FDX wheel: cash-secured put & covered-call yields
FedEx Corporation · Industrials · $319.30 close on Nov 12, 2026
What the Nov 12, 2026 close says about FDX
At 25.6% implied volatility, the options market is pricing a one-standard-deviation move of about $25.63 (8.0%) in FDX by Dec 18, 2026, 36 days out.
Selling the $310 put (−0.34Δ) for $5.25 means assignment would leave a cost basis of $304.75, 4.6% below the $319.30 close.
The 64-day 0.30Δ put pays 1.0× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.146 vs $0.083).
Moving down to the $300 put (−0.21Δ) buys 3.1% more room below spot and keeps 57% of the 0.30Δ premium.
Open interest in the stored window totals 17,180 contracts; the largest single line is the $330 call expiring Dec 18 with 2,330 (13.6% of the window).
By options volume FDX ranks #296 of 679 names in our universe.
Near-the-money options volume (257) is 59% 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 FDX
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $310 | −0.34 | $5.25 Nov 12 | $525.00 | $31,000 | 1.69% | 17.2% | $304.75 | 877 | 3 |
| 0.20Δ | $300 | −0.21 | $3.01 Nov 12 | $301.00 | $30,000 | 1.00% | 10.2% | $296.99 | 868 | 8 |
Snapshot #9373 · session 2026-11-12 · 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 | $300 | −0.25 | $5.30 Nov 12 | $530.00 | $30,000 | 1.77% | 10.1% | $294.70 | 360 | 7 |
| 0.20Δ | $290 | −0.18 | $3.05 Nov 12 | $305.00 | $29,000 | 1.05% | 6.0% | $286.95 | 252 | 47 |
Snapshot #9373 · session 2026-11-12 · captured 22:02 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on FDX
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $340 | 0.23 | $3.60 Nov 12 | $360.00 | 1.13% | 11.4% | 7.61% | 77.2% | 2,123 | 5 |
Snapshot #9373 · session 2026-11-12 · 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 | $340 | 0.31 | $7.00 Nov 12 | $700.00 | 2.19% | 12.5% | 8.68% | 49.5% | 225 | 6 |
| 0.20Δ | $350 | 0.23 | $5.00 Nov 12 | $500.00 | 1.57% | 8.9% | 11.18% | 63.8% | 315 | 2 |
Snapshot #9373 · session 2026-11-12 · captured 22:02 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
FDX volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 25.6%session 2026-11-12
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 17,180 contractssession 2026-11-12
- Largest open-interest line
- $330 call · Dec 18 · 2,330
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #296 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.