KHC wheel: cash-secured put & covered-call yields
The Kraft Heinz Company · Consumer staples · $21.84 close on Oct 5, 2026
What the Oct 5, 2026 close says about KHC
At 30.6% implied volatility, the options market is pricing a one-standard-deviation move of about $1.98 (9.1%) in KHC by Nov 6, 2026, 32 days out.
Selling the $21 put (−0.29Δ) for $0.40 means assignment would leave a cost basis of $20.60, 5.7% below the $21.84 close.
At 0.30Δ on the Nov 6 expiry the put yields 1.90% on its strike and the call 1.19% on spot: puts pay 1.6× what calls do on KHC this session.
Moving down to the $20.50 put (−0.20Δ) buys 2.3% more room below spot and keeps 68% of the 0.30Δ premium.
Open interest in the stored window totals 19,625 contracts; the largest single line is the $25 call expiring Dec 18 with 9,054 (46.1% of the window).
By options volume KHC ranks #219 of 514 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 KHC
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $21 | −0.29 | $0.40 Oct 5 | $40.00 | $2,100 | 1.90% | 21.7% | $20.60 | 19 | 35 |
| 0.20Δ | $20.50 | −0.20 | $0.27 Oct 5 | $27.00 | $2,050 | 1.32% | 15.0% | $20.23 | 3 | 43 |
Snapshot #1437 · session 2026-10-05 · captured 22:21 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 | Unavailable1 | |||||||||
| 0.20Δ | $20 | −0.24 | $0.46 Oct 5 | $46.00 | $2,000 | 2.30% | 11.3% | $19.54 | 8,619 | 431 |
Snapshot #1437 · session 2026-10-05 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 74
Covered calls on KHC
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $23 | 0.29 | $0.26 Oct 5 | $26.00 | 1.19% | 13.6% | 6.50% | 74.2% | 4 | 9 |
| 0.20Δ | $23.50 | 0.21 | $0.23 Oct 5 | $23.00 | 1.05% | 12.0% | 8.65% | 98.7% | 184 | 51 |
Snapshot #1437 · session 2026-10-05 · captured 22:21 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 | Unavailable1 | |||||||||
| 0.20Δ | $25 | 0.15 | $0.22 Oct 5 | $22.00 | 1.01% | 5.0% | 15.48% | 76.3% | 9,054 | 1,207 |
Snapshot #1437 · session 2026-10-05 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 74
KHC volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 30.6%session 2026-10-05
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Oct 5, 2026
- Open interest, stored window
- 19,625 contractssession 2026-10-05
- Largest open-interest line
- $25 call · Dec 18 · 9,054
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #219 of 514 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 0.30Δ traded this session
- 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.