OXY wheel: cash-secured put & covered-call yields
Occidental Petroleum Corporation · Energy · $56.10 close on Sep 28, 2026
What the Sep 28, 2026 close says about OXY
At 33.6% implied volatility, the options market is pricing a one-standard-deviation move of about $5.58 (10.0%) in OXY by Oct 30, 2026, 32 days out.
Selling the $54 put (−0.32Δ) for $1.24 means assignment would leave a cost basis of $52.76, 6.0% below the $56.10 close.
The 81-day 0.30Δ put pays 1.5× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.039 vs $0.023).
At 0.30Δ on the Oct 30 expiry the put yields 2.30% on its strike and the call 1.69% on spot: puts pay 1.4× what calls do on OXY this session.
Moving down to the $52 put (−0.21Δ) buys 3.6% more room below spot and keeps 55% of the 0.30Δ premium.
Open interest in the stored window totals 35,507 contracts; the largest single line is the $65 call expiring Dec 18 with 7,119 (20.0% of the window).
By options volume OXY ranks #190 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 OXY
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $54 | −0.32 | $1.24 Sep 28 | $124.00 | $5,400 | 2.30% | 26.2% | $52.76 | 91 | 3 |
| 0.20Δ | $52 | −0.21 | $0.68 Sep 28 | $68.00 | $5,200 | 1.31% | 14.9% | $51.32 | 44 | 5 |
Snapshot #206 · session 2026-09-28 · captured 22:41 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 | $52.50 | −0.30 | $1.90 Sep 28 | $190.00 | $5,250 | 3.62% | 16.3% | $50.60 | 1,901 | 4 |
| 0.20Δ | $50 | −0.21 | $1.15 Sep 28 | $115.00 | $5,000 | 2.30% | 10.4% | $48.85 | 2,188 | 22 |
Snapshot #206 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on OXY
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $60 | 0.27 | $0.95 Sep 28 | $95.00 | 1.69% | 19.3% | 8.65% | 98.6% | 95 | 9 |
| 0.20Δ | $62 | 0.18 | $0.53 Sep 28 | $53.00 | 0.94% | 10.8% | 11.46% | 130.7% | 134 | 112 |
Snapshot #206 · session 2026-09-28 · captured 22:41 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 | $62.50 | 0.29 | $1.52 Sep 28 | $152.00 | 2.71% | 12.2% | 14.12% | 63.6% | 3,059 | 10 |
| 0.20Δ | $65 | 0.22 | $1.05 Sep 28 | $105.00 | 1.87% | 8.4% | 17.74% | 79.9% | 7,119 | 50 |
Snapshot #206 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
OXY volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 33.6%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 35,507 contractssession 2026-09-28
- Largest open-interest line
- $65 call · Dec 18 · 7,119
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #190 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.