HPE wheel: cash-secured put & covered-call yields
Hewlett Packard Enterprise Company · Technology · $50.16 close on Nov 12, 2026
What the Nov 12, 2026 close says about HPE
At 80.1% implied volatility, the options market is pricing a one-standard-deviation move of about $12.61 (25.1%) in HPE by Dec 18, 2026, 36 days out.
Selling the $46 put (−0.31Δ) for $2.54 means assignment would leave a cost basis of $43.46, 13.4% below the $50.16 close.
The 64-day 0.30Δ put pays 1.3× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.071 vs $0.053).
At 0.30Δ on the Dec 18 expiry the put yields 5.52% on its strike and the call 3.51% on spot: puts pay 1.6× what calls do on HPE this session.
Moving down to the $42 put (−0.19Δ) buys 8.0% more room below spot and keeps 60% of the 0.30Δ premium.
Open interest in the stored window totals 104,246 contracts; the largest single line is the $65 call expiring Dec 18 with 11,504 (11.0% of the window).
By options volume HPE ranks #76 of 679 names in our universe.
Near-the-money options volume (690) is 122% 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 HPE
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $46 | −0.31 | $2.54 Nov 12 | $254.00 | $4,600 | 5.52% | 56.0% | $43.46 | 433 | 7 |
| 0.20Δ | $42 | −0.19 | $1.52 Nov 12 | $152.00 | $4,200 | 3.62% | 36.7% | $40.48 | 315 | 34 |
Snapshot #9395 · 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 | $45 | −0.29 | $3.40 Nov 12 | $340.00 | $4,500 | 7.56% | 43.1% | $41.60 | 1,600 | 2 |
| 0.20Δ | $41 | −0.20 | $1.90 Nov 12 | $190.00 | $4,100 | 4.63% | 26.4% | $39.10 | 194 | 2 |
Snapshot #9395 · session 2026-11-12 · captured 22:10 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on HPE
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $60 | 0.27 | $1.76 Nov 12 | $176.00 | 3.51% | 35.6% | 23.13% | 234.5% | 8,367 | 174 |
| 0.20Δ | $65 | 0.16 | $0.90 Nov 12 | $90.00 | 1.79% | 18.2% | 31.38% | 318.2% | 11,504 | 89 |
Snapshot #9395 · 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 | $60 | 0.32 | $2.62 Nov 12 | $262.00 | 5.22% | 29.8% | 24.84% | 141.7% | 9,820 | 101 |
| 0.20Δ | $65 | 0.23 | $1.74 Nov 12 | $174.00 | 3.47% | 19.8% | 33.05% | 188.5% | 5,634 | 160 |
Snapshot #9395 · session 2026-11-12 · captured 22:10 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
HPE volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 80.1%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 104,246 contractssession 2026-11-12
- Largest open-interest line
- $65 call · Dec 18 · 11,504
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #76 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.
- 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.