KO wheel: cash-secured put & covered-call yields
Coca-Cola Company · Consumer staples · $87.81 close on Sep 25, 2026
What the Sep 25, 2026 close says about KO
At 20.8% implied volatility, the options market is pricing a one-standard-deviation move of about $5.67 (6.5%) in KO by Oct 30, 2026, 35 days out.
Selling the $85 put (−0.30Δ) for $1.05 means assignment would leave a cost basis of $83.95, 4.4% below the $87.81 close.
The 84-day 0.30Δ put pays 1.4× the premium of the 35-day one for 2.4× the time — more premium per day on the 35-day contract ($0.030 vs $0.017).
At 0.30Δ on the Oct 30 expiry the put yields 1.24% on its strike and the call 1.20% on spot: puts and calls pay within 10% of each other on KO this session.
Moving down to the $83 put (−0.18Δ) buys 2.3% more room below spot and keeps 59% of the 0.30Δ premium.
Open interest in the stored window totals 42,385 contracts; the largest single line is the $92.50 call expiring Dec 18 with 8,664 (20.4% of the window).
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on KO
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $85 | −0.30 | $1.05 Sep 25 | $105.00 | $8,500 | 1.24% | 12.9% | $83.95 | 321 | 49 |
| 0.20Δ | $83 | −0.18 | $0.62 Sep 25 | $62.00 | $8,300 | 0.75% | 7.8% | $82.38 | 375 | 23 |
Snapshot #10 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 35
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $82.50 | −0.25 | $1.43 Sep 25 | $143.00 | $8,250 | 1.73% | 7.5% | $81.07 | 2,322 | 289 |
| 0.20Δ | $80 | −0.17 | $0.89 Sep 25 | $89.00 | $8,000 | 1.11% | 4.8% | $79.11 | 1,610 | 143 |
Snapshot #10 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 84
Covered calls on KO
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $91 | 0.30 | $1.05 Sep 25 | $105.00 | 1.20% | 12.5% | 4.83% | 50.4% | 123 | 65 |
| 0.20Δ | $93 | 0.21 | $0.81 Sep 25 | $81.00 | 0.92% | 9.6% | 6.83% | 71.3% | 92 | 1 |
Snapshot #10 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 35
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $92.50 | 0.32 | $1.66 Sep 25 | $166.00 | 1.89% | 8.2% | 7.23% | 31.4% | 8,664 | 75 |
| 0.20Δ | $95 | 0.23 | $1.07 Sep 25 | $107.00 | 1.22% | 5.3% | 9.41% | 40.9% | 4,589 | 213 |
Snapshot #10 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 84
KO volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 20.8%session 2026-09-25
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 27, 2026
- Open interest, stored window
- 42,385 contractssession 2026-09-25
- Largest open-interest line
- $92.50 call · Dec 18 · 8,664
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- Unavailable4
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.
- Not ranked yet — liquidity ranks are computed at the weekly re-rank of the whole universe.