EXE wheel: cash-secured put & covered-call yields
Expand Energy Corporation Common Stock · Energy · $92.92 close on Oct 19, 2026
What the Oct 19, 2026 close says about EXE
At 35.3% implied volatility, the options market is pricing a one-standard-deviation move of about $9.70 (10.4%) in EXE by Nov 20, 2026, 32 days out.
Selling the $90 put (−0.35Δ) for $2.40 means assignment would leave a cost basis of $87.60, 5.7% below the $92.92 close.
At 0.30Δ on the Nov 20 expiry the put yields 2.67% on its strike and the call 2.00% on spot: puts pay 1.3× what calls do on EXE this session.
Moving down to the $87.50 put (−0.23Δ) buys 2.7% more room below spot and keeps 60% of the 0.30Δ premium.
Open interest in the stored window totals 25,978 contracts; the largest single line is the $80 put expiring Nov 20 with 20,583 (79.2% of the window).
By options volume EXE ranks #148 of 608 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 EXE
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $90 | −0.35 | $2.40 Oct 19 | $240.00 | $9,000 | 2.67% | 30.4% | $87.60 | 493 | 19 |
| 0.20Δ | $87.50 | −0.23 | $1.44 Oct 19 | $144.00 | $8,750 | 1.65% | 18.8% | $86.06 | 57 | 6 |
Snapshot #4231 · session 2026-10-19 · captured 22:20 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 | Unavailable1 | |||||||||
| 0.20Δ | $85 | −0.21 | $1.53 Oct 19 | $153.00 | $8,500 | 1.80% | 10.9% | $83.47 | 4 | 120 |
Snapshot #4231 · session 2026-10-19 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 60
Covered calls on EXE
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $99 | 0.29 | $1.86 Oct 19 | $186.00 | 2.00% | 22.8% | 8.54% | 97.5% | 0 | 2 |
| 0.20Δ | $102 | 0.20 | $1.12 Oct 19 | $112.00 | 1.21% | 13.7% | 10.98% | 125.2% | 0 | 188 |
Snapshot #4231 · session 2026-10-19 · captured 22:20 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 | $100 | 0.32 | $2.25 Oct 19 | $225.00 | 2.42% | 14.7% | 10.04% | 61.1% | 169 | 85 |
| 0.20Δ | $105 | 0.21 | $1.35 Oct 19 | $135.00 | 1.45% | 8.8% | 14.45% | 87.9% | 15 | 15 |
Snapshot #4231 · session 2026-10-19 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 60
EXE volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 35.3%session 2026-10-19
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Oct 19, 2026
- Open interest, stored window
- 25,978 contractssession 2026-10-19
- Largest open-interest line
- $80 put · Nov 20 · 20,583
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #148 of 608 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.