LOW wheel: cash-secured put & covered-call yields
Lowe's Companies Inc. · Consumer discretionary · $195.92 close on Oct 19, 2026
What the Oct 19, 2026 close says about LOW
At 37.6% implied volatility, the options market is pricing a one-standard-deviation move of about $21.82 (11.1%) in LOW by Nov 20, 2026, 32 days out.
Selling the $185 put (−0.28Δ) for $3.96 means assignment would leave a cost basis of $181.04, 7.6% below the $195.92 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 ($0.124 vs $0.102).
At 0.30Δ on the Nov 20 expiry the put yields 2.14% on its strike and the call 1.53% on spot: puts pay 1.4× what calls do on LOW this session.
Moving down to the $180 put (−0.20Δ) buys 2.6% more room below spot and keeps 66% of the 0.30Δ premium.
Open interest in the stored window totals 17,654 contracts; the largest single line is the $170 put expiring Dec 18 with 6,139 (34.8% of the window).
LOW goes ex-dividend on Oct 21, 2026 ($1.25 declared), inside the Nov 20 covered-call window. A short call that is in the money before an ex-date can be assigned early.
By options volume LOW ranks #233 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 LOW
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $185 | −0.28 | $3.96 Oct 19 | $396.00 | $18,500 | 2.14% | 24.4% | $181.04 | 1,132 | 509 |
| 0.20Δ | $180 | −0.20 | $2.60 Oct 19 | $260.00 | $18,000 | 1.44% | 16.5% | $177.40 | 326 | 4 |
Snapshot #4290 · 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 | $185 | −0.31 | $6.10 Oct 19 | $610.00 | $18,500 | 3.30% | 20.1% | $178.90 | 576 | 3 |
| 0.20Δ | $175 | −0.19 | $3.10 Oct 19 | $310.00 | $17,500 | 1.77% | 10.8% | $171.90 | 779 | 38 |
Snapshot #4290 · session 2026-10-19 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 60
Covered calls on LOW
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $210 | 0.26 | $3.00 Oct 19 | $300.00 | 1.53% | 17.5% | 8.72% | 99.4% | 471 | 24 |
| 0.20Δ | $215 | 0.19 | $2.02 Oct 19 | $202.00 | 1.03% | 11.8% | 10.77% | 122.8% | 0 | 153 |
Snapshot #4290 · 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 | $210 | 0.32 | $5.28 Oct 19 | $528.00 | 2.69% | 16.4% | 9.88% | 60.1% | 811 | 20 |
| 0.20Δ | $220 | 0.21 | $2.85 Oct 19 | $285.00 | 1.45% | 8.8% | 13.75% | 83.6% | 756 | 139 |
Snapshot #4290 · session 2026-10-19 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 60
LOW volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 37.6%session 2026-10-19
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- Ex-div Oct 21, 2026 · $1.25 declaredchecked Oct 19, 2026
- Open interest, stored window
- 17,654 contractssession 2026-10-19
- Largest open-interest line
- $170 put · Dec 18 · 6,139
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #233 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.