CVS wheel: cash-secured put & covered-call yields
CVS HEALTH CORPORATION · Consumer staples · $89.79 close on Nov 12, 2026
What the Nov 12, 2026 close says about CVS
At 28.3% implied volatility, the options market is pricing a one-standard-deviation move of about $7.97 (8.9%) in CVS by Dec 18, 2026, 36 days out.
Selling the $85 put (−0.25Δ) for $1.24 means assignment would leave a cost basis of $83.76, 6.7% below the $89.79 close.
The 64-day 0.30Δ put pays 1.5× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.034 vs $0.030).
At 0.30Δ on the Dec 18 expiry the put yields 1.46% on its strike and the call 1.46% on spot: puts and calls pay within 10% of each other on CVS this session.
Moving down to the $82.50 put (−0.17Δ) buys 2.8% more room below spot and keeps 57% of the 0.30Δ premium.
Open interest in the stored window totals 44,550 contracts; the largest single line is the $80 put expiring Jan 15 with 6,446 (14.5% of the window).
By options volume CVS ranks #181 of 679 names in our universe.
Near-the-money options volume (329) is 54% 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 CVS
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $85 | −0.25 | $1.24 Nov 12 | $124.00 | $8,500 | 1.46% | 14.8% | $83.76 | 1,024 | 34 |
| 0.20Δ | $82.50 | −0.17 | $0.71 Nov 12 | $71.00 | $8,250 | 0.86% | 8.7% | $81.79 | 811 | 9 |
Snapshot #9351 · 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 | $85 | −0.28 | $1.92 Nov 12 | $192.00 | $8,500 | 2.26% | 12.9% | $83.08 | 1,392 | 155 |
| 0.20Δ | $82.50 | −0.21 | $1.34 Nov 12 | $134.00 | $8,250 | 1.62% | 9.3% | $81.16 | 986 | 3 |
Snapshot #9351 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on CVS
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $95 | 0.27 | $1.31 Nov 12 | $131.00 | 1.46% | 14.8% | 7.26% | 73.6% | 3,821 | 57 |
| 0.20Δ | $97.50 | 0.19 | $0.90 Nov 12 | $90.00 | 1.00% | 10.2% | 9.59% | 97.2% | 1,131 | 19 |
Snapshot #9351 · 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 | $97.50 | 0.26 | $1.58 Nov 12 | $158.00 | 1.76% | 10.0% | 10.35% | 59.0% | 914 | 18 |
| 0.20Δ | $100 | 0.19 | $1.11 Nov 12 | $111.00 | 1.24% | 7.1% | 12.61% | 71.9% | 3,580 | 48 |
Snapshot #9351 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
CVS volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 28.3%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 44,550 contractssession 2026-11-12
- Largest open-interest line
- $80 put · Jan 15 · 6,446
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #181 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.