JNJ wheel: cash-secured put & covered-call yields
Johnson & Johnson · Healthcare · $283.52 close on Nov 12, 2026
What the Nov 12, 2026 close says about JNJ
At 25.9% implied volatility, the options market is pricing a one-standard-deviation move of about $23.08 (8.1%) in JNJ by Dec 18, 2026, 36 days out.
Selling the $270 put (−0.26Δ) for $3.60 means assignment would leave a cost basis of $266.40, 6.0% below the $283.52 close.
The 64-day 0.30Δ put pays 1.6× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.100 vs $0.089).
Open interest in the stored window totals 50,749 contracts; the largest single line is the $250 put expiring Dec 18 with 9,085 (17.9% of the window).
JNJ goes ex-dividend on Nov 24, 2026 ($1.34 declared), inside the Dec 18 covered-call window. A short call that is in the money before an ex-date can be assigned early.
By options volume JNJ ranks #170 of 679 names in our universe.
Near-the-money options volume (2.5k) is 515% 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 JNJ
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $270 | −0.26 | $3.60 Nov 12 | $360.00 | $27,000 | 1.33% | 13.5% | $266.40 | 1,591 | 80 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #9408 · 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 | $270 | −0.29 | $5.72 Nov 12 | $572.00 | $27,000 | 2.12% | 12.1% | $264.28 | 1,054 | 403 |
| 0.20Δ | $260 | −0.19 | $3.21 Nov 12 | $321.00 | $26,000 | 1.23% | 7.0% | $256.79 | 4,989 | 73 |
Snapshot #9408 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on JNJ
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable2 | |||||||||
| 0.20Δ | $300 | 0.25 | $2.96 Nov 12 | $296.00 | 1.04% | 10.6% | 6.86% | 69.5% | 2,465 | 1,026 |
Snapshot #9408 · 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 | $300 | 0.32 | $5.90 Nov 12 | $590.00 | 2.08% | 11.9% | 7.89% | 45.0% | 3,954 | 80 |
| 0.20Δ | $310 | 0.21 | $3.40 Nov 12 | $340.00 | 1.20% | 6.8% | 10.54% | 60.1% | 4,856 | 57 |
Snapshot #9408 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
JNJ volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 25.9%session 2026-11-12
- IV rank / IV percentile
- Unavailable3
- Next earnings
- Unavailable4
- Next ex-dividend
- Ex-div Nov 24, 2026 · $1.34 declaredchecked Nov 9, 2026
- Open interest, stored window
- 50,749 contractssession 2026-11-12
- Largest open-interest line
- $250 put · Dec 18 · 9,085
- Bid/ask spread
- Unavailable5
- Options liquidity rank
- #170 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.
- No contract near 0.20Δ traded this session
- No contract near 0.30Δ traded this session
- 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.