HD wheel: cash-secured put & covered-call yields
Home Depot, Inc. · Consumer discretionary · $289.89 close on Sep 28, 2026
What the Sep 28, 2026 close says about HD
At 27.4% implied volatility, the options market is pricing a one-standard-deviation move of about $23.51 (8.1%) in HD by Oct 30, 2026, 32 days out.
Selling the $280 put (−0.31Δ) for $4.69 means assignment would leave a cost basis of $275.31, 5.0% below the $289.89 close.
The 81-day 0.30Δ put pays 2.0× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.147 vs $0.116).
At 0.30Δ on the Oct 30 expiry the put yields 1.68% on its strike and the call 1.47% on spot: puts pay 1.1× what calls do on HD this session.
Moving down to the $270 put (−0.18Δ) buys 3.4% more room below spot and keeps 54% of the 0.30Δ premium.
Open interest in the stored window totals 10,149 contracts; the largest single line is the $340 call expiring Dec 18 with 1,697 (16.7% of the window).
By options volume HD ranks #195 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 HD
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $280 | −0.31 | $4.69 Sep 28 | $469.00 | $28,000 | 1.68% | 19.1% | $275.31 | 75 | 13 |
| 0.20Δ | $270 | −0.18 | $2.53 Sep 28 | $253.00 | $27,000 | 0.94% | 10.7% | $267.47 | 268 | 39 |
Snapshot #138 · 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 | $275 | −0.32 | $9.40 Sep 28 | $940.00 | $27,500 | 3.42% | 15.4% | $265.60 | 24 | 3 |
| 0.20Δ | $260 | −0.20 | $5.00 Sep 28 | $500.00 | $26,000 | 1.92% | 8.7% | $255.00 | 467 | 39 |
Snapshot #138 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on HD
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $305 | 0.30 | $4.25 Sep 28 | $425.00 | 1.47% | 16.7% | 6.68% | 76.2% | 24 | 18 |
| 0.20Δ | $315 | 0.18 | $2.60 Sep 28 | $260.00 | 0.90% | 10.2% | 9.56% | 109.0% | 31 | 6 |
Snapshot #138 · 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 | $315 | 0.30 | $7.70 Sep 28 | $770.00 | 2.66% | 12.0% | 11.32% | 51.0% | 61 | 6 |
| 0.20Δ | $330 | 0.19 | $4.26 Sep 28 | $426.00 | 1.47% | 6.6% | 15.31% | 69.0% | 483 | 22 |
Snapshot #138 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
HD volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 27.4%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 10,149 contractssession 2026-09-28
- Largest open-interest line
- $340 call · Dec 18 · 1,697
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #195 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.