MO wheel: cash-secured put & covered-call yields
Altria Group, Inc. · Consumer staples · $69.13 close on Sep 28, 2026
What the Sep 28, 2026 close says about MO
At 22.8% implied volatility, the options market is pricing a one-standard-deviation move of about $4.66 (6.7%) in MO by Oct 30, 2026, 32 days out.
Selling the $67 put (−0.32Δ) for $1.14 means assignment would leave a cost basis of $65.86, 4.7% below the $69.13 close.
The 81-day 0.30Δ put pays 1.1× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.036 vs $0.015).
At 0.30Δ on the Oct 30 expiry the put yields 1.70% on its strike and the call 1.63% on spot: puts and calls pay within 10% of each other on MO this session.
Moving down to the $65 put (−0.20Δ) buys 2.9% more room below spot and keeps 47% of the 0.30Δ premium.
Open interest in the stored window totals 29,952 contracts; the largest single line is the $70 call expiring Dec 18 with 5,678 (19.0% of the window).
By options volume MO ranks #155 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 MO
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $67 | −0.32 | $1.14 Sep 28 | $114.00 | $6,700 | 1.70% | 19.4% | $65.86 | 80 | 1 |
| 0.20Δ | $65 | −0.20 | $0.54 Sep 28 | $54.00 | $6,500 | 0.83% | 9.5% | $64.46 | 75 | 2 |
Snapshot #179 · 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 | $65 | −0.27 | $1.20 Sep 28 | $120.00 | $6,500 | 1.85% | 8.3% | $63.80 | 3,197 | 195 |
| 0.20Δ | $62.50 | −0.17 | $0.75 Sep 28 | $75.00 | $6,250 | 1.20% | 5.4% | $61.75 | 3,136 | 19 |
Snapshot #179 · session 2026-09-28 · captured 22:32 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on MO
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $72 | 0.31 | $1.13 Sep 28 | $113.00 | 1.63% | 18.6% | 5.79% | 66.0% | 350 | 19 |
| 0.20Δ | $74 | 0.20 | $0.55 Sep 28 | $55.00 | 0.80% | 9.1% | 7.84% | 89.4% | 233 | 81 |
Snapshot #179 · 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 | $75 | 0.25 | $1.19 Sep 28 | $119.00 | 1.72% | 7.8% | 10.21% | 46.0% | 5,271 | 249 |
| 0.20Δ | $77.50 | 0.17 | $0.73 Sep 28 | $73.00 | 1.06% | 4.8% | 13.16% | 59.3% | 3,268 | 41 |
Snapshot #179 · session 2026-09-28 · captured 22:32 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
MO volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 22.8%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 29,952 contractssession 2026-09-28
- Largest open-interest line
- $70 call · Dec 18 · 5,678
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #155 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.