F wheel: cash-secured put & covered-call yields
Ford Motor Company · Consumer discretionary · $12.52 close on Nov 9, 2026
What the Nov 9, 2026 close says about F
At 34.2% implied volatility, the options market is pricing a one-standard-deviation move of about $1.27 (10.1%) in F by Dec 11, 2026, 32 days out.
Selling the $12 put (−0.32Δ) for $0.28 means assignment would leave a cost basis of $11.72, 6.4% below the $12.52 close.
The 67-day 0.30Δ put pays 1.5× the premium of the 32-day one for 2.1× the time — more premium per day on the 32-day contract ($0.009 vs $0.006).
At 0.30Δ on the Dec 11 expiry the put yields 2.33% on its strike and the call 1.92% on spot: puts pay 1.2× what calls do on F this session.
Moving down to the $11.50 put (−0.19Δ) buys 4.0% more room below spot and keeps 75% of the 0.30Δ premium.
Open interest in the stored window totals 173,294 contracts; the largest single line is the $14.85 call expiring Jan 15 with 51,629 (29.8% of the window).
F goes ex-dividend on Nov 10, 2026 ($0.15 declared), inside the Dec 11 covered-call window. A short call that is in the money before an ex-date can be assigned early.
By options volume F ranks #62 of 679 names in our universe.
Near-the-money options volume (776) is 19% above its 5-session average.
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 | −0.32 | $0.28 Nov 9 | $28.00 | $1,200 | 2.33% | 26.6% | $11.72 | 1,822 | 141 |
| 0.20Δ | $11.50 | −0.19 | $0.21 Nov 9 | $21.00 | $1,150 | 1.83% | 20.8% | $11.29 | 124 | 39 |
Snapshot #8502 · session 2026-11-09 · 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 | $11.85 | −0.32 | $0.41 Nov 9 | $41.00 | $1,185 | 3.46% | 18.8% | $11.44 | 44,233 | 12 |
| 0.20Δ | $11 | −0.17 | $0.17 Nov 9 | $17.00 | $1,100 | 1.55% | 8.4% | $10.83 | 11,736 | 54 |
Snapshot #8502 · session 2026-11-09 · captured 22:12 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 67
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 | 0.34 | $0.24 Nov 9 | $24.00 | 1.92% | 21.9% | 5.75% | 65.6% | 440 | 295 |
| 0.20Δ | $13.50 | 0.20 | $0.10 Nov 9 | $10.00 | 0.80% | 9.1% | 8.63% | 98.4% | 661 | 398 |
Snapshot #8502 · session 2026-11-09 · 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 | Unavailable1 | |||||||||
| 0.20Δ | $14 | 0.21 | $0.19 Nov 9 | $19.00 | 1.52% | 8.3% | 13.34% | 72.7% | 20,839 | 333 |
Snapshot #8502 · session 2026-11-09 · captured 22:12 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 67
F volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 34.2%session 2026-11-09
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- Ex-div Nov 10, 2026 · $0.15 declaredchecked Nov 9, 2026
- Open interest, stored window
- 173,294 contractssession 2026-11-09
- Largest open-interest line
- $14.85 call · Jan 15 · 51,629
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #62 of 679 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 (34 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.