CMI wheel: cash-secured put & covered-call yields
Cummins Inc. · Industrials · $521.37 close on Sep 29, 2026
What the Sep 29, 2026 close says about CMI
At 39.6% implied volatility, the options market is pricing a one-standard-deviation move of about $77.94 (14.9%) in CMI by Nov 20, 2026, 52 days out.
Selling the $490 put (−0.29Δ) for $15.28 means assignment would leave a cost basis of $474.72, 8.9% below the $521.37 close.
The 80-day 0.30Δ put pays 1.3× the premium of the 52-day one for 1.5× the time — more premium per day on the 52-day contract ($0.294 vs $0.246).
At 0.30Δ on the Nov 20 expiry the put yields 3.12% on its strike and the call 2.61% on spot: puts pay 1.2× what calls do on CMI this session.
Moving down to the $460 put (−0.17Δ) buys 5.8% more room below spot and keeps 54% of the 0.30Δ premium.
Open interest in the stored window totals 2,399 contracts; the largest single line is the $510 put expiring Nov 20 with 511 (21.3% of the window).
By options volume CMI ranks #203 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 CMI
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $490 | −0.29 | $15.28 Sep 29 | $1,528.00 | $49,000 | 3.12% | 21.9% | $474.72 | 93 | 1 |
| 0.20Δ | $460 | −0.17 | $8.30 Sep 29 | $830.00 | $46,000 | 1.80% | 12.7% | $451.70 | 3 | 2 |
Snapshot #350 · session 2026-09-29 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 52
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $490 | −0.31 | $19.70 Sep 29 | $1,970.00 | $49,000 | 4.02% | 18.3% | $470.30 | 54 | 5 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #350 · session 2026-09-29 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 80
Covered calls on CMI
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $570 | 0.30 | $13.59 Sep 29 | $1,359.00 | 2.61% | 18.3% | 11.93% | 83.8% | 7 | 1 |
| 0.20Δ | $600 | 0.19 | $7.00 Sep 29 | $700.00 | 1.34% | 9.4% | 16.42% | 115.3% | 31 | 2 |
Snapshot #350 · session 2026-09-29 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 52
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable2 | |||||||||
| 0.20Δ | $620 | 0.17 | $7.40 Sep 29 | $740.00 | 1.42% | 6.5% | 20.34% | 92.8% | 57 | 1 |
Snapshot #350 · session 2026-09-29 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 80
CMI volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 39.6%session 2026-09-29
- IV rank / IV percentile
- Unavailable3
- Next earnings
- Unavailable4
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 2,399 contractssession 2026-09-29
- Largest open-interest line
- $510 put · Nov 20 · 511
- Bid/ask spread
- Unavailable5
- Options liquidity rank
- #203 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 0.20Δ traded this session
- No contract near 0.30Δ traded this session
- We are building our own daily implied-volatility history (2 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.