HIMS wheel: cash-secured put & covered-call yields
Hims & Hers Health, Inc. · Healthcare · $30.64 close on Oct 12, 2026
What the Oct 12, 2026 close says about HIMS
At 85.1% implied volatility, the options market is pricing a one-standard-deviation move of about $7.72 (25.2%) in HIMS by Nov 13, 2026, 32 days out.
Selling the $28 put (−0.31Δ) for $1.59 means assignment would leave a cost basis of $26.41, 13.8% below the $30.64 close.
The 67-day 0.30Δ put pays 1.5× the premium of the 32-day one for 2.1× the time — more premium per day on the 32-day contract ($0.050 vs $0.034).
At 0.30Δ on the Nov 13 expiry the put yields 5.68% on its strike and the call 5.06% on spot: puts pay 1.1× what calls do on HIMS this session.
Moving down to the $26 put (−0.20Δ) buys 6.5% more room below spot and keeps 61% of the 0.30Δ premium.
Open interest in the stored window totals 32,379 contracts; the largest single line is the $40 call expiring Dec 18 with 5,992 (18.5% of the window).
By options volume HIMS ranks #130 of 572 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 HIMS
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $28 | −0.31 | $1.59 Oct 12 | $159.00 | $2,800 | 5.68% | 64.8% | $26.41 | 34 | 128 |
| 0.20Δ | $26 | −0.20 | $0.97 Oct 12 | $97.00 | $2,600 | 3.73% | 42.6% | $25.03 | 69 | 150 |
Snapshot #2818 · session 2026-10-12 · 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 | $28 | −0.32 | $2.31 Oct 12 | $231.00 | $2,800 | 8.25% | 44.9% | $25.69 | 1,220 | 16 |
| 0.20Δ | $25 | −0.20 | $1.23 Oct 12 | $123.00 | $2,500 | 4.92% | 26.8% | $23.77 | 3,247 | 50 |
Snapshot #2818 · session 2026-10-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 67
Covered calls on HIMS
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $36 | 0.32 | $1.55 Oct 12 | $155.00 | 5.06% | 57.7% | 22.55% | 257.2% | 123 | 48 |
| 0.20Δ | $40 | 0.20 | $0.72 Oct 12 | $72.00 | 2.35% | 26.8% | 32.90% | 375.2% | 252 | 417 |
Snapshot #2818 · session 2026-10-12 · 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 | $39 | 0.31 | $1.68 Oct 12 | $168.00 | 5.48% | 29.9% | 32.77% | 178.5% | 353 | 38 |
| 0.20Δ | $45 | 0.20 | $0.95 Oct 12 | $95.00 | 3.10% | 16.9% | 49.97% | 272.2% | 1,525 | 43 |
Snapshot #2818 · session 2026-10-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 67
HIMS volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 85.1%session 2026-10-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Oct 12, 2026
- Open interest, stored window
- 32,379 contractssession 2026-10-12
- Largest open-interest line
- $40 call · Dec 18 · 5,992
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #130 of 572 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.