JPM wheel: cash-secured put & covered-call yields
JPMorgan Chase & Co. · Financials · $343.39 close on Nov 11, 2026
What the Nov 11, 2026 close says about JPM
At 20.9% implied volatility, the options market is pricing a one-standard-deviation move of about $20.62 (6.0%) in JPM by Dec 11, 2026, 30 days out.
Selling the $335 put (−0.32Δ) for $4.80 means assignment would leave a cost basis of $330.20, 3.8% below the $343.39 close.
The 65-day 0.30Δ put pays 1.6× the premium of the 30-day one for 2.2× the time — more premium per day on the 30-day contract ($0.160 vs $0.121).
At 0.30Δ on the Dec 11 expiry the put yields 1.43% on its strike and the call 1.26% on spot: puts pay 1.1× what calls do on JPM this session.
Moving down to the $325 put (−0.19Δ) buys 2.9% more room below spot and keeps 48% of the 0.30Δ premium.
Open interest in the stored window totals 58,569 contracts; the largest single line is the $360 call expiring Jan 15 with 8,062 (13.8% of the window).
By options volume JPM ranks #90 of 679 names in our universe.
Near-the-money options volume (735) is 34% 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 JPM
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $335 | −0.32 | $4.80 Nov 11 | $480.00 | $33,500 | 1.43% | 17.4% | $330.20 | 110 | 3 |
| 0.20Δ | $325 | −0.19 | $2.30 Nov 11 | $230.00 | $32,500 | 0.71% | 8.6% | $322.70 | 144 | 11 |
Snapshot #9127 · session 2026-11-11 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 30
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $330 | −0.32 | $7.88 Nov 11 | $788.00 | $33,000 | 2.39% | 13.4% | $322.12 | 6,406 | 134 |
| 0.20Δ | $320 | −0.23 | $5.23 Nov 11 | $523.00 | $32,000 | 1.63% | 9.2% | $314.77 | 4,026 | 80 |
Snapshot #9127 · session 2026-11-11 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 65
Covered calls on JPM
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $355 | 0.31 | $4.34 Nov 11 | $434.00 | 1.26% | 15.4% | 4.64% | 56.5% | 91 | 4 |
| 0.20Δ | $360 | 0.23 | $2.84 Nov 11 | $284.00 | 0.83% | 10.1% | 5.66% | 68.9% | 199 | 325 |
Snapshot #9127 · session 2026-11-11 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 30
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $360 | 0.34 | $6.89 Nov 11 | $689.00 | 2.01% | 11.3% | 6.84% | 38.4% | 8,062 | 178 |
| 0.20Δ | $370 | 0.23 | $4.00 Nov 11 | $400.00 | 1.16% | 6.5% | 8.91% | 50.1% | 6,348 | 191 |
Snapshot #9127 · session 2026-11-11 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 65
JPM volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 20.9%session 2026-11-11
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 58,569 contractssession 2026-11-11
- Largest open-interest line
- $360 call · Jan 15 · 8,062
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #90 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.