CVX wheel: cash-secured put & covered-call yields
Chevron Corporation · Energy · $216.35 close on Nov 12, 2026
What the Nov 12, 2026 close says about CVX
At 28.6% implied volatility, the options market is pricing a one-standard-deviation move of about $19.44 (9.0%) in CVX by Dec 18, 2026, 36 days out.
Selling the $210 put (−0.34Δ) for $4.75 means assignment would leave a cost basis of $205.25, 5.1% below the $216.35 close.
Moving down to the $200 put (−0.18Δ) buys 4.6% more room below spot and keeps 43% of the 0.30Δ premium.
Open interest in the stored window totals 96,582 contracts; the largest single line is the $240 call expiring Dec 18 with 15,860 (16.4% of the window).
CVX goes ex-dividend on Nov 18, 2026 ($1.78 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 CVX ranks #135 of 679 names in our universe.
Near-the-money options volume (5.0k) is 1082% 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 CVX
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $210 | −0.34 | $4.75 Nov 12 | $475.00 | $21,000 | 2.26% | 22.9% | $205.25 | 3,850 | 430 |
| 0.20Δ | $200 | −0.18 | $2.04 Nov 12 | $204.00 | $20,000 | 1.02% | 10.3% | $197.96 | 5,548 | 514 |
Snapshot #9352 · 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 | Unavailable1 | |||||||||
| 0.20Δ | $200 | −0.22 | $3.22 Nov 12 | $322.00 | $20,000 | 1.61% | 9.2% | $196.78 | 4,384 | 312 |
Snapshot #9352 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on CVX
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $230 | 0.23 | $2.27 Nov 12 | $227.00 | 1.05% | 10.6% | 7.36% | 74.6% | 8,265 | 277 |
Snapshot #9352 · 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 | $230 | 0.30 | $4.25 Nov 12 | $425.00 | 1.96% | 11.2% | 8.27% | 47.2% | 15,276 | 477 |
| 0.20Δ | $240 | 0.18 | $2.18 Nov 12 | $218.00 | 1.01% | 5.7% | 11.94% | 68.1% | 2,903 | 296 |
Snapshot #9352 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
CVX volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 28.6%session 2026-11-12
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- Ex-div Nov 18, 2026 · $1.78 declaredchecked Nov 9, 2026
- Open interest, stored window
- 96,582 contractssession 2026-11-12
- Largest open-interest line
- $240 call · Dec 18 · 15,860
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #135 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.
- No contract near 0.30Δ traded this session
- 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.