MPC wheel: cash-secured put & covered-call yields
MARATHON PETROLEUM CORPORATION · Energy · $433.47 close on Oct 5, 2026
What the Oct 5, 2026 close says about MPC
At 52.3% implied volatility, the options market is pricing a one-standard-deviation move of about $80.46 (18.6%) in MPC by Nov 20, 2026, 46 days out.
Selling the $400 put (−0.29Δ) for $16.33 means assignment would leave a cost basis of $383.67, 11.5% below the $433.47 close.
The 74-day 0.30Δ put pays 1.4× the premium of the 46-day one for 1.6× the time — more premium per day on the 46-day contract ($0.355 vs $0.298).
At 0.30Δ on the Nov 20 expiry the put yields 4.08% on its strike and the call 2.96% on spot: puts pay 1.4× what calls do on MPC this session.
Moving down to the $380 put (−0.20Δ) buys 4.6% more room below spot and keeps 61% of the 0.30Δ premium.
Open interest in the stored window totals 8,280 contracts; the largest single line is the $330 put expiring Dec 18 with 747 (9.0% of the window).
By options volume MPC ranks #177 of 514 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 MPC
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $400 | −0.29 | $16.33 Oct 5 | $1,633.00 | $40,000 | 4.08% | 32.4% | $383.67 | 78 | 29 |
| 0.20Δ | $380 | −0.20 | $10.03 Oct 5 | $1,003.00 | $38,000 | 2.64% | 20.9% | $369.97 | 46 | 42 |
Snapshot #1461 · session 2026-10-05 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 46
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $400 | −0.31 | $22.07 Oct 5 | $2,207.00 | $40,000 | 5.52% | 27.2% | $377.93 | 706 | 24 |
| 0.20Δ | $370 | −0.20 | $12.27 Oct 5 | $1,227.00 | $37,000 | 3.32% | 16.4% | $357.73 | 356 | 2 |
Snapshot #1461 · session 2026-10-05 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 74
Covered calls on MPC
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $490 | 0.28 | $12.85 Oct 5 | $1,285.00 | 2.96% | 23.5% | 16.01% | 127.0% | 12 | 1 |
| 0.20Δ | $510 | 0.21 | $9.27 Oct 5 | $927.00 | 2.14% | 17.0% | 19.79% | 157.1% | 35 | 849 |
Snapshot #1461 · session 2026-10-05 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 46
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $500 | 0.31 | $18.20 Oct 5 | $1,820.00 | 4.20% | 20.7% | 19.55% | 96.4% | 152 | 1 |
| 0.20Δ | $540 | 0.20 | $10.22 Oct 5 | $1,022.00 | 2.36% | 11.6% | 26.93% | 132.8% | 42 | 1 |
Snapshot #1461 · session 2026-10-05 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 74
MPC volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 52.3%session 2026-10-05
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Oct 5, 2026
- Open interest, stored window
- 8,280 contractssession 2026-10-05
- Largest open-interest line
- $330 put · Dec 18 · 747
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #177 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.
- 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.