MMM wheel: cash-secured put & covered-call yields
3M Company · Healthcare · $162.01 close on Oct 19, 2026
What the Oct 19, 2026 close says about MMM
At 48.7% implied volatility, the options market is pricing a one-standard-deviation move of about $23.39 (14.4%) in MMM by Nov 20, 2026, 32 days out.
Selling the $160 put (−0.30Δ) for $4.98 means assignment would leave a cost basis of $155.02, 4.3% below the $162.01 close.
The 60-day 0.30Δ put pays 1.2× the premium of the 32-day one for 1.9× the time — more premium per day on the 32-day contract ($0.156 vs $0.103).
At 0.30Δ on the Nov 20 expiry the put yields 3.11% on its strike and the call 0.99% on spot: puts pay 3.2× what calls do on MMM this session.
Moving down to the $152.50 put (−0.18Δ) buys 4.6% more room below spot and keeps 49% of the 0.30Δ premium.
Open interest in the stored window totals 31,611 contracts; the largest single line is the $175 call expiring Nov 20 with 10,178 (32.2% of the window).
By options volume MMM ranks #93 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 MMM
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $160 | −0.30 | $4.98 Oct 19 | $498.00 | $16,000 | 3.11% | 35.5% | $155.02 | 679 | 88 |
| 0.20Δ | $152.50 | −0.18 | $2.42 Oct 19 | $242.00 | $15,250 | 1.59% | 18.1% | $150.08 | 0 | 6 |
Snapshot #4302 · session 2026-10-19 · captured 22:22 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 | $160 | −0.32 | $6.15 Oct 19 | $615.00 | $16,000 | 3.84% | 23.4% | $153.85 | 3,197 | 15 |
| 0.20Δ | $150 | −0.19 | $2.80 Oct 19 | $280.00 | $15,000 | 1.87% | 11.4% | $147.20 | 296 | 85 |
Snapshot #4302 · session 2026-10-19 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 60
Covered calls on MMM
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $177.50 | 0.27 | $1.60 Oct 19 | $160.00 | 0.99% | 11.3% | 10.55% | 120.3% | 0 | 34 |
| 0.20Δ | $180 | 0.20 | $1.24 Oct 19 | $124.00 | 0.77% | 8.7% | 11.87% | 135.4% | 811 | 52 |
Snapshot #4302 · session 2026-10-19 · captured 22:22 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 | $180 | 0.27 | $2.04 Oct 19 | $204.00 | 1.26% | 7.7% | 12.36% | 75.2% | 1,905 | 54 |
| 0.20Δ | $185 | 0.18 | $1.35 Oct 19 | $135.00 | 0.83% | 5.1% | 15.02% | 91.4% | 452 | 132 |
Snapshot #4302 · session 2026-10-19 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 60
MMM volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 48.7%session 2026-10-19
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Oct 19, 2026
- Open interest, stored window
- 31,611 contractssession 2026-10-19
- Largest open-interest line
- $175 call · Nov 20 · 10,178
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #93 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.