EW wheel: cash-secured put & covered-call yields
Edwards Lifesciences Corp · Healthcare · $88.10 close on Oct 15, 2026
What the Oct 15, 2026 close says about EW
At 39.4% implied volatility, the options market is pricing a one-standard-deviation move of about $10.90 (12.4%) in EW by Nov 20, 2026, 36 days out.
Selling the $82.50 put (−0.27Δ) for $1.97 means assignment would leave a cost basis of $80.53, 8.6% below the $88.10 close.
The 64-day 0.30Δ put pays 1.4× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.055 vs $0.044).
At 0.30Δ on the Nov 20 expiry the put yields 2.39% on its strike and the call 2.07% on spot: puts pay 1.2× what calls do on EW this session.
Moving down to the $80 put (−0.19Δ) buys 2.8% more room below spot and keeps 68% of the 0.30Δ premium.
Open interest in the stored window totals 16,637 contracts; the largest single line is the $90 call expiring Nov 20 with 3,073 (18.5% of the window).
By options volume EW ranks #124 of 572 names in our universe.
Near-the-money options volume (2.2k) is 205% above its 3-session average.
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on EW
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $82.50 | −0.27 | $1.97 Oct 15 | $197.00 | $8,250 | 2.39% | 24.2% | $80.53 | 349 | 7 |
| 0.20Δ | $80 | −0.19 | $1.34 Oct 15 | $134.00 | $8,000 | 1.68% | 17.0% | $78.66 | 378 | 4 |
Snapshot #3661 · session 2026-10-15 · captured 22:02 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 | $82.50 | −0.29 | $2.80 Oct 15 | $280.00 | $8,250 | 3.39% | 19.4% | $79.70 | 375 | 2 |
| 0.20Δ | $77.50 | −0.18 | $1.75 Oct 15 | $175.00 | $7,750 | 2.26% | 12.9% | $75.75 | 22 | 9 |
Snapshot #3661 · session 2026-10-15 · captured 22:02 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on EW
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $95 | 0.28 | $1.82 Oct 15 | $182.00 | 2.07% | 20.9% | 9.90% | 100.4% | 1,249 | 26 |
| 0.20Δ | $97.50 | 0.22 | $1.25 Oct 15 | $125.00 | 1.42% | 14.4% | 12.09% | 122.6% | 670 | 13 |
Snapshot #3661 · session 2026-10-15 · captured 22:02 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 | $95 | 0.33 | $1.95 Oct 15 | $195.00 | 2.21% | 12.6% | 10.05% | 57.3% | 274 | 28 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #3661 · session 2026-10-15 · captured 22:02 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
EW volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 39.4%session 2026-10-15
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Oct 12, 2026
- Open interest, stored window
- 16,637 contractssession 2026-10-15
- Largest open-interest line
- $90 call · Nov 20 · 3,073
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #124 of 572 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 (4 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.