DAL wheel: cash-secured put & covered-call yields
Delta Air Lines, Inc. · Industrials · $83.08 close on Oct 5, 2026
What the Oct 5, 2026 close says about DAL
At 39.4% implied volatility, the options market is pricing a one-standard-deviation move of about $9.70 (11.7%) in DAL by Nov 6, 2026, 32 days out.
Open interest in the stored window totals 30,577 contracts; the largest single line is the $72.50 put expiring Dec 18 with 6,390 (20.9% of the window).
DAL goes ex-dividend on Oct 15, 2026 ($0.22 declared), inside the Nov 6 covered-call window. A short call that is in the money before an ex-date can be assigned early.
By options volume DAL ranks #180 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 DAL
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $75 | −0.19 | $1.19 Oct 5 | $119.00 | $7,500 | 1.59% | 18.1% | $73.81 | 31 | 8 |
Snapshot #1372 · session 2026-10-05 · captured 22:12 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 | $77.50 | −0.30 | $2.79 Oct 5 | $279.00 | $7,750 | 3.60% | 17.8% | $74.71 | 881 | 6 |
| 0.20Δ | $72.50 | −0.19 | $1.60 Oct 5 | $160.00 | $7,250 | 2.21% | 10.9% | $70.90 | 6,390 | 30 |
Snapshot #1372 · session 2026-10-05 · captured 22:12 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 74
Covered calls on DAL
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $89 | 0.32 | $1.96 Oct 5 | $196.00 | 2.36% | 26.9% | 9.48% | 108.2% | 1 | 1 |
| 0.20Δ | $94 | 0.17 | $1.08 Oct 5 | $108.00 | 1.30% | 14.8% | 14.44% | 164.8% | 5 | 8 |
Snapshot #1372 · session 2026-10-05 · captured 22:12 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 | $92.50 | 0.30 | $2.59 Oct 5 | $259.00 | 3.12% | 15.4% | 14.46% | 71.3% | 611 | 28 |
| 0.20Δ | $100 | 0.16 | $1.10 Oct 5 | $110.00 | 1.32% | 6.5% | 21.69% | 107.0% | 2,657 | 29 |
Snapshot #1372 · session 2026-10-05 · captured 22:12 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 74
DAL volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 39.4%session 2026-10-05
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- Ex-div Oct 15, 2026 · $0.22 declaredchecked Oct 5, 2026
- Open interest, stored window
- 30,577 contractssession 2026-10-05
- Largest open-interest line
- $72.50 put · Dec 18 · 6,390
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #180 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 0.30Δ 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.