PM wheel: cash-secured put & covered-call yields
Philip Morris International Inc. · Consumer staples · $192.69 close on Oct 7, 2026
What the Oct 7, 2026 close says about PM
At 28.8% implied volatility, the options market is pricing a one-standard-deviation move of about $15.92 (8.3%) in PM by Nov 6, 2026, 30 days out.
Selling the $185 put (−0.31Δ) for $3.77 means assignment would leave a cost basis of $181.23, 5.9% below the $192.69 close.
The 72-day 0.30Δ put pays 1.3× the premium of the 30-day one for 2.4× the time — more premium per day on the 30-day contract ($0.126 vs $0.067).
At 0.30Δ on the Nov 6 expiry the put yields 2.04% on its strike and the call 1.43% on spot: puts pay 1.4× what calls do on PM this session.
Moving down to the $180 put (−0.21Δ) buys 2.6% more room below spot and keeps 63% of the 0.30Δ premium.
Open interest in the stored window totals 14,468 contracts; the largest single line is the $200 call expiring Dec 18 with 2,684 (18.6% of the window).
By options volume PM ranks #168 of 514 names in our universe.
Near-the-money options volume (33) is 87% below its 2-session average.
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on PM
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $185 | −0.31 | $3.77 Oct 7 | $377.00 | $18,500 | 2.04% | 24.8% | $181.23 | 5 | 1 |
| 0.20Δ | $180 | −0.21 | $2.38 Oct 7 | $238.00 | $18,000 | 1.32% | 16.1% | $177.62 | 11 | 2 |
Snapshot #2066 · session 2026-10-07 · 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 | $180 | −0.27 | $4.80 Oct 7 | $480.00 | $18,000 | 2.67% | 13.5% | $175.20 | 676 | 4 |
| 0.20Δ | $175 | −0.20 | $3.50 Oct 7 | $350.00 | $17,500 | 2.00% | 10.1% | $171.50 | 1,975 | 4 |
Snapshot #2066 · session 2026-10-07 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 72
Covered calls on PM
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $205 | 0.27 | $2.75 Oct 7 | $275.00 | 1.43% | 17.4% | 7.82% | 95.1% | 154 | 5 |
| 0.20Δ | $210 | 0.18 | $1.75 Oct 7 | $175.00 | 0.91% | 11.0% | 9.89% | 120.3% | 420 | 6 |
Snapshot #2066 · session 2026-10-07 · 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 | $210 | 0.28 | $4.05 Oct 7 | $405.00 | 2.10% | 10.7% | 11.09% | 56.2% | 1,355 | 11 |
| 0.20Δ | $220 | 0.17 | $2.10 Oct 7 | $210.00 | 1.09% | 5.5% | 15.26% | 77.4% | 1,060 | 19 |
Snapshot #2066 · session 2026-10-07 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 72
PM volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 28.8%session 2026-10-07
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Oct 5, 2026
- Open interest, stored window
- 14,468 contractssession 2026-10-07
- Largest open-interest line
- $200 call · Dec 18 · 2,684
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #168 of 514 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 (3 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.