PCG wheel: cash-secured put & covered-call yields
PG&E Corporation · Utilities · $13.13 close on Oct 19, 2026
What the Oct 19, 2026 close says about PCG
At 48.1% implied volatility, the options market is pricing a one-standard-deviation move of about $1.87 (14.2%) in PCG by Nov 20, 2026, 32 days out.
Selling the $12.50 put (−0.33Δ) for $0.49 means assignment would leave a cost basis of $12.01, 8.5% below the $13.13 close.
The 60-day 0.30Δ put pays 1.1× the premium of the 32-day one for 1.9× the time — more premium per day on the 32-day contract ($0.015 vs $0.009).
At 0.30Δ on the Nov 20 expiry the put yields 3.92% on its strike and the call 2.59% on spot: puts pay 1.5× what calls do on PCG this session.
Moving down to the $11.50 put (−0.18Δ) buys 7.6% more room below spot and keeps 41% of the 0.30Δ premium.
Open interest in the stored window totals 384,694 contracts; the largest single line is the $14 call expiring Dec 18 with 77,962 (20.3% of the window).
By options volume PCG ranks #55 of 608 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 PCG
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $12.50 | −0.33 | $0.49 Oct 19 | $49.00 | $1,250 | 3.92% | 44.7% | $12.01 | 0 | 66 |
| 0.20Δ | $11.50 | −0.18 | $0.20 Oct 19 | $20.00 | $1,150 | 1.74% | 19.8% | $11.30 | 0 | 176 |
Snapshot #4336 · session 2026-10-19 · captured 22:31 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 | $12 | −0.28 | $0.55 Oct 19 | $55.00 | $1,200 | 4.58% | 27.9% | $11.45 | 3,228 | 20 |
| 0.20Δ | $11 | −0.17 | $0.28 Oct 19 | $28.00 | $1,100 | 2.55% | 15.5% | $10.72 | 45,869 | 5 |
Snapshot #4336 · session 2026-10-19 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 60
Covered calls on PCG
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $14.50 | 0.28 | $0.34 Oct 19 | $34.00 | 2.59% | 29.5% | 13.02% | 148.6% | 0 | 76 |
| 0.20Δ | $15.50 | 0.20 | $0.23 Oct 19 | $23.00 | 1.75% | 20.0% | 19.80% | 225.9% | 0 | 18 |
Snapshot #4336 · session 2026-10-19 · captured 22:31 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 | $15 | 0.32 | $0.56 Oct 19 | $56.00 | 4.27% | 25.9% | 18.51% | 112.6% | 68,296 | 437 |
| 0.20Δ | $16 | 0.21 | $0.30 Oct 19 | $30.00 | 2.28% | 13.9% | 24.14% | 146.9% | 23,135 | 604 |
Snapshot #4336 · session 2026-10-19 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 60
PCG volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 48.1%session 2026-10-19
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Oct 19, 2026
- Open interest, stored window
- 384,694 contractssession 2026-10-19
- Largest open-interest line
- $14 call · Dec 18 · 77,962
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #55 of 608 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.