EXC wheel: cash-secured put & covered-call yields
Exelon Corporation · Utilities · $46.45 close on Nov 2, 2026
What the Nov 2, 2026 close says about EXC
At 15.0% implied volatility, the options market is pricing a one-standard-deviation move of about $2.48 (5.3%) in EXC by Dec 18, 2026, 46 days out.
Selling the $45 put (−0.32Δ) for $1.00 means assignment would leave a cost basis of $44.00, 5.3% below the $46.45 close.
The 74-day 0.30Δ put pays 1.0× the premium of the 46-day one for 1.6× the time — more premium per day on the 46-day contract ($0.022 vs $0.014).
At 0.30Δ on the Dec 18 expiry the put yields 2.22% on its strike and the call 0.88% on spot: puts pay 2.5× what calls do on EXC this session.
Moving down to the $44 put (−0.22Δ) buys 2.2% more room below spot and keeps 70% of the 0.30Δ premium.
Open interest in the stored window totals 11,895 contracts; the largest single line is the $40 put expiring Jan 15 with 2,169 (18.2% of the window).
EXC goes ex-dividend on Dec 4, 2026 ($0.42 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 EXC ranks #216 of 661 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 EXC
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $45 | −0.32 | $1.00 Nov 2 | $100.00 | $4,500 | 2.22% | 17.6% | $44.00 | 151 | 14 |
| 0.20Δ | $44 | −0.22 | $0.70 Nov 2 | $70.00 | $4,400 | 1.59% | 12.6% | $43.30 | 2 | 5 |
Snapshot #7047 · session 2026-11-02 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 46
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $45 | −0.34 | $1.00 Nov 2 | $100.00 | $4,500 | 2.22% | 11.0% | $44.00 | 279 | 16 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #7047 · session 2026-11-02 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 74
Covered calls on EXC
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $48 | 0.34 | $0.41 Nov 2 | $41.00 | 0.88% | 7.0% | 4.22% | 33.5% | 363 | 1 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #7047 · session 2026-11-02 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 46
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $49 | 0.26 | $0.65 Nov 2 | $65.00 | 1.40% | 6.9% | 6.89% | 34.0% | 1,503 | 22 |
| 0.20Δ | $50 | 0.16 | $0.42 Nov 2 | $42.00 | 0.90% | 4.5% | 8.55% | 42.2% | 2,040 | 17 |
Snapshot #7047 · session 2026-11-02 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 74
EXC volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 15.0%session 2026-11-02
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- Ex-div Dec 4, 2026 · $0.42 declaredchecked Nov 2, 2026
- Open interest, stored window
- 11,895 contractssession 2026-11-02
- Largest open-interest line
- $40 put · Jan 15 · 2,169
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #216 of 661 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.