COP wheel: cash-secured put & covered-call yields
ConocoPhillips · Energy · $126.04 close on Sep 28, 2026
What the Sep 28, 2026 close says about COP
At 31.2% implied volatility, the options market is pricing a one-standard-deviation move of about $11.64 (9.2%) in COP by Oct 30, 2026, 32 days out.
Open interest in the stored window totals 25,524 contracts; the largest single line is the $150 call expiring Dec 18 with 3,601 (14.1% of the window).
By options volume COP ranks #106 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 COP
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $118 | −0.22 | $1.49 Sep 28 | $149.00 | $11,800 | 1.26% | 14.4% | $116.51 | 263 | 81 |
Snapshot #95 · session 2026-09-28 · captured 22:22 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 | $120 | −0.34 | $4.75 Sep 28 | $475.00 | $12,000 | 3.96% | 17.8% | $115.25 | 3,595 | 28 |
| 0.20Δ | $110 | −0.17 | $1.85 Sep 28 | $185.00 | $11,000 | 1.68% | 7.6% | $108.15 | 2,107 | 4 |
Snapshot #95 · session 2026-09-28 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on COP
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $133 | 0.32 | $2.34 Sep 28 | $234.00 | 1.86% | 21.2% | 7.38% | 84.2% | 16 | 3 |
| 0.20Δ | $137 | 0.20 | $1.71 Sep 28 | $171.00 | 1.36% | 15.5% | 10.05% | 114.7% | 6 | 25 |
Snapshot #95 · session 2026-09-28 · captured 22:22 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 | $140 | 0.27 | $3.05 Sep 28 | $305.00 | 2.42% | 10.9% | 13.50% | 60.8% | 1,411 | 24 |
| 0.20Δ | $145 | 0.20 | $2.11 Sep 28 | $211.00 | 1.67% | 7.5% | 16.72% | 75.3% | 1,666 | 39 |
Snapshot #95 · session 2026-09-28 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
COP volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 31.2%session 2026-09-28
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 25,524 contractssession 2026-09-28
- Largest open-interest line
- $150 call · Dec 18 · 3,601
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #106 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.