CVS wheel: cash-secured put & covered-call yields
CVS HEALTH CORPORATION · Consumer staples · $87.85 close on Sep 28, 2026
What the Sep 28, 2026 close says about CVS
At 32.7% implied volatility, the options market is pricing a one-standard-deviation move of about $8.50 (9.7%) in CVS by Oct 30, 2026, 32 days out.
Selling the $84 put (−0.30Δ) for $1.58 means assignment would leave a cost basis of $82.42, 6.2% below the $87.85 close.
The 81-day 0.30Δ put pays 1.7× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.049 vs $0.034).
At 0.30Δ on the Oct 30 expiry the put yields 1.88% on its strike and the call 1.82% on spot: puts and calls pay within 10% of each other on CVS this session.
Moving down to the $80 put (−0.16Δ) buys 4.6% more room below spot and keeps 51% of the 0.30Δ premium.
Open interest in the stored window totals 16,124 contracts; the largest single line is the $97.50 call expiring Dec 18 with 2,265 (14.0% of the window).
By options volume CVS ranks #87 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 CVS
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $84 | −0.30 | $1.58 Sep 28 | $158.00 | $8,400 | 1.88% | 21.5% | $82.42 | 22 | 25 |
| 0.20Δ | $80 | −0.16 | $0.80 Sep 28 | $80.00 | $8,000 | 1.00% | 11.4% | $79.20 | 68 | 11 |
Snapshot #104 · session 2026-09-28 · captured 22:30 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 | $82.50 | −0.31 | $2.75 Sep 28 | $275.00 | $8,250 | 3.33% | 15.0% | $79.75 | 287 | 2 |
| 0.20Δ | $77.50 | −0.20 | $1.67 Sep 28 | $167.00 | $7,750 | 2.15% | 9.7% | $75.83 | 201 | 3 |
Snapshot #104 · session 2026-09-28 · captured 22:30 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on CVS
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $94 | 0.27 | $1.60 Sep 28 | $160.00 | 1.82% | 20.8% | 8.82% | 100.6% | 12 | 1 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #104 · session 2026-09-28 · captured 22:30 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 | $97.50 | 0.28 | $2.46 Sep 28 | $246.00 | 2.80% | 12.6% | 13.78% | 62.1% | 2,265 | 7 |
| 0.20Δ | $100 | 0.23 | $1.70 Sep 28 | $170.00 | 1.94% | 8.7% | 15.77% | 71.0% | 825 | 51 |
Snapshot #104 · session 2026-09-28 · captured 22:30 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
CVS volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 32.7%session 2026-09-28
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 16,124 contractssession 2026-09-28
- Largest open-interest line
- $97.50 call · Dec 18 · 2,265
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #87 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 0.20Δ 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.