MCK wheel: cash-secured put & covered-call yields
McKesson Corporation · Healthcare · $955.76 close on Oct 12, 2026
What the Oct 12, 2026 close says about MCK
At 32.6% implied volatility, the options market is pricing a one-standard-deviation move of about $101.75 (10.6%) in MCK by Nov 20, 2026, 39 days out.
Selling the $910 put (−0.30Δ) for $22.60 means assignment would leave a cost basis of $887.40, 7.2% below the $955.76 close.
The 67-day 0.30Δ put pays 1.0× the premium of the 39-day one for 1.7× the time — more premium per day on the 39-day contract ($0.579 vs $0.346).
At 0.30Δ on the Nov 20 expiry the put yields 2.48% on its strike and the call 1.71% on spot: puts pay 1.5× what calls do on MCK this session.
Moving down to the $880 put (−0.20Δ) buys 3.1% more room below spot and keeps 57% of the 0.30Δ premium.
Open interest in the stored window totals 2,865 contracts; the largest single line is the $1000 call expiring Dec 18 with 320 (11.2% of the window).
By options volume MCK ranks #213 of 572 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 MCK
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $910 | −0.30 | $22.60 Oct 12 | $2,260.00 | $91,000 | 2.48% | 23.2% | $887.40 | 6 | 7 |
| 0.20Δ | $880 | −0.20 | $12.90 Oct 12 | $1,290.00 | $88,000 | 1.47% | 13.7% | $867.10 | 16 | 58 |
Snapshot #2858 · session 2026-10-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 39
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $890 | −0.26 | $23.20 Oct 12 | $2,320.00 | $89,000 | 2.61% | 14.2% | $866.80 | 103 | 1 |
| 0.20Δ | $870 | −0.21 | $17.00 Oct 12 | $1,700.00 | $87,000 | 1.95% | 10.6% | $853.00 | 11 | 11 |
Snapshot #2858 · session 2026-10-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 67
Covered calls on MCK
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $1020 | 0.29 | $16.34 Oct 12 | $1,634.00 | 1.71% | 16.0% | 8.43% | 78.9% | 62 | 1 |
| 0.20Δ | $1050 | 0.20 | $9.50 Oct 12 | $950.00 | 0.99% | 9.3% | 10.85% | 101.6% | 66 | 4 |
Snapshot #2858 · session 2026-10-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 39
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $1080 | 0.18 | $10.20 Oct 12 | $1,020.00 | 1.07% | 5.8% | 14.07% | 76.6% | 165 | 25 |
Snapshot #2858 · session 2026-10-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 67
MCK volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 32.6%session 2026-10-12
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Oct 12, 2026
- Open interest, stored window
- 2,865 contractssession 2026-10-12
- Largest open-interest line
- $1000 call · Dec 18 · 320
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #213 of 572 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.