MDT wheel: cash-secured put & covered-call yields
Medtronic plc · Healthcare · $89.50 close on Sep 28, 2026
What the Sep 28, 2026 close says about MDT
At 33.7% implied volatility, the options market is pricing a one-standard-deviation move of about $8.94 (10.0%) in MDT by Oct 30, 2026, 32 days out.
Selling the $86 put (−0.33Δ) for $2.00 means assignment would leave a cost basis of $84.00, 6.1% below the $89.50 close.
The 81-day 0.30Δ put pays 1.5× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.063 vs $0.037).
At 0.30Δ on the Oct 30 expiry the put yields 2.33% on its strike and the call 1.34% on spot: puts pay 1.7× what calls do on MDT this session.
Moving down to the $83 put (−0.19Δ) buys 3.4% more room below spot and keeps 53% of the 0.30Δ premium.
Open interest in the stored window totals 24,088 contracts; the largest single line is the $87.50 put expiring Dec 18 with 10,448 (43.4% of the window).
By options volume MDT ranks #239 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 MDT
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $86 | −0.33 | $2.00 Sep 28 | $200.00 | $8,600 | 2.33% | 26.5% | $84.00 | 7 | 1 |
| 0.20Δ | $83 | −0.19 | $1.05 Sep 28 | $105.00 | $8,300 | 1.27% | 14.4% | $81.95 | 24 | 3 |
Snapshot #175 · session 2026-09-28 · captured 22:32 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 | $85 | −0.34 | $3.00 Sep 28 | $300.00 | $8,500 | 3.53% | 15.9% | $82.00 | 701 | 10 |
| 0.20Δ | $80 | −0.19 | $1.67 Sep 28 | $167.00 | $8,000 | 2.09% | 9.4% | $78.33 | 508 | 13 |
Snapshot #175 · session 2026-09-28 · captured 22:32 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on MDT
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $95 | 0.31 | $1.20 Sep 28 | $120.00 | 1.34% | 15.3% | 7.49% | 85.4% | 455 | 11 |
| 0.20Δ | $96 | 0.24 | $0.80 Sep 28 | $80.00 | 0.89% | 10.2% | 8.16% | 93.0% | 20 | 3 |
Snapshot #175 · session 2026-09-28 · captured 22:32 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 | $97.50 | 0.29 | $2.06 Sep 28 | $206.00 | 2.30% | 10.4% | 11.24% | 50.7% | 3,171 | 497 |
| 0.20Δ | $100 | 0.23 | $1.60 Sep 28 | $160.00 | 1.79% | 8.1% | 13.52% | 60.9% | 2,396 | 16 |
Snapshot #175 · session 2026-09-28 · captured 22:32 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
MDT volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 33.7%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 24,088 contractssession 2026-09-28
- Largest open-interest line
- $87.50 put · Dec 18 · 10,448
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #239 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.
- 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.