PBR wheel: cash-secured put & covered-call yields
PETROLEO BRASILEIRO S.A.-PETROBRAS ADS (REP 1 COMMON SHARE) · $18.10 close on Nov 12, 2026
What the Nov 12, 2026 close says about PBR
At 34.3% implied volatility, the options market is pricing a one-standard-deviation move of about $1.95 (10.8%) in PBR by Dec 18, 2026, 36 days out.
Selling the $17 put (−0.27Δ) for $0.38 means assignment would leave a cost basis of $16.62, 8.2% below the $18.10 close.
The 64-day 0.30Δ put pays 1.7× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.011 vs $0.010).
Open interest in the stored window totals 413,087 contracts; the largest single line is the $20 call expiring Jan 15 with 83,581 (20.2% of the window).
By options volume PBR ranks #299 of 679 names in our universe.
Near-the-money options volume (3.2k) is 1833% above its 5-session average.
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on PBR
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $17 | −0.27 | $0.38 Nov 12 | $38.00 | $1,700 | 2.24% | 22.7% | $16.62 | 36,208 | 116 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #9471 · session 2026-11-12 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $17 | −0.32 | $0.64 Nov 12 | $64.00 | $1,700 | 3.76% | 21.5% | $16.36 | 61,376 | 70 |
| 0.20Δ | $16 | −0.20 | $0.44 Nov 12 | $44.00 | $1,600 | 2.75% | 15.7% | $15.56 | 4,685 | 1 |
Snapshot #9471 · session 2026-11-12 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on PBR
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable2 | |||||||||
| 0.20Δ | $20 | 0.21 | $0.25 Nov 12 | $25.00 | 1.38% | 14.0% | 11.88% | 120.4% | 20,686 | 1,007 |
Snapshot #9471 · session 2026-11-12 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $20 | 0.26 | $0.41 Nov 12 | $41.00 | 2.27% | 12.9% | 12.76% | 72.8% | 83,581 | 2,169 |
| 0.20Δ | $21 | 0.17 | $0.24 Nov 12 | $24.00 | 1.33% | 7.6% | 17.35% | 98.9% | 1,262 | 93 |
Snapshot #9471 · session 2026-11-12 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
PBR volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 34.3%session 2026-11-12
- IV rank / IV percentile
- Unavailable3
- Next earnings
- Unavailable4
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 413,087 contractssession 2026-11-12
- Largest open-interest line
- $20 call · Jan 15 · 83,581
- Bid/ask spread
- Unavailable5
- Options liquidity rank
- #299 of 679 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 0.20Δ traded this session
- No contract near 0.30Δ traded this session
- We are building our own daily implied-volatility history (34 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.