HUM wheel: cash-secured put & covered-call yields
Humana Inc. · Financials · $389.63 close on Sep 28, 2026
What the Sep 28, 2026 close says about HUM
At 64.3% implied volatility, the options market is pricing a one-standard-deviation move of about $74.19 (19.0%) in HUM by Oct 30, 2026, 32 days out.
Selling the $350 put (−0.27Δ) for $13.50 means assignment would leave a cost basis of $336.50, 13.6% below the $389.63 close.
The 81-day 0.30Δ put pays 1.6× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.422 vs $0.265).
At 0.30Δ on the Oct 30 expiry the put yields 3.86% on its strike and the call 4.11% on spot: puts and calls pay within 10% of each other on HUM this session.
Moving down to the $330 put (−0.18Δ) buys 5.1% more room below spot and keeps 53% of the 0.30Δ premium.
Open interest in the stored window totals 7,519 contracts; the largest single line is the $430 call expiring Dec 18 with 1,577 (21.0% of the window).
HUM goes ex-dividend on Oct 30, 2026 ($0.89 declared), inside the Oct 30 covered-call window. A short call that is in the money before an ex-date can be assigned early.
By options volume HUM ranks #236 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 HUM
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $350 | −0.27 | $13.50 Sep 28 | $1,350.00 | $35,000 | 3.86% | 44.0% | $336.50 | 8 | 6 |
| 0.20Δ | $330 | −0.18 | $7.13 Sep 28 | $713.00 | $33,000 | 2.16% | 24.6% | $322.87 | 24 | 1 |
Snapshot #142 · 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 | $350 | −0.29 | $21.48 Sep 28 | $2,148.00 | $35,000 | 6.14% | 27.7% | $328.52 | 249 | 7 |
| 0.20Δ | $310 | −0.17 | $10.40 Sep 28 | $1,040.00 | $31,000 | 3.35% | 15.1% | $299.60 | 321 | 4 |
Snapshot #142 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on HUM
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $445 | 0.28 | $16.00 Sep 28 | $1,600.00 | 4.11% | 46.8% | 18.32% | 208.9% | 30 | 1 |
| 0.20Δ | $475 | 0.17 | $7.30 Sep 28 | $730.00 | 1.87% | 21.4% | 23.78% | 271.3% | 1 | 16 |
Snapshot #142 · 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 | Unavailable1 | |||||||||
| 0.20Δ | $510 | 0.20 | $11.50 Sep 28 | $1,150.00 | 2.95% | 13.3% | 33.84% | 152.5% | 5 | 1 |
Snapshot #142 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
HUM volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 64.3%session 2026-09-28
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- Ex-div Oct 30, 2026 · $0.89 declaredchecked Sep 28, 2026
- Open interest, stored window
- 7,519 contractssession 2026-09-28
- Largest open-interest line
- $430 call · Dec 18 · 1,577
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #236 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 0.30Δ 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.