PBR wheel: cash-secured put & covered-call yields
PETROLEO BRASILEIRO S.A.-PETROBRAS ADS (REP 1 COMMON SHARE) · $20.65 close on Sep 28, 2026
What the Sep 28, 2026 close says about PBR
At 51.7% implied volatility, the options market is pricing a one-standard-deviation move of about $3.16 (15.3%) in PBR by Oct 30, 2026, 32 days out.
Selling the $19 put (−0.27Δ) for $0.60 means assignment would leave a cost basis of $18.40, 10.9% below the $20.65 close.
The 81-day 0.30Δ put pays 1.7× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.019 vs $0.012).
At 0.30Δ on the Oct 30 expiry the put yields 3.16% on its strike and the call 2.66% on spot: puts pay 1.2× what calls do on PBR this session.
Moving down to the $18.50 put (−0.22Δ) buys 2.4% more room below spot and keeps 77% of the 0.30Δ premium.
Open interest in the stored window totals 271,063 contracts; the largest single line is the $16 put expiring Dec 18 with 46,744 (17.2% of the window).
By options volume PBR ranks #21 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 PBR
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $19 | −0.27 | $0.60 Sep 28 | $60.00 | $1,900 | 3.16% | 36.0% | $18.40 | 160 | 12 |
| 0.20Δ | $18.50 | −0.22 | $0.46 Sep 28 | $46.00 | $1,850 | 2.49% | 28.4% | $18.04 | 839 | 26 |
Snapshot #210 · 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 | $19 | −0.31 | $1.00 Sep 28 | $100.00 | $1,900 | 5.26% | 23.7% | $18.00 | 945 | 16 |
| 0.20Δ | $18 | −0.23 | $0.66 Sep 28 | $66.00 | $1,800 | 3.67% | 16.5% | $17.34 | 45,800 | 2 |
Snapshot #210 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on PBR
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $23.50 | 0.25 | $0.55 Sep 28 | $55.00 | 2.66% | 30.4% | 16.46% | 187.8% | 3 | 733 |
| 0.20Δ | $24 | 0.22 | $0.43 Sep 28 | $43.00 | 2.08% | 23.8% | 18.31% | 208.8% | 2,489 | 737 |
Snapshot #210 · 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 | $24 | 0.28 | $0.75 Sep 28 | $75.00 | 3.63% | 16.4% | 19.85% | 89.5% | 24,020 | 119 |
| 0.20Δ | $26 | 0.18 | $0.43 Sep 28 | $43.00 | 2.08% | 9.4% | 27.99% | 126.1% | 20,493 | 110 |
Snapshot #210 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
PBR volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 51.7%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 271,063 contractssession 2026-09-28
- Largest open-interest line
- $16 put · Dec 18 · 46,744
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #21 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.