IBM wheel: cash-secured put & covered-call yields
International Business Machines Corporation · Technology · $244.67 close on Nov 12, 2026
What the Nov 12, 2026 close says about IBM
At 32.3% implied volatility, the options market is pricing a one-standard-deviation move of about $24.85 (10.2%) in IBM by Dec 18, 2026, 36 days out.
Selling the $235 put (−0.33Δ) for $5.65 means assignment would leave a cost basis of $229.35, 6.3% below the $244.67 close.
The 64-day 0.30Δ put pays 1.1× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.157 vs $0.097).
At 0.30Δ on the Dec 18 expiry the put yields 2.40% on its strike and the call 2.03% on spot: puts pay 1.2× what calls do on IBM this session.
Moving down to the $225 put (−0.20Δ) buys 4.1% more room below spot and keeps 56% of the 0.30Δ premium.
Open interest in the stored window totals 74,794 contracts; the largest single line is the $260 call expiring Jan 15 with 8,979 (12.0% of the window).
By options volume IBM ranks #174 of 679 names in our universe.
Near-the-money options volume (1.2k) is 245% 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 IBM
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $235 | −0.33 | $5.65 Nov 12 | $565.00 | $23,500 | 2.40% | 24.4% | $229.35 | 620 | 58 |
| 0.20Δ | $225 | −0.20 | $3.17 Nov 12 | $317.00 | $22,500 | 1.41% | 14.3% | $221.83 | 1,193 | 23 |
Snapshot #9398 · session 2026-11-12 · captured 22:11 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 | $230 | −0.29 | $6.20 Nov 12 | $620.00 | $23,000 | 2.70% | 15.4% | $223.80 | 6,076 | 30 |
| 0.20Δ | $220 | −0.20 | $3.85 Nov 12 | $385.00 | $22,000 | 1.75% | 10.0% | $216.15 | 3,753 | 188 |
Snapshot #9398 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on IBM
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $260 | 0.30 | $4.97 Nov 12 | $497.00 | 2.03% | 20.6% | 8.30% | 84.1% | 2,235 | 282 |
| 0.20Δ | $270 | 0.19 | $2.64 Nov 12 | $264.00 | 1.08% | 10.9% | 11.43% | 115.9% | 2,599 | 88 |
Snapshot #9398 · session 2026-11-12 · captured 22:11 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 | $265 | 0.31 | $6.30 Nov 12 | $630.00 | 2.57% | 14.7% | 10.88% | 62.1% | 998 | 22 |
| 0.20Δ | $275 | 0.22 | $4.01 Nov 12 | $401.00 | 1.64% | 9.3% | 14.04% | 80.0% | 2,021 | 12 |
Snapshot #9398 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
IBM volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 32.3%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 10, 2026
- Open interest, stored window
- 74,794 contractssession 2026-11-12
- Largest open-interest line
- $260 call · Jan 15 · 8,979
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #174 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.