O wheel: cash-secured put & covered-call yields
Realty Income Corporation · Real estate · $55.35 close on Sep 28, 2026
What the Sep 28, 2026 close says about O
At 20.0% implied volatility, the options market is pricing a one-standard-deviation move of about $4.22 (7.6%) in O by Nov 20, 2026, 53 days out.
Open interest in the stored window totals 17,390 contracts; the largest single line is the $55 put expiring Dec 18 with 3,545 (20.4% of the window).
O goes ex-dividend on Sep 30, 2026 ($0.27 declared), inside the Nov 20 covered-call window. A short call that is in the money before an ex-date can be assigned early.
By options volume O ranks #60 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 O
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $52.50 | −0.25 | $0.70 Sep 28 | $70.00 | $5,250 | 1.33% | 9.2% | $51.80 | 1,152 | 326 |
Snapshot #202 · session 2026-09-28 · captured 22:40 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 53
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $52.50 | −0.28 | $0.85 Sep 28 | $85.00 | $5,250 | 1.62% | 7.3% | $51.65 | 849 | 37 |
| 0.20Δ | $50 | −0.16 | $0.40 Sep 28 | $40.00 | $5,000 | 0.80% | 3.6% | $49.60 | 1,299 | 9 |
Snapshot #202 · session 2026-09-28 · captured 22:40 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on O
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $57.50 | 0.29 | $0.67 Sep 28 | $67.00 | 1.21% | 8.3% | 5.09% | 35.1% | 1,032 | 453 |
| 0.20Δ | Unavailable2 | |||||||||
Snapshot #202 · session 2026-09-28 · captured 22:40 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 53
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $57.50 | 0.32 | $0.96 Sep 28 | $96.00 | 1.73% | 7.8% | 5.62% | 25.3% | 1,093 | 204 |
| 0.20Δ | $60 | 0.17 | $0.40 Sep 28 | $40.00 | 0.72% | 3.3% | 9.12% | 41.1% | 2,739 | 136 |
Snapshot #202 · session 2026-09-28 · captured 22:40 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
O volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 20.0%session 2026-09-28
- IV rank / IV percentile
- Unavailable3
- Next earnings
- Unavailable4
- Next ex-dividend
- Ex-div Sep 30, 2026 · $0.27 declaredchecked Sep 28, 2026
- Open interest, stored window
- 17,390 contractssession 2026-09-28
- Largest open-interest line
- $55 put · Dec 18 · 3,545
- Bid/ask spread
- Unavailable5
- Options liquidity rank
- #60 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.
- No contract near 0.30Δ traded this session
- No contract near 0.20Δ traded this session
- 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.