CEG wheel: cash-secured put & covered-call yields
Constellation Energy Corporation Common Stock · Utilities · $267.62 close on Oct 5, 2026
What the Oct 5, 2026 close says about CEG
At 46.6% implied volatility, the options market is pricing a one-standard-deviation move of about $36.90 (13.8%) in CEG by Nov 6, 2026, 32 days out.
Selling the $255 put (−0.32Δ) for $8.61 means assignment would leave a cost basis of $246.39, 7.9% below the $267.62 close.
The 74-day 0.30Δ put pays 1.4× the premium of the 32-day one for 2.3× the time — more premium per day on the 32-day contract ($0.269 vs $0.165).
At 0.30Δ on the Nov 6 expiry the put yields 3.38% on its strike and the call 2.92% on spot: puts pay 1.2× what calls do on CEG this session.
Moving down to the $240 put (−0.19Δ) buys 5.6% more room below spot and keeps 47% of the 0.30Δ premium.
Open interest in the stored window totals 12,166 contracts; the largest single line is the $250 put expiring Dec 18 with 1,945 (16.0% of the window).
By options volume CEG ranks #192 of 514 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 CEG
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $255 | −0.32 | $8.61 Oct 5 | $861.00 | $25,500 | 3.38% | 38.5% | $246.39 | 12 | 6 |
| 0.20Δ | $240 | −0.19 | $4.05 Oct 5 | $405.00 | $24,000 | 1.69% | 19.2% | $235.95 | 53 | 25 |
Snapshot #1350 · session 2026-10-05 · captured 22:11 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 | $250 | −0.32 | $12.23 Oct 5 | $1,223.00 | $25,000 | 4.89% | 24.1% | $237.77 | 1,945 | 26 |
| 0.20Δ | $230 | −0.19 | $6.08 Oct 5 | $608.00 | $23,000 | 2.64% | 13.0% | $223.92 | 922 | 12 |
Snapshot #1350 · session 2026-10-05 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 74
Covered calls on CEG
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $290 | 0.31 | $7.82 Oct 5 | $782.00 | 2.92% | 33.3% | 11.28% | 128.7% | 41 | 11 |
| 0.20Δ | $305 | 0.19 | $4.24 Oct 5 | $424.00 | 1.58% | 18.1% | 15.55% | 177.4% | 4 | 19 |
Snapshot #1350 · session 2026-10-05 · captured 22:11 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 | $310 | 0.28 | $9.55 Oct 5 | $955.00 | 3.57% | 17.6% | 19.40% | 95.7% | 348 | 8 |
| 0.20Δ | $330 | 0.19 | $5.80 Oct 5 | $580.00 | 2.17% | 10.7% | 25.48% | 125.7% | 175 | 14 |
Snapshot #1350 · session 2026-10-05 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 74
CEG volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 46.6%session 2026-10-05
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Oct 5, 2026
- Open interest, stored window
- 12,166 contractssession 2026-10-05
- Largest open-interest line
- $250 put · Dec 18 · 1,945
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #192 of 514 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.