MO wheel: cash-secured put & covered-call yields
Altria Group, Inc. · Consumer staples · $77.92 close on Nov 12, 2026
What the Nov 12, 2026 close says about MO
At 19.1% implied volatility, the options market is pricing a one-standard-deviation move of about $4.66 (6.0%) in MO by Dec 18, 2026, 36 days out.
Selling the $75 put (−0.27Δ) for $0.85 means assignment would leave a cost basis of $74.15, 4.8% below the $77.92 close.
The 64-day 0.30Δ put pays 2.0× the premium of the 36-day one for 1.8× the time — more premium per day on the 64-day contract ($0.026 vs $0.024).
Open interest in the stored window totals 35,998 contracts; the largest single line is the $80 call expiring Jan 15 with 4,275 (11.9% of the window).
By options volume MO ranks #198 of 679 names in our universe.
Near-the-money options volume (322) is 64% above its 5-session average.
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on MO
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $75 | −0.27 | $0.85 Nov 12 | $85.00 | $7,500 | 1.13% | 11.5% | $74.15 | 1,040 | 53 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #9434 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $75 | −0.33 | $1.66 Nov 12 | $166.00 | $7,500 | 2.21% | 12.6% | $73.34 | 946 | 8 |
| 0.20Δ | $72.50 | −0.22 | $1.08 Nov 12 | $108.00 | $7,250 | 1.49% | 8.5% | $71.42 | 1,944 | 15 |
Snapshot #9434 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on MO
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable2 | |||||||||
| 0.20Δ | $82.50 | 0.23 | $0.75 Nov 12 | $75.00 | 0.96% | 9.8% | 6.84% | 69.4% | 2,524 | 35 |
Snapshot #9434 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $82.50 | 0.27 | $1.21 Nov 12 | $121.00 | 1.55% | 8.9% | 7.43% | 42.4% | 2,685 | 1,010 |
| 0.20Δ | $85 | 0.17 | $0.71 Nov 12 | $71.00 | 0.91% | 5.2% | 10.00% | 57.0% | 3,637 | 37 |
Snapshot #9434 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
MO volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 19.1%session 2026-11-12
- IV rank / IV percentile
- Unavailable3
- Next earnings
- Unavailable4
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 35,998 contractssession 2026-11-12
- Largest open-interest line
- $80 call · Jan 15 · 4,275
- Bid/ask spread
- Unavailable5
- Options liquidity rank
- #198 of 679 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
- No contract near 0.30Δ traded this session
- We are building our own daily implied-volatility history (34 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.