MET wheel: cash-secured put & covered-call yields
MetLife, Inc. · Financials · $98.33 close on Oct 9, 2026
What the Oct 9, 2026 close says about MET
At 30.0% implied volatility, the options market is pricing a one-standard-deviation move of about $10.01 (10.2%) in MET by Nov 20, 2026, 42 days out.
Selling the $95 put (−0.35Δ) for $2.35 means assignment would leave a cost basis of $92.65, 5.8% below the $98.33 close.
The 70-day 0.30Δ put pays 1.4× the premium of the 42-day one for 1.7× the time — more premium per day on the 42-day contract ($0.056 vs $0.047).
At 0.30Δ on the Nov 20 expiry the put yields 2.47% on its strike and the call 1.17% on spot: puts pay 2.1× what calls do on MET this session.
Moving down to the $90 put (−0.18Δ) buys 5.1% more room below spot and keeps 49% of the 0.30Δ premium.
Open interest in the stored window totals 15,848 contracts; the largest single line is the $90 put expiring Nov 20 with 5,169 (32.6% of the window).
By options volume MET ranks #194 of 514 names in our universe.
Near-the-money options volume (59) is 68% below its 4-session average.
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on MET
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $95 | −0.35 | $2.35 Oct 9 | $235.00 | $9,500 | 2.47% | 21.5% | $92.65 | 94 | 2 |
| 0.20Δ | $90 | −0.18 | $1.15 Oct 9 | $115.00 | $9,000 | 1.28% | 11.1% | $88.85 | 5,169 | 22 |
Snapshot #2579 · session 2026-10-09 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 42
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $95 | −0.35 | $3.32 Oct 9 | $332.00 | $9,500 | 3.49% | 18.2% | $91.68 | 146 | 1 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #2579 · session 2026-10-09 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 70
Covered calls on MET
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $105 | 0.25 | $1.15 Oct 9 | $115.00 | 1.17% | 10.2% | 7.95% | 69.1% | 1,013 | 9 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #2579 · session 2026-10-09 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 42
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $105 | 0.30 | $1.60 Oct 9 | $160.00 | 1.63% | 8.5% | 8.41% | 43.9% | 601 | 1 |
| 0.20Δ | $110 | 0.17 | $1.01 Oct 9 | $101.00 | 1.03% | 5.4% | 12.90% | 67.2% | 967 | 1 |
Snapshot #2579 · session 2026-10-09 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 70
MET volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 30.0%session 2026-10-09
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Oct 5, 2026
- Open interest, stored window
- 15,848 contractssession 2026-10-09
- Largest open-interest line
- $90 put · Nov 20 · 5,169
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #194 of 514 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 0.20Δ traded this session
- We are building our own daily implied-volatility history (5 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.