HL wheel: cash-secured put & covered-call yields
Hecla Mining Company · Materials · $13.35 close on Nov 12, 2026
What the Nov 12, 2026 close says about HL
At 55.0% implied volatility, the options market is pricing a one-standard-deviation move of about $2.31 (17.3%) in HL by Dec 18, 2026, 36 days out.
Open interest in the stored window totals 123,009 contracts; the largest single line is the $10 put expiring Jan 15 with 57,698 (46.9% of the window).
HL goes ex-dividend on Nov 23, 2026 ($0.00 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 HL ranks #302 of 679 names in our universe.
Near-the-money options volume (2.6k) is 1494% above 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 HL
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $12 | −0.22 | $0.35 Nov 12 | $35.00 | $1,200 | 2.92% | 29.6% | $11.65 | 3,072 | 1,169 |
Snapshot #9392 · 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 | $12 | −0.26 | $0.48 Nov 12 | $48.00 | $1,200 | 4.00% | 22.8% | $11.52 | 24,914 | 23 |
| 0.20Δ | $11 | −0.16 | $0.26 Nov 12 | $26.00 | $1,100 | 2.36% | 13.5% | $10.74 | 2,406 | 1 |
Snapshot #9392 · session 2026-11-12 · captured 22:10 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on HL
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $15 | 0.29 | $0.42 Nov 12 | $42.00 | 3.15% | 31.9% | 15.51% | 157.2% | 2,275 | 1,260 |
| 0.20Δ | $16 | 0.19 | $0.23 Nov 12 | $23.00 | 1.72% | 17.5% | 21.57% | 218.7% | 4,648 | 219 |
Snapshot #9392 · 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 | $16 | 0.26 | $0.47 Nov 12 | $47.00 | 3.52% | 20.1% | 23.37% | 133.3% | 1,400 | 7 |
| 0.20Δ | $17 | 0.18 | $0.30 Nov 12 | $30.00 | 2.25% | 12.8% | 29.59% | 168.7% | 5,549 | 65 |
Snapshot #9392 · session 2026-11-12 · captured 22:10 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
HL volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 55.0%session 2026-11-12
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- Ex-div Nov 23, 2026 · $0.00 declaredchecked Nov 9, 2026
- Open interest, stored window
- 123,009 contractssession 2026-11-12
- Largest open-interest line
- $10 put · Jan 15 · 57,698
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #302 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.
- No contract near 0.30Δ traded this session
- 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.