PG wheel: cash-secured put & covered-call yields
Procter & Gamble Company · Consumer staples · $167.67 close on Nov 11, 2026
What the Nov 11, 2026 close says about PG
At 19.5% implied volatility, the options market is pricing a one-standard-deviation move of about $9.37 (5.6%) in PG by Dec 11, 2026, 30 days out.
Selling the $162.50 put (−0.27Δ) for $1.78 means assignment would leave a cost basis of $160.72, 4.1% below the $167.67 close.
At 0.30Δ on the Dec 11 expiry the put yields 1.10% on its strike and the call 1.07% on spot: puts and calls pay within 10% of each other on PG this session.
Moving down to the $160 put (−0.20Δ) buys 1.5% more room below spot and keeps 65% of the 0.30Δ premium.
Open interest in the stored window totals 40,580 contracts; the largest single line is the $170 call expiring Jan 15 with 10,786 (26.6% of the window).
By options volume PG ranks #171 of 679 names in our universe.
Near-the-money options volume (910) is 106% 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 PG
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $162.50 | −0.27 | $1.78 Nov 11 | $178.00 | $16,250 | 1.10% | 13.3% | $160.72 | 6 | 1 |
| 0.20Δ | $160 | −0.20 | $1.15 Nov 11 | $115.00 | $16,000 | 0.72% | 8.7% | $158.85 | 13 | 2 |
Snapshot #9195 · session 2026-11-11 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 30
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $155 | −0.16 | $1.26 Nov 11 | $126.00 | $15,500 | 0.81% | 4.6% | $153.74 | 1,776 | 15 |
Snapshot #9195 · session 2026-11-11 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 65
Covered calls on PG
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $172.50 | 0.33 | $1.80 Nov 11 | $180.00 | 1.07% | 13.1% | 3.95% | 48.1% | 36 | 1 |
| 0.20Δ | $175 | 0.24 | $1.15 Nov 11 | $115.00 | 0.69% | 8.3% | 5.06% | 61.5% | 323 | 5 |
Snapshot #9195 · session 2026-11-11 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 30
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $175 | 0.32 | $2.71 Nov 11 | $271.00 | 1.62% | 9.1% | 5.99% | 33.6% | 5,988 | 80 |
| 0.20Δ | $180 | 0.21 | $1.60 Nov 11 | $160.00 | 0.95% | 5.4% | 8.31% | 46.7% | 4,280 | 16 |
Snapshot #9195 · session 2026-11-11 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 65
PG volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 19.5%session 2026-11-11
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 40,580 contractssession 2026-11-11
- Largest open-interest line
- $170 call · Jan 15 · 10,786
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #171 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 0.30Δ 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.