CDE wheel: cash-secured put & covered-call yields
Coeur Mining, Inc. · Materials · $17.87 close on Sep 28, 2026
What the Sep 28, 2026 close says about CDE
At 59.5% implied volatility, the options market is pricing a one-standard-deviation move of about $3.15 (17.6%) in CDE by Oct 30, 2026, 32 days out.
Selling the $16.50 put (−0.28Δ) for $0.59 means assignment would leave a cost basis of $15.91, 11.0% below the $17.87 close.
At 0.30Δ on the Oct 30 expiry the put yields 3.58% on its strike and the call 3.64% on spot: puts and calls pay within 10% of each other on CDE this session.
Moving down to the $16 put (−0.22Δ) buys 2.8% more room below spot and keeps 73% of the 0.30Δ premium.
Open interest in the stored window totals 23,844 contracts; the largest single line is the $15 put expiring Dec 18 with 4,467 (18.7% of the window).
By options volume CDE ranks #59 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 CDE
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $16.50 | −0.28 | $0.59 Sep 28 | $59.00 | $1,650 | 3.58% | 40.8% | $15.91 | 65 | 1,189 |
| 0.20Δ | $16 | −0.22 | $0.43 Sep 28 | $43.00 | $1,600 | 2.69% | 30.7% | $15.57 | 224 | 235 |
Snapshot #84 · 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 | Unavailable1 | |||||||||
| 0.20Δ | $15 | −0.21 | $0.70 Sep 28 | $70.00 | $1,500 | 4.67% | 21.0% | $14.30 | 4,467 | 29 |
Snapshot #84 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on CDE
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $20 | 0.32 | $0.65 Sep 28 | $65.00 | 3.64% | 41.5% | 15.56% | 177.4% | 590 | 61 |
| 0.20Δ | $22 | 0.18 | $0.32 Sep 28 | $32.00 | 1.79% | 20.4% | 24.90% | 284.0% | 99 | 54 |
Snapshot #84 · 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 | $22.50 | 0.28 | $0.80 Sep 28 | $80.00 | 4.48% | 20.2% | 30.39% | 136.9% | 2,749 | 134 |
| 0.20Δ | $25 | 0.18 | $0.53 Sep 28 | $53.00 | 2.97% | 13.4% | 42.87% | 193.2% | 3,650 | 564 |
Snapshot #84 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
CDE volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 59.5%session 2026-09-28
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 23,844 contractssession 2026-09-28
- Largest open-interest line
- $15 put · Dec 18 · 4,467
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #59 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.
- No contract near 0.30Δ traded this session
- 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.