LMT wheel: cash-secured put & covered-call yields
Lockheed Martin Corp. · Industrials · $518.10 close on Sep 28, 2026
What the Sep 28, 2026 close says about LMT
At 30.0% implied volatility, the options market is pricing a one-standard-deviation move of about $46.00 (8.9%) in LMT by Oct 30, 2026, 32 days out.
Selling the $500 put (−0.31Δ) for $9.29 means assignment would leave a cost basis of $490.71, 5.3% below the $518.10 close.
At 0.30Δ on the Oct 30 expiry the put yields 1.86% on its strike and the call 1.78% on spot: puts and calls pay within 10% of each other on LMT this session.
Moving down to the $480 put (−0.19Δ) buys 3.9% more room below spot and keeps 43% of the 0.30Δ premium.
Open interest in the stored window totals 5,065 contracts; the largest single line is the $600 call expiring Dec 18 with 628 (12.4% of the window).
By options volume LMT ranks #199 of 441 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 LMT
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $500 | −0.31 | $9.29 Sep 28 | $929.00 | $50,000 | 1.86% | 21.2% | $490.71 | 32 | 2 |
| 0.20Δ | $480 | −0.19 | $4.00 Sep 28 | $400.00 | $48,000 | 0.83% | 9.5% | $476.00 | 7 | 1 |
Snapshot #168 · session 2026-09-28 · captured 22:31 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 | $470 | −0.21 | $8.20 Sep 28 | $820.00 | $47,000 | 1.74% | 7.9% | $461.80 | 319 | 2 |
Snapshot #168 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on LMT
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $545 | 0.29 | $9.20 Sep 28 | $920.00 | 1.78% | 20.3% | 6.97% | 79.5% | 7 | 7 |
| 0.20Δ | $560 | 0.21 | $5.50 Sep 28 | $550.00 | 1.06% | 12.1% | 9.15% | 104.4% | 9 | 2 |
Snapshot #168 · session 2026-09-28 · captured 22:31 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 | $570 | 0.26 | $10.91 Sep 28 | $1,091.00 | 2.11% | 9.5% | 12.12% | 54.6% | 266 | 2 |
| 0.20Δ | $595 | 0.18 | $6.40 Sep 28 | $640.00 | 1.24% | 5.6% | 16.08% | 72.5% | 27 | 2 |
Snapshot #168 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
LMT volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 30.0%session 2026-09-28
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 5,065 contractssession 2026-09-28
- Largest open-interest line
- $600 call · Dec 18 · 628
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #199 of 441 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.