KO wheel: cash-secured put & covered-call yields
Coca-Cola Company · Consumer staples · $97.57 close on Nov 11, 2026
What the Nov 11, 2026 close says about KO
At 20.2% implied volatility, the options market is pricing a one-standard-deviation move of about $5.64 (5.8%) in KO by Dec 11, 2026, 30 days out.
Selling the $95 put (−0.31Δ) for $1.28 means assignment would leave a cost basis of $93.72, 3.9% below the $97.57 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 ($0.043 vs $0.032).
At 0.30Δ on the Dec 11 expiry the put yields 1.35% on its strike and the call 1.13% on spot: puts pay 1.2× what calls do on KO this session.
Moving down to the $93 put (−0.20Δ) buys 2.0% more room below spot and keeps 57% of the 0.30Δ premium.
Open interest in the stored window totals 43,952 contracts; the largest single line is the $87.50 put expiring Jan 15 with 11,481 (26.1% of the window).
KO goes ex-dividend on Dec 1, 2026 ($0.53 declared), inside the Dec 11 covered-call window. A short call that is in the money before an ex-date can be assigned early.
By options volume KO ranks #81 of 679 names in our universe.
Near-the-money options volume (408) is 32% below 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 KO
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $95 | −0.31 | $1.28 Nov 11 | $128.00 | $9,500 | 1.35% | 16.4% | $93.72 | 34 | 30 |
| 0.20Δ | $93 | −0.20 | $0.73 Nov 11 | $73.00 | $9,300 | 0.78% | 9.6% | $92.27 | 433 | 55 |
Snapshot #9130 · 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 | $95 | −0.35 | $2.07 Nov 11 | $207.00 | $9,500 | 2.18% | 12.2% | $92.93 | 2,194 | 220 |
| 0.20Δ | $90 | −0.16 | $0.80 Nov 11 | $80.00 | $9,000 | 0.89% | 5.0% | $89.20 | 3,420 | 93 |
Snapshot #9130 · session 2026-11-11 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 65
Covered calls on KO
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $100 | 0.33 | $1.10 Nov 11 | $110.00 | 1.13% | 13.7% | 3.62% | 44.0% | 183 | 8 |
| 0.20Δ | $102 | 0.21 | $0.55 Nov 11 | $55.00 | 0.56% | 6.9% | 5.10% | 62.1% | 195 | 7 |
Snapshot #9130 · 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 | Unavailable1 | |||||||||
| 0.20Δ | $105 | 0.20 | $0.85 Nov 11 | $85.00 | 0.87% | 4.9% | 8.49% | 47.7% | 5,243 | 173 |
Snapshot #9130 · session 2026-11-11 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 65
KO volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 20.2%session 2026-11-11
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- Ex-div Dec 1, 2026 · $0.53 declaredchecked Nov 9, 2026
- Open interest, stored window
- 43,952 contractssession 2026-11-11
- Largest open-interest line
- $87.50 put · Jan 15 · 11,481
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #81 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.
- No contract near 0.30Δ traded this session
- 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.