HPE wheel: cash-secured put & covered-call yields
Hewlett Packard Enterprise Company · Technology · $62.63 close on Sep 28, 2026
What the Sep 28, 2026 close says about HPE
At 62.1% implied volatility, the options market is pricing a one-standard-deviation move of about $11.52 (18.4%) in HPE by Oct 30, 2026, 32 days out.
Selling the $58 put (−0.30Δ) for $2.41 means assignment would leave a cost basis of $55.59, 11.2% below the $62.63 close.
The 81-day 0.30Δ put pays 1.7× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.075 vs $0.050).
At 0.30Δ on the Oct 30 expiry the put yields 4.16% on its strike and the call 2.71% on spot: puts pay 1.5× what calls do on HPE this session.
Moving down to the $55 put (−0.20Δ) buys 4.8% more room below spot and keeps 64% of the 0.30Δ premium.
Open interest in the stored window totals 44,627 contracts; the largest single line is the $70 call expiring Dec 18 with 16,995 (38.1% of the window).
By options volume HPE ranks #204 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 HPE
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $58 | −0.30 | $2.41 Sep 28 | $241.00 | $5,800 | 4.16% | 47.4% | $55.59 | 65 | 14 |
| 0.20Δ | $55 | −0.20 | $1.55 Sep 28 | $155.00 | $5,500 | 2.82% | 32.1% | $53.45 | 172 | 31 |
Snapshot #141 · 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 | $55 | −0.28 | $4.05 Sep 28 | $405.00 | $5,500 | 7.36% | 33.2% | $50.95 | 1,617 | 43 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #141 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on HPE
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $71 | 0.29 | $1.70 Sep 28 | $170.00 | 2.71% | 31.0% | 16.08% | 183.4% | 3 | 1 |
| 0.20Δ | $74 | 0.20 | $1.35 Sep 28 | $135.00 | 2.16% | 24.6% | 20.31% | 231.7% | 0 | 2 |
Snapshot #141 · 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 | $80 | 0.28 | $3.10 Sep 28 | $310.00 | 4.95% | 22.3% | 32.68% | 147.3% | 3,729 | 37 |
| 0.20Δ | $85 | 0.22 | $2.36 Sep 28 | $236.00 | 3.77% | 17.0% | 39.49% | 177.9% | 766 | 1,079 |
Snapshot #141 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
HPE volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 62.1%session 2026-09-28
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 44,627 contractssession 2026-09-28
- Largest open-interest line
- $70 call · Dec 18 · 16,995
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #204 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.
- No contract near 0.20Δ traded this session
- 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.