CVE wheel: cash-secured put & covered-call yields
Cenovus Energy Inc. · $31.47 close on Oct 5, 2026
What the Oct 5, 2026 close says about CVE
At 39.2% implied volatility, the options market is pricing a one-standard-deviation move of about $4.38 (13.9%) in CVE by Nov 20, 2026, 46 days out.
Selling the $30 put (−0.34Δ) for $1.07 means assignment would leave a cost basis of $28.93, 8.1% below the $31.47 close.
The 74-day 0.30Δ put pays 1.0× the premium of the 46-day one for 1.6× the time — more premium per day on the 46-day contract ($0.023 vs $0.015).
At 0.30Δ on the Nov 20 expiry the put yields 3.57% on its strike and the call 2.76% on spot: puts pay 1.3× what calls do on CVE this session.
Moving down to the $28 put (−0.19Δ) buys 6.4% more room below spot and keeps 57% of the 0.30Δ premium.
Open interest in the stored window totals 9,105 contracts; the largest single line is the $35 call expiring Dec 18 with 1,271 (14.0% of the window).
By options volume CVE ranks #237 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 CVE
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $30 | −0.34 | $1.07 Oct 5 | $107.00 | $3,000 | 3.57% | 28.3% | $28.93 | 73 | 112 |
| 0.20Δ | $28 | −0.19 | $0.61 Oct 5 | $61.00 | $2,800 | 2.18% | 17.3% | $27.39 | 125 | 1 |
Snapshot #1368 · session 2026-10-05 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 46
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $29 | −0.29 | $1.12 Oct 5 | $112.00 | $2,900 | 3.86% | 19.0% | $27.88 | 136 | 3 |
| 0.20Δ | $28 | −0.23 | $0.85 Oct 5 | $85.00 | $2,800 | 3.04% | 15.0% | $27.15 | 108 | 45 |
Snapshot #1368 · session 2026-10-05 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 74
Covered calls on CVE
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $34 | 0.32 | $0.87 Oct 5 | $87.00 | 2.76% | 21.9% | 10.80% | 85.7% | 501 | 16 |
| 0.20Δ | $36 | 0.21 | $0.53 Oct 5 | $53.00 | 1.68% | 13.4% | 16.08% | 127.6% | 730 | 10 |
Snapshot #1368 · session 2026-10-05 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 46
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $35 | 0.31 | $1.07 Oct 5 | $107.00 | 3.40% | 16.8% | 14.62% | 72.1% | 1,271 | 30 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #1368 · session 2026-10-05 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 74
CVE volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 39.2%session 2026-10-05
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Oct 5, 2026
- Open interest, stored window
- 9,105 contractssession 2026-10-05
- Largest open-interest line
- $35 call · Dec 18 · 1,271
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #237 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.
- No contract near 0.20Δ 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.