PG wheel: cash-secured put & covered-call yields
Procter & Gamble Company · Consumer staples · $149.03 close on Sep 28, 2026
What the Sep 28, 2026 close says about PG
At 24.5% implied volatility, the options market is pricing a one-standard-deviation move of about $10.83 (7.3%) in PG by Oct 30, 2026, 32 days out.
Selling the $145 put (−0.32Δ) for $2.40 means assignment would leave a cost basis of $142.60, 4.3% below the $149.03 close.
At 0.30Δ on the Oct 30 expiry the put yields 1.66% on its strike and the call 1.04% on spot: puts pay 1.6× what calls do on PG this session.
Moving down to the $141 put (−0.21Δ) buys 2.7% more room below spot and keeps 56% of the 0.30Δ premium.
Open interest in the stored window totals 34,669 contracts; the largest single line is the $160 call expiring Dec 18 with 9,540 (27.5% of the window).
By options volume PG ranks #114 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 PG
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $145 | −0.32 | $2.40 Sep 28 | $240.00 | $14,500 | 1.66% | 18.9% | $142.60 | 20 | 7 |
| 0.20Δ | $141 | −0.21 | $1.35 Sep 28 | $135.00 | $14,100 | 0.96% | 10.9% | $139.65 | 39 | 7 |
Snapshot #213 · 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 | Unavailable1 | |||||||||
| 0.20Δ | $135 | −0.16 | $1.43 Sep 28 | $143.00 | $13,500 | 1.06% | 4.8% | $133.57 | 3,785 | 162 |
Snapshot #213 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on PG
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $155 | 0.28 | $1.55 Sep 28 | $155.00 | 1.04% | 11.9% | 5.05% | 57.6% | 248 | 117 |
| 0.20Δ | $157.50 | 0.19 | $1.00 Sep 28 | $100.00 | 0.67% | 7.7% | 6.35% | 72.5% | 639 | 93 |
Snapshot #213 · 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 | Unavailable1 | |||||||||
| 0.20Δ | $165 | 0.15 | $1.17 Sep 28 | $117.00 | 0.79% | 3.5% | 11.50% | 51.8% | 3,651 | 266 |
Snapshot #213 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
PG volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 24.5%session 2026-09-28
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 34,669 contractssession 2026-09-28
- Largest open-interest line
- $160 call · Dec 18 · 9,540
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #114 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.
- No contract near 0.30Δ traded this session
- 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.