PAYX wheel: cash-secured put & covered-call yields
Paychex Inc · Industrials · $99.30 close on Sep 28, 2026
What the Sep 28, 2026 close says about PAYX
At 29.0% implied volatility, the options market is pricing a one-standard-deviation move of about $10.96 (11.0%) in PAYX by Nov 20, 2026, 53 days out.
Selling the $95 put (−0.32Δ) for $2.55 means assignment would leave a cost basis of $92.45, 6.9% below the $99.30 close.
The 81-day 0.30Δ put pays 1.5× the premium of the 53-day one for 1.5× the time — more premium per day on the 53-day contract ($0.048 vs $0.046).
At 0.30Δ on the Nov 20 expiry the put yields 2.68% on its strike and the call 2.32% on spot: puts pay 1.2× what calls do on PAYX this session.
Moving down to the $90 put (−0.17Δ) buys 5.0% more room below spot and keeps 44% of the 0.30Δ premium.
Open interest in the stored window totals 3,655 contracts; the largest single line is the $95 put expiring Nov 20 with 663 (18.1% of the window).
By options volume PAYX ranks #201 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 PAYX
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $95 | −0.32 | $2.55 Sep 28 | $255.00 | $9,500 | 2.68% | 18.5% | $92.45 | 663 | 72 |
| 0.20Δ | $90 | −0.17 | $1.11 Sep 28 | $111.00 | $9,000 | 1.23% | 8.5% | $88.89 | 318 | 13 |
Snapshot #209 · session 2026-09-28 · captured 22:41 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 | $95 | −0.35 | $3.70 Sep 28 | $370.00 | $9,500 | 3.89% | 17.6% | $91.30 | 123 | 7 |
| 0.20Δ | $90 | −0.22 | $2.20 Sep 28 | $220.00 | $9,000 | 2.44% | 11.0% | $87.80 | 354 | 2 |
Snapshot #209 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on PAYX
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $105 | 0.32 | $2.30 Sep 28 | $230.00 | 2.32% | 16.0% | 8.06% | 55.5% | 25 | 1 |
| 0.20Δ | $110 | 0.16 | $1.00 Sep 28 | $100.00 | 1.01% | 6.9% | 11.78% | 81.1% | 48 | 181 |
Snapshot #209 · session 2026-09-28 · captured 22:41 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 | $110 | 0.26 | $1.95 Sep 28 | $195.00 | 1.96% | 8.8% | 12.74% | 57.4% | 140 | 1 |
| 0.20Δ | $115 | 0.17 | $1.35 Sep 28 | $135.00 | 1.36% | 6.1% | 17.17% | 77.4% | 265 | 3 |
Snapshot #209 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
PAYX volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 29.0%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 3,655 contractssession 2026-09-28
- Largest open-interest line
- $95 put · Nov 20 · 663
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #201 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.