F wheel: cash-secured put & covered-call yields
Ford Motor Company · Consumer discretionary · $12.71 close on Sep 25, 2026
What the Sep 25, 2026 close says about F
At 36.4% implied volatility, the options market is pricing a one-standard-deviation move of about $1.43 (11.3%) in F by Oct 30, 2026, 35 days out.
Selling the $12 put (−0.28Δ) for $0.26 means assignment would leave a cost basis of $11.74, 7.6% below the $12.71 close.
The 84-day 0.30Δ put pays 1.7× the premium of the 35-day one for 2.4× the time — more premium per day on the 35-day contract ($0.007 vs $0.005).
At 0.30Δ on the Oct 30 expiry the put yields 2.17% on its strike and the call 2.28% on spot: puts and calls pay within 10% of each other on F this session.
Moving down to the $11.50 put (−0.18Δ) buys 3.9% more room below spot and keeps 58% of the 0.30Δ premium.
Open interest in the stored window totals 162,181 contracts; the largest single line is the $11.67 put expiring Dec 18 with 41,051 (25.3% of the window).
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on F
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $12 | −0.28 | $0.26 Sep 25 | $26.00 | $1,200 | 2.17% | 22.6% | $11.74 | 396 | 274 |
| 0.20Δ | $11.50 | −0.18 | $0.15 Sep 25 | $15.00 | $1,150 | 1.30% | 13.6% | $11.35 | 1,502 | 41 |
Snapshot #17 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 35
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $11.67 | −0.28 | $0.45 Sep 25 | $45.00 | $1,167 | 3.86% | 16.8% | $11.22 | 41,051 | 24 |
| 0.20Δ | $11 | −0.18 | $0.25 Sep 25 | $25.00 | $1,100 | 2.27% | 9.9% | $10.75 | 4,579 | 6 |
Snapshot #17 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 84
Covered calls on F
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $13.50 | 0.32 | $0.29 Sep 25 | $29.00 | 2.28% | 23.8% | 8.50% | 88.6% | 1,446 | 179 |
| 0.20Δ | $14 | 0.22 | $0.18 Sep 25 | $18.00 | 1.42% | 14.8% | 11.57% | 120.6% | 1,473 | 1,043 |
Snapshot #17 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 35
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $14 | 0.30 | $0.39 Sep 25 | $39.00 | 3.07% | 13.3% | 13.22% | 57.4% | 4,518 | 636 |
| 0.20Δ | $14.85 | 0.20 | $0.25 Sep 25 | $25.00 | 1.97% | 8.5% | 18.80% | 81.7% | 15,672 | 165 |
Snapshot #17 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 84
F volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 36.4%session 2026-09-25
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 27, 2026
- Open interest, stored window
- 162,181 contractssession 2026-09-25
- Largest open-interest line
- $11.67 put · Dec 18 · 41,051
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- Unavailable4
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.
- Not ranked yet — liquidity ranks are computed at the weekly re-rank of the whole universe.