CDE wheel: cash-secured put & covered-call yields
Coeur Mining, Inc. · Materials · $15.03 close on Nov 11, 2026
What the Nov 11, 2026 close says about CDE
At 58.9% implied volatility, the options market is pricing a one-standard-deviation move of about $2.54 (16.9%) in CDE by Dec 11, 2026, 30 days out.
Selling the $14 put (−0.31Δ) for $0.53 means assignment would leave a cost basis of $13.47, 10.4% below the $15.03 close.
At 0.30Δ on the Dec 11 expiry the put yields 3.79% on its strike and the call 2.99% on spot: puts pay 1.3× what calls do on CDE this session.
Moving down to the $13.50 put (−0.23Δ) buys 3.3% more room below spot and keeps 66% of the 0.30Δ premium.
Open interest in the stored window totals 50,573 contracts; the largest single line is the $20 call expiring Jan 15 with 19,146 (37.9% of the window).
CDE goes ex-dividend on Nov 30, 2026 ($0.02 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 CDE ranks #98 of 679 names in our universe.
Near-the-money options volume (1.1k) is 175% 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 CDE
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $14 | −0.31 | $0.53 Nov 11 | $53.00 | $1,400 | 3.79% | 46.1% | $13.47 | 90 | 28 |
| 0.20Δ | $13.50 | −0.23 | $0.35 Nov 11 | $35.00 | $1,350 | 2.59% | 31.5% | $13.15 | 17 | 2 |
Snapshot #9050 · 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 | Unavailable1 | |||||||||
| 0.20Δ | $12.50 | −0.18 | $0.45 Nov 11 | $45.00 | $1,250 | 3.60% | 20.2% | $12.05 | 5,739 | 360 |
Snapshot #9050 · session 2026-11-11 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 65
Covered calls on CDE
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $17 | 0.27 | $0.45 Nov 11 | $45.00 | 2.99% | 36.4% | 16.10% | 195.9% | 85 | 21 |
| 0.20Δ | $18 | 0.18 | $0.21 Nov 11 | $21.00 | 1.40% | 17.0% | 21.16% | 257.4% | 170 | 31 |
Snapshot #9050 · 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 | $17.50 | 0.33 | $0.67 Nov 11 | $67.00 | 4.46% | 25.0% | 20.89% | 117.3% | 9,313 | 351 |
| 0.20Δ | $20 | 0.16 | $0.40 Nov 11 | $40.00 | 2.66% | 14.9% | 35.73% | 200.6% | 19,146 | 76 |
Snapshot #9050 · session 2026-11-11 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 65
CDE volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 58.9%session 2026-11-11
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- Ex-div Nov 30, 2026 · $0.02 declaredchecked Nov 9, 2026
- Open interest, stored window
- 50,573 contractssession 2026-11-11
- Largest open-interest line
- $20 call · Jan 15 · 19,146
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #98 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.