COP wheel: cash-secured put & covered-call yields
ConocoPhillips · Energy · $140.06 close on Nov 12, 2026
What the Nov 12, 2026 close says about COP
At 32.4% implied volatility, the options market is pricing a one-standard-deviation move of about $14.25 (10.2%) in COP by Dec 18, 2026, 36 days out.
Selling the $135 put (−0.33Δ) for $3.23 means assignment would leave a cost basis of $131.77, 5.9% below the $140.06 close.
The 64-day 0.30Δ put pays 0.9× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.090 vs $0.045).
At 0.30Δ on the Dec 18 expiry the put yields 2.39% on its strike and the call 1.39% on spot: puts pay 1.7× what calls do on COP this session.
Moving down to the $130 put (−0.21Δ) buys 3.6% more room below spot and keeps 59% of the 0.30Δ premium.
Open interest in the stored window totals 41,747 contracts; the largest single line is the $120 put expiring Dec 18 with 4,650 (11.1% of the window).
COP goes ex-dividend on Nov 16, 2026 ($0.93 declared), inside the Dec 18 covered-call window. A short call that is in the money before an ex-date can be assigned early.
By options volume COP ranks #257 of 679 names in our universe.
Near-the-money options volume (2.0k) is 236% 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 COP
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $135 | −0.33 | $3.23 Nov 12 | $323.00 | $13,500 | 2.39% | 24.3% | $131.77 | 979 | 35 |
| 0.20Δ | $130 | −0.21 | $1.89 Nov 12 | $189.00 | $13,000 | 1.45% | 14.7% | $128.11 | 1,513 | 10 |
Snapshot #9342 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $130 | −0.25 | $2.86 Nov 12 | $286.00 | $13,000 | 2.20% | 12.5% | $127.14 | 1,534 | 17 |
| 0.20Δ | $125 | −0.17 | $1.73 Nov 12 | $173.00 | $12,500 | 1.38% | 7.9% | $123.27 | 1,847 | 72 |
Snapshot #9342 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on COP
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $150 | 0.25 | $1.95 Nov 12 | $195.00 | 1.39% | 14.1% | 8.49% | 86.1% | 3,878 | 1,688 |
| 0.20Δ | $155 | 0.15 | $1.05 Nov 12 | $105.00 | 0.75% | 7.6% | 11.42% | 115.8% | 1,455 | 42 |
Snapshot #9342 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $150 | 0.31 | $3.40 Nov 12 | $340.00 | 2.43% | 13.8% | 9.52% | 54.3% | 3,340 | 401 |
| 0.20Δ | $155 | 0.23 | $2.27 Nov 12 | $227.00 | 1.62% | 9.2% | 12.29% | 70.1% | 2,776 | 100 |
Snapshot #9342 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
COP volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 32.4%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- Ex-div Nov 16, 2026 · $0.93 declaredchecked Nov 9, 2026
- Open interest, stored window
- 41,747 contractssession 2026-11-12
- Largest open-interest line
- $120 put · Dec 18 · 4,650
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #257 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.
- 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.