KMI wheel: cash-secured put & covered-call yields
Kinder Morgan, Inc. · Utilities · $33.39 close on Oct 19, 2026
What the Oct 19, 2026 close says about KMI
At 29.6% implied volatility, the options market is pricing a one-standard-deviation move of about $2.93 (8.8%) in KMI by Nov 20, 2026, 32 days out.
Selling the $32 put (−0.27Δ) for $0.51 means assignment would leave a cost basis of $31.49, 5.7% below the $33.39 close.
The 60-day 0.30Δ put pays 1.5× the premium of the 32-day one for 1.9× the time — more premium per day on the 32-day contract ($0.016 vs $0.012).
At 0.30Δ on the Nov 20 expiry the put yields 1.59% on its strike and the call 0.99% on spot: puts pay 1.6× what calls do on KMI this session.
Moving down to the $31 put (−0.17Δ) buys 3.0% more room below spot and keeps 57% of the 0.30Δ premium.
Open interest in the stored window totals 46,910 contracts; the largest single line is the $30 put expiring Dec 18 with 12,555 (26.8% of the window).
By options volume KMI ranks #96 of 608 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 KMI
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $32 | −0.27 | $0.51 Oct 19 | $51.00 | $3,200 | 1.59% | 18.2% | $31.49 | 187 | 610 |
| 0.20Δ | $31 | −0.17 | $0.29 Oct 19 | $29.00 | $3,100 | 0.94% | 10.7% | $30.71 | 525 | 47 |
Snapshot #4282 · session 2026-10-19 · 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 | $32 | −0.31 | $0.74 Oct 19 | $74.00 | $3,200 | 2.31% | 14.1% | $31.26 | 334 | 25 |
| 0.20Δ | $31 | −0.21 | $0.46 Oct 19 | $46.00 | $3,100 | 1.48% | 9.0% | $30.54 | 2,168 | 26 |
Snapshot #4282 · session 2026-10-19 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 60
Covered calls on KMI
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $35 | 0.27 | $0.33 Oct 19 | $33.00 | 0.99% | 11.3% | 5.81% | 66.3% | 1,689 | 442 |
| 0.20Δ | $35.50 | 0.21 | $0.26 Oct 19 | $26.00 | 0.78% | 8.9% | 7.10% | 81.0% | 0 | 4 |
Snapshot #4282 · session 2026-10-19 · 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 | $35 | 0.34 | $0.66 Oct 19 | $66.00 | 1.98% | 12.0% | 6.80% | 41.4% | 9,262 | 44 |
| 0.20Δ | $36 | 0.23 | $0.40 Oct 19 | $40.00 | 1.20% | 7.3% | 9.01% | 54.8% | 5,779 | 85 |
Snapshot #4282 · session 2026-10-19 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 60
KMI volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 29.6%session 2026-10-19
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Oct 19, 2026
- Open interest, stored window
- 46,910 contractssession 2026-10-19
- Largest open-interest line
- $30 put · Dec 18 · 12,555
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #96 of 608 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.