CVX wheel: cash-secured put & covered-call yields
Chevron Corporation · Energy · $206.37 close on Sep 28, 2026
What the Sep 28, 2026 close says about CVX
At 27.3% implied volatility, the options market is pricing a one-standard-deviation move of about $16.71 (8.1%) in CVX by Oct 30, 2026, 32 days out.
Selling the $200 put (−0.34Δ) for $4.08 means assignment would leave a cost basis of $195.92, 5.1% below the $206.37 close.
The 81-day 0.30Δ put pays 1.4× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.128 vs $0.072).
At 0.30Δ on the Oct 30 expiry the put yields 2.04% on its strike and the call 1.78% on spot: puts pay 1.1× what calls do on CVX this session.
Moving down to the $190 put (−0.16Δ) buys 4.8% more room below spot and keeps 39% of the 0.30Δ premium.
Open interest in the stored window totals 35,918 contracts; the largest single line is the $220 call expiring Dec 18 with 4,601 (12.8% of the window).
By options volume CVX ranks #164 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 CVX
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $200 | −0.34 | $4.08 Sep 28 | $408.00 | $20,000 | 2.04% | 23.3% | $195.92 | 569 | 12 |
| 0.20Δ | $190 | −0.16 | $1.60 Sep 28 | $160.00 | $19,000 | 0.84% | 9.6% | $188.40 | 292 | 39 |
Snapshot #105 · 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 | $195 | −0.31 | $5.85 Sep 28 | $585.00 | $19,500 | 3.00% | 13.5% | $189.15 | 1,404 | 24 |
| 0.20Δ | $185 | −0.19 | $3.25 Sep 28 | $325.00 | $18,500 | 1.76% | 7.9% | $181.75 | 1,381 | 115 |
Snapshot #105 · session 2026-09-28 · captured 22:30 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on CVX
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $215 | 0.33 | $3.68 Sep 28 | $368.00 | 1.78% | 20.3% | 5.97% | 68.0% | 203 | 94 |
| 0.20Δ | $220 | 0.24 | $2.56 Sep 28 | $256.00 | 1.24% | 14.1% | 7.85% | 89.5% | 289 | 74 |
Snapshot #105 · 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 | $220 | 0.33 | $5.42 Sep 28 | $542.00 | 2.63% | 11.8% | 9.23% | 41.6% | 4,601 | 207 |
| 0.20Δ | $230 | 0.21 | $3.00 Sep 28 | $300.00 | 1.45% | 6.6% | 12.90% | 58.1% | 4,479 | 83 |
Snapshot #105 · session 2026-09-28 · captured 22:30 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
CVX volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 27.3%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 35,918 contractssession 2026-09-28
- Largest open-interest line
- $220 call · Dec 18 · 4,601
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #164 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.
- 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.