HL wheel: cash-secured put & covered-call yields
Hecla Mining Company · Materials · $17.01 close on Sep 28, 2026
What the Sep 28, 2026 close says about HL
At 56.7% implied volatility, the options market is pricing a one-standard-deviation move of about $2.86 (16.8%) in HL by Oct 30, 2026, 32 days out.
Selling the $16 put (−0.32Δ) for $0.60 means assignment would leave a cost basis of $15.40, 9.5% below the $17.01 close.
The 81-day 0.30Δ put pays 1.4× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.019 vs $0.010).
At 0.30Δ on the Oct 30 expiry the put yields 3.75% on its strike and the call 2.94% on spot: puts pay 1.3× what calls do on HL this session.
Moving down to the $15 put (−0.20Δ) buys 5.9% more room below spot and keeps 55% of the 0.30Δ premium.
Open interest in the stored window totals 36,860 contracts; the largest single line is the $22 call expiring Dec 18 with 8,235 (22.3% of the window).
By options volume HL ranks #80 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 HL
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $16 | −0.32 | $0.60 Sep 28 | $60.00 | $1,600 | 3.75% | 42.8% | $15.40 | 52 | 27 |
| 0.20Δ | $15 | −0.20 | $0.33 Sep 28 | $33.00 | $1,500 | 2.20% | 25.1% | $14.67 | 30 | 84 |
Snapshot #139 · 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 | $15 | −0.27 | $0.82 Sep 28 | $82.00 | $1,500 | 5.47% | 24.6% | $14.18 | 1,508 | 71 |
| 0.20Δ | $14 | −0.20 | $0.56 Sep 28 | $56.00 | $1,400 | 4.00% | 18.0% | $13.44 | 1,145 | 15 |
Snapshot #139 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on HL
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $19 | 0.31 | $0.50 Sep 28 | $50.00 | 2.94% | 33.5% | 14.64% | 167.0% | 178 | 38 |
| 0.20Δ | $20 | 0.21 | $0.34 Sep 28 | $34.00 | 2.00% | 22.8% | 19.58% | 223.3% | 98 | 3 |
Snapshot #139 · 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 | $21 | 0.30 | $0.82 Sep 28 | $82.00 | 4.82% | 21.7% | 28.28% | 127.4% | 935 | 35 |
| 0.20Δ | $23 | 0.21 | $0.53 Sep 28 | $53.00 | 3.12% | 14.0% | 38.33% | 172.7% | 4,615 | 25 |
Snapshot #139 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
HL volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 56.7%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 36,860 contractssession 2026-09-28
- Largest open-interest line
- $22 call · Dec 18 · 8,235
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #80 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.