GS wheel: cash-secured put & covered-call yields
Goldman Sachs Group Inc. · Financials · $913.60 close on Nov 12, 2026
What the Nov 12, 2026 close says about GS
At 33.8% implied volatility, the options market is pricing a one-standard-deviation move of about $97.12 (10.6%) in GS by Dec 18, 2026, 36 days out.
Selling the $870 put (−0.30Δ) for $17.52 means assignment would leave a cost basis of $852.48, 6.7% below the $913.60 close.
The 64-day 0.30Δ put pays 1.4× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.487 vs $0.391).
At 0.30Δ on the Dec 18 expiry the put yields 2.01% on its strike and the call 1.95% on spot: puts and calls pay within 10% of each other on GS this session.
Moving down to the $835 put (−0.19Δ) buys 3.8% more room below spot and keeps 62% of the 0.30Δ premium.
Open interest in the stored window totals 51,346 contracts; the largest single line is the $1000 call expiring Dec 18 with 1,965 (3.8% of the window).
GS goes ex-dividend on Dec 2, 2026 ($5.00 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 GS ranks #124 of 679 names in our universe.
Near-the-money options volume (515) is 10% 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 GS
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $870 | −0.30 | $17.52 Nov 12 | $1,752.00 | $87,000 | 2.01% | 20.4% | $852.48 | 259 | 2 |
| 0.20Δ | $835 | −0.19 | $10.91 Nov 12 | $1,091.00 | $83,500 | 1.31% | 13.2% | $824.09 | 133 | 3 |
Snapshot #9388 · 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 | $860 | −0.30 | $25.02 Nov 12 | $2,502.00 | $86,000 | 2.91% | 16.6% | $834.98 | 658 | 7 |
| 0.20Δ | $820 | −0.20 | $14.60 Nov 12 | $1,460.00 | $82,000 | 1.78% | 10.2% | $805.40 | 615 | 5 |
Snapshot #9388 · session 2026-11-12 · captured 22:10 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on GS
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $960 | 0.32 | $17.78 Nov 12 | $1,778.00 | 1.95% | 19.7% | 7.02% | 71.2% | 1,045 | 26 |
| 0.20Δ | $995 | 0.19 | $9.20 Nov 12 | $920.00 | 1.01% | 10.2% | 9.92% | 100.5% | 166 | 5 |
Snapshot #9388 · 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 | $985 | 0.30 | $20.54 Nov 12 | $2,054.00 | 2.25% | 12.8% | 10.06% | 57.4% | 196 | 5 |
| 0.20Δ | $1025 | 0.19 | $11.72 Nov 12 | $1,172.00 | 1.28% | 7.3% | 13.48% | 76.9% | 152 | 13 |
Snapshot #9388 · session 2026-11-12 · captured 22:10 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
GS volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 33.8%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- Ex-div Dec 2, 2026 · $5.00 declaredchecked Nov 9, 2026
- Open interest, stored window
- 51,346 contractssession 2026-11-12
- Largest open-interest line
- $1000 call · Dec 18 · 1,965
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #124 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.
- 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.