PFE wheel: cash-secured put & covered-call yields
Pfizer Inc. · Healthcare · $28.67 close on Sep 25, 2026
What the Sep 25, 2026 close says about PFE
At 20.5% implied volatility, the options market is pricing a one-standard-deviation move of about $1.82 (6.3%) in PFE by Oct 30, 2026, 35 days out.
Selling the $27.50 put (−0.25Δ) for $0.40 means assignment would leave a cost basis of $27.10, 5.5% below the $28.67 close.
The 84-day 0.30Δ put pays 1.8× the premium of the 35-day one for 2.4× the time — more premium per day on the 35-day contract ($0.011 vs $0.009).
At 0.30Δ on the Oct 30 expiry the put yields 1.45% on its strike and the call 1.12% on spot: puts pay 1.3× what calls do on PFE this session.
Moving down to the $27 put (−0.19Δ) buys 1.7% more room below spot and keeps 65% of the 0.30Δ premium.
Open interest in the stored window totals 158,140 contracts; the largest single line is the $25 put expiring Dec 18 with 33,734 (21.3% of the window).
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on PFE
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $27.50 | −0.25 | $0.40 Sep 25 | $40.00 | $2,750 | 1.45% | 15.2% | $27.10 | 247 | 9 |
| 0.20Δ | $27 | −0.19 | $0.26 Sep 25 | $26.00 | $2,700 | 0.96% | 10.0% | $26.74 | 96 | 14 |
Snapshot #15 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 35
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $27 | −0.30 | $0.72 Sep 25 | $72.00 | $2,700 | 2.67% | 11.6% | $26.28 | 11,512 | 94 |
| 0.20Δ | $26 | −0.21 | $0.45 Sep 25 | $45.00 | $2,600 | 1.73% | 7.5% | $25.55 | 7,840 | 196 |
Snapshot #15 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 84
Covered calls on PFE
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $30 | 0.27 | $0.32 Sep 25 | $32.00 | 1.12% | 11.6% | 5.76% | 60.0% | 895 | 127 |
| 0.20Δ | $30.50 | 0.20 | $0.21 Sep 25 | $21.00 | 0.73% | 7.6% | 7.12% | 74.2% | 518 | 150 |
Snapshot #15 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 35
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $30 | 0.35 | $0.75 Sep 25 | $75.00 | 2.62% | 11.4% | 7.25% | 31.5% | 32,331 | 238 |
| 0.20Δ | $32 | 0.18 | $0.29 Sep 25 | $29.00 | 1.01% | 4.4% | 12.63% | 54.9% | 11,211 | 342 |
Snapshot #15 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 84
PFE volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 20.5%session 2026-09-25
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 27, 2026
- Open interest, stored window
- 158,140 contractssession 2026-09-25
- Largest open-interest line
- $25 put · Dec 18 · 33,734
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- Unavailable4
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.
- Not ranked yet — liquidity ranks are computed at the weekly re-rank of the whole universe.