JNJ wheel: cash-secured put & covered-call yields
Johnson & Johnson · Healthcare · $271.95 close on Sep 28, 2026
What the Sep 28, 2026 close says about JNJ
At 26.0% implied volatility, the options market is pricing a one-standard-deviation move of about $20.93 (7.7%) in JNJ by Oct 30, 2026, 32 days out.
Selling the $260 put (−0.26Δ) for $3.38 means assignment would leave a cost basis of $256.62, 5.6% below the $271.95 close.
The 81-day 0.30Δ put pays 2.2× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.106 vs $0.093).
At 0.30Δ on the Oct 30 expiry the put yields 1.30% on its strike and the call 1.50% on spot: calls pay 1.2× what puts do on JNJ this session.
Moving down to the $255 put (−0.19Δ) buys 1.8% more room below spot and keeps 72% of the 0.30Δ premium.
Open interest in the stored window totals 23,256 contracts; the largest single line is the $310 call expiring Dec 18 with 5,670 (24.4% of the window).
By options volume JNJ ranks #227 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 JNJ
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $260 | −0.26 | $3.38 Sep 28 | $338.00 | $26,000 | 1.30% | 14.8% | $256.62 | 31 | 10 |
| 0.20Δ | $255 | −0.19 | $2.44 Sep 28 | $244.00 | $25,500 | 0.96% | 10.9% | $252.56 | 46 | 30 |
Snapshot #159 · 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 | $260 | −0.32 | $7.50 Sep 28 | $750.00 | $26,000 | 2.88% | 13.0% | $252.50 | 3,490 | 39 |
| 0.20Δ | $250 | −0.22 | $4.75 Sep 28 | $475.00 | $25,000 | 1.90% | 8.6% | $245.25 | 5,630 | 86 |
Snapshot #159 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on JNJ
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $285 | 0.30 | $4.07 Sep 28 | $407.00 | 1.50% | 17.1% | 6.30% | 71.8% | 19 | 12 |
| 0.20Δ | $290 | 0.23 | $2.70 Sep 28 | $270.00 | 0.99% | 11.3% | 7.63% | 87.0% | 35 | 17 |
Snapshot #159 · 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 | $290 | 0.33 | $6.40 Sep 28 | $640.00 | 2.35% | 10.6% | 8.99% | 40.5% | 1,459 | 41 |
| 0.20Δ | $300 | 0.23 | $4.07 Sep 28 | $407.00 | 1.50% | 6.7% | 11.81% | 53.2% | 1,136 | 69 |
Snapshot #159 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
JNJ volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 26.0%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 23,256 contractssession 2026-09-28
- Largest open-interest line
- $310 call · Dec 18 · 5,670
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #227 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.