GILD wheel: cash-secured put & covered-call yields
Gilead Sciences Inc · Healthcare · $167.95 close on Nov 12, 2026
What the Nov 12, 2026 close says about GILD
At 30.8% implied volatility, the options market is pricing a one-standard-deviation move of about $16.26 (9.7%) in GILD by Dec 18, 2026, 36 days out.
Selling the $160 put (−0.29Δ) for $2.86 means assignment would leave a cost basis of $157.14, 6.4% below the $167.95 close.
The 64-day 0.30Δ put pays 1.6× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.079 vs $0.072).
Moving down to the $155 put (−0.19Δ) buys 3.0% more room below spot and keeps 60% of the 0.30Δ premium.
Open interest in the stored window totals 23,473 contracts; the largest single line is the $155 put expiring Dec 18 with 5,506 (23.5% of the window).
GILD goes ex-dividend on Dec 15, 2026 ($0.82 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 GILD ranks #78 of 679 names in our universe.
Near-the-money options volume (188) is 77% below 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 GILD
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $160 | −0.29 | $2.86 Nov 12 | $286.00 | $16,000 | 1.79% | 18.1% | $157.14 | 1,285 | 20 |
| 0.20Δ | $155 | −0.19 | $1.73 Nov 12 | $173.00 | $15,500 | 1.12% | 11.3% | $153.27 | 5,506 | 51 |
Snapshot #9381 · session 2026-11-12 · captured 22:10 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 | $160 | −0.32 | $4.60 Nov 12 | $460.00 | $16,000 | 2.88% | 16.4% | $155.40 | 327 | 2 |
| 0.20Δ | $150 | −0.18 | $2.00 Nov 12 | $200.00 | $15,000 | 1.33% | 7.6% | $148.00 | 1,725 | 10 |
Snapshot #9381 · session 2026-11-12 · captured 22:10 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on GILD
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $185 | 0.17 | $1.42 Nov 12 | $142.00 | 0.85% | 8.6% | 11.00% | 111.5% | 535 | 14 |
Snapshot #9381 · session 2026-11-12 · captured 22:10 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 | $180 | 0.32 | $4.65 Nov 12 | $465.00 | 2.77% | 15.8% | 9.94% | 56.7% | 475 | 11 |
| 0.20Δ | $190 | 0.18 | $2.40 Nov 12 | $240.00 | 1.43% | 8.1% | 14.56% | 83.0% | 349 | 104 |
Snapshot #9381 · session 2026-11-12 · captured 22:10 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
GILD volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 30.8%session 2026-11-12
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- Ex-div Dec 15, 2026 · $0.82 declaredchecked Nov 9, 2026
- Open interest, stored window
- 23,473 contractssession 2026-11-12
- Largest open-interest line
- $155 put · Dec 18 · 5,506
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #78 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.