IBM wheel: cash-secured put & covered-call yields
International Business Machines Corporation · Technology · $220.67 close on Sep 28, 2026
What the Sep 28, 2026 close says about IBM
At 43.8% implied volatility, the options market is pricing a one-standard-deviation move of about $28.59 (13.0%) in IBM by Oct 30, 2026, 32 days out.
Selling the $210 put (−0.32Δ) for $6.50 means assignment would leave a cost basis of $203.50, 7.8% below the $220.67 close.
The 81-day 0.30Δ put pays 1.3× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.203 vs $0.107).
At 0.30Δ on the Oct 30 expiry the put yields 3.10% on its strike and the call 2.45% on spot: puts pay 1.3× what calls do on IBM this session.
Moving down to the $200 put (−0.20Δ) buys 4.5% more room below spot and keeps 57% of the 0.30Δ premium.
Open interest in the stored window totals 32,373 contracts; the largest single line is the $220 put expiring Dec 18 with 4,621 (14.3% of the window).
By options volume IBM ranks #123 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 IBM
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $210 | −0.32 | $6.50 Sep 28 | $650.00 | $21,000 | 3.10% | 35.3% | $203.50 | 304 | 22 |
| 0.20Δ | $200 | −0.20 | $3.70 Sep 28 | $370.00 | $20,000 | 1.85% | 21.1% | $196.30 | 150 | 52 |
Snapshot #146 · 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 | $205 | −0.30 | $8.65 Sep 28 | $865.00 | $20,500 | 4.22% | 19.0% | $196.35 | 310 | 26 |
| 0.20Δ | $195 | −0.22 | $5.70 Sep 28 | $570.00 | $19,500 | 2.92% | 13.2% | $189.30 | 1,098 | 12 |
Snapshot #146 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on IBM
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $240 | 0.29 | $5.40 Sep 28 | $540.00 | 2.45% | 27.9% | 11.21% | 127.8% | 129 | 27 |
| 0.20Δ | $250 | 0.21 | $3.34 Sep 28 | $334.00 | 1.51% | 17.3% | 14.80% | 168.9% | 479 | 166 |
Snapshot #146 · 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 | $250 | 0.28 | $6.44 Sep 28 | $644.00 | 2.92% | 13.2% | 16.21% | 73.0% | 2,854 | 149 |
| 0.20Δ | $260 | 0.22 | $4.65 Sep 28 | $465.00 | 2.11% | 9.5% | 19.93% | 89.8% | 991 | 37 |
Snapshot #146 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
IBM volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 43.8%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 32,373 contractssession 2026-09-28
- Largest open-interest line
- $220 put · Dec 18 · 4,621
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #123 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.