COF wheel: cash-secured put & covered-call yields
Capital One Financial · Financials · $199.83 close on Oct 19, 2026
What the Oct 19, 2026 close says about COF
At 29.9% implied volatility, the options market is pricing a one-standard-deviation move of about $17.71 (8.9%) in COF by Nov 20, 2026, 32 days out.
Selling the $190 put (−0.31Δ) for $4.00 means assignment would leave a cost basis of $186.00, 6.9% below the $199.83 close.
The 60-day 0.30Δ put pays 1.5× the premium of the 32-day one for 1.9× the time — more premium per day on the 32-day contract ($0.125 vs $0.100).
At 0.30Δ on the Nov 20 expiry the put yields 2.11% on its strike and the call 2.00% on spot: puts and calls pay within 10% of each other on COF this session.
Moving down to the $185 put (−0.22Δ) buys 2.5% more room below spot and keeps 64% of the 0.30Δ premium.
Open interest in the stored window totals 15,081 contracts; the largest single line is the $230 call expiring Dec 18 with 2,460 (16.3% of the window).
By options volume COF ranks #179 of 608 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 COF
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $190 | −0.31 | $4.00 Oct 19 | $400.00 | $19,000 | 2.11% | 24.0% | $186.00 | 149 | 40 |
| 0.20Δ | $185 | −0.22 | $2.57 Oct 19 | $257.00 | $18,500 | 1.39% | 15.8% | $182.43 | 832 | 13 |
Snapshot #4196 · session 2026-10-19 · 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 | $190 | −0.33 | $6.00 Oct 19 | $600.00 | $19,000 | 3.16% | 19.2% | $184.00 | 565 | 7 |
| 0.20Δ | $180 | −0.21 | $2.99 Oct 19 | $299.00 | $18,000 | 1.66% | 10.1% | $177.01 | 958 | 12 |
Snapshot #4196 · session 2026-10-19 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 60
Covered calls on COF
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $210 | 0.31 | $4.00 Oct 19 | $400.00 | 2.00% | 22.8% | 7.09% | 80.9% | 861 | 45 |
| 0.20Δ | $217.50 | 0.20 | $2.10 Oct 19 | $210.00 | 1.05% | 12.0% | 9.89% | 112.8% | 0 | 72 |
Snapshot #4196 · session 2026-10-19 · 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 | Unavailable1 | |||||||||
| 0.20Δ | $220 | 0.23 | $3.40 Oct 19 | $340.00 | 1.70% | 10.4% | 11.80% | 71.8% | 947 | 15 |
Snapshot #4196 · session 2026-10-19 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 60
COF volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 29.9%session 2026-10-19
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Oct 19, 2026
- Open interest, stored window
- 15,081 contractssession 2026-10-19
- Largest open-interest line
- $230 call · Dec 18 · 2,460
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #179 of 608 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.