GS wheel: cash-secured put & covered-call yields
Goldman Sachs Group Inc. · Financials · $916.28 close on Sep 28, 2026
What the Sep 28, 2026 close says about GS
At 33.8% implied volatility, the options market is pricing a one-standard-deviation move of about $91.73 (10.0%) in GS by Oct 30, 2026, 32 days out.
Selling the $875 put (−0.30Δ) for $18.30 means assignment would leave a cost basis of $856.70, 6.5% below the $916.28 close.
The 81-day 0.30Δ put pays 1.6× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.572 vs $0.371).
At 0.30Δ on the Oct 30 expiry the put yields 2.09% on its strike and the call 1.70% on spot: puts pay 1.2× what calls do on GS this session.
Moving down to the $845 put (−0.20Δ) buys 3.3% more room below spot and keeps 62% of the 0.30Δ premium.
Open interest in the stored window totals 19,679 contracts; the largest single line is the $900 put expiring Dec 18 with 1,613 (8.2% of the window).
By options volume GS ranks #167 of 441 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 GS
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $875 | −0.30 | $18.30 Sep 28 | $1,830.00 | $87,500 | 2.09% | 23.9% | $856.70 | 21 | 6 |
| 0.20Δ | $845 | −0.20 | $11.38 Sep 28 | $1,138.00 | $84,500 | 1.35% | 15.4% | $833.62 | 49 | 3 |
Snapshot #136 · session 2026-09-28 · captured 22:31 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 | $860 | −0.31 | $30.03 Sep 28 | $3,003.00 | $86,000 | 3.49% | 15.7% | $829.97 | 976 | 6 |
| 0.20Δ | $810 | −0.20 | $16.80 Sep 28 | $1,680.00 | $81,000 | 2.07% | 9.3% | $793.20 | 152 | 30 |
Snapshot #136 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on GS
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $985 | 0.26 | $15.58 Sep 28 | $1,558.00 | 1.70% | 19.4% | 9.20% | 104.9% | 19 | 4 |
| 0.20Δ | $1005 | 0.21 | $10.70 Sep 28 | $1,070.00 | 1.17% | 13.3% | 10.85% | 123.8% | 14 | 5 |
Snapshot #136 · session 2026-09-28 · captured 22:31 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 | $1000 | 0.32 | $27.02 Sep 28 | $2,702.00 | 2.95% | 13.3% | 12.09% | 54.5% | 477 | 12 |
| 0.20Δ | $1050 | 0.22 | $16.77 Sep 28 | $1,677.00 | 1.83% | 8.2% | 16.42% | 74.0% | 229 | 6 |
Snapshot #136 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
GS volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 33.8%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 19,679 contractssession 2026-09-28
- Largest open-interest line
- $900 put · Dec 18 · 1,613
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #167 of 441 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.