GM wheel: cash-secured put & covered-call yields
General Motors Company · Consumer discretionary · $82.75 close on Oct 19, 2026
What the Oct 19, 2026 close says about GM
At 35.6% implied volatility, the options market is pricing a one-standard-deviation move of about $8.71 (10.5%) in GM by Nov 20, 2026, 32 days out.
Selling the $79 put (−0.32Δ) for $2.10 means assignment would leave a cost basis of $76.90, 7.1% below the $82.75 close.
The 60-day 0.30Δ put pays 1.1× the premium of the 32-day one for 1.9× the time — more premium per day on the 32-day contract ($0.066 vs $0.040).
At 0.30Δ on the Nov 20 expiry the put yields 2.66% on its strike and the call 2.19% on spot: puts pay 1.2× what calls do on GM this session.
Moving down to the $76 put (−0.20Δ) buys 3.6% more room below spot and keeps 57% of the 0.30Δ premium.
Open interest in the stored window totals 37,332 contracts; the largest single line is the $90 call expiring Dec 18 with 5,669 (15.2% of the window).
By options volume GM ranks #109 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 GM
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $79 | −0.32 | $2.10 Oct 19 | $210.00 | $7,900 | 2.66% | 30.3% | $76.90 | 0 | 14 |
| 0.20Δ | $76 | −0.20 | $1.19 Oct 19 | $119.00 | $7,600 | 1.57% | 17.9% | $74.81 | 0 | 22 |
Snapshot #4248 · session 2026-10-19 · captured 22:21 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 | $77.50 | −0.29 | $2.37 Oct 19 | $237.00 | $7,750 | 3.06% | 18.6% | $75.13 | 3,451 | 494 |
| 0.20Δ | $75 | −0.22 | $1.63 Oct 19 | $163.00 | $7,500 | 2.17% | 13.2% | $73.37 | 2,253 | 121 |
Snapshot #4248 · session 2026-10-19 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 60
Covered calls on GM
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $88 | 0.32 | $1.81 Oct 19 | $181.00 | 2.19% | 24.9% | 8.53% | 97.3% | 0 | 2 |
| 0.20Δ | $91 | 0.21 | $1.06 Oct 19 | $106.00 | 1.28% | 14.6% | 11.25% | 128.3% | 0 | 9 |
Snapshot #4248 · session 2026-10-19 · captured 22:21 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 | $90 | 0.30 | $2.28 Oct 19 | $228.00 | 2.76% | 16.8% | 11.52% | 70.1% | 5,669 | 63 |
| 0.20Δ | $92.50 | 0.23 | $1.45 Oct 19 | $145.00 | 1.75% | 10.7% | 13.53% | 82.3% | 3,528 | 140 |
Snapshot #4248 · session 2026-10-19 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 60
GM volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 35.6%session 2026-10-19
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Oct 19, 2026
- Open interest, stored window
- 37,332 contractssession 2026-10-19
- Largest open-interest line
- $90 call · Dec 18 · 5,669
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #109 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.
- 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.