means assignment would leave a cost basis of $749.65, 8.6% below the $819.95 close.
The 81-day 0.30Δ put pays 1.6× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.636 vs $0.414).
At 0.30Δ on the Oct 30 expiry the put yields 2.64% on its strike and the call 2.26% on spot: puts pay 1.2× what calls do on CAT this session.
Moving down to the $735 put (−0.19Δ) buys 4.3% more room below spot and keeps 60% of the 0.30Δ premium.
Open interest in the stored window totals 10,307 contracts; the largest single line is the $1000 call expiring Dec 18 with 606 (5.9% of the window).
By options volume CAT ranks #145 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 CAT
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $770 | −0.30 | $20.35 Sep 28 | $2,035.00 | $77,000 | 2.64% | 30.1% | $749.65 | 28 | 8 |
| 0.20Δ | $735 | −0.19 | $12.13 Sep 28 | $1,213.00 | $73,500 | 1.65% | 18.8% | $722.87 | 24 | 4 |
Snapshot #80 · 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 | $760 | −0.30 | $33.55 Sep 28 | $3,355.00 | $76,000 | 4.41% | 19.9% | $726.45 | 490 | 57 |
| 0.20Δ | $720 | −0.21 | $20.85 Sep 28 | $2,085.00 | $72,000 | 2.90% | 13.0% | $699.15 | 210 | 9 |
Snapshot #80 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on CAT
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $890 | 0.30 | $18.55 Sep 28 | $1,855.00 | 2.26% | 25.8% | 10.81% | 123.3% | 10 | 2 |
| 0.20Δ | $935 | 0.19 | $9.80 Sep 28 | $980.00 | 1.20% | 13.6% | 15.23% | 173.7% | 22 | 6 |
Snapshot #80 · 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 | $920 | 0.31 | $27.95 Sep 28 | $2,795.00 | 3.41% | 15.4% | 15.61% | 70.3% | 196 | 9 |
| 0.20Δ | $980 | 0.20 | $16.45 Sep 28 | $1,645.00 | 2.01% | 9.0% | 21.53% | 97.0% | 206 | 1 |
Snapshot #80 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
CAT volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 45.0%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 10,307 contractssession 2026-09-28
- Largest open-interest line
- $1000 call · Dec 18 · 606
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #145 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.