RF wheel: cash-secured put & covered-call yields
Regions Financial Corp. · Financials · $27.20 close on Oct 19, 2026
What the Oct 19, 2026 close says about RF
At 24.4% implied volatility, the options market is pricing a one-standard-deviation move of about $1.96 (7.2%) in RF by Nov 20, 2026, 32 days out.
Selling the $26 put (−0.27Δ) for $0.37 means assignment would leave a cost basis of $25.63, 5.8% below the $27.20 close.
Moving down to the $25 put (−0.16Δ) buys 3.7% more room below spot and keeps 81% of the 0.30Δ premium.
Open interest in the stored window totals 16,330 contracts; the largest single line is the $25 put expiring Nov 20 with 8,934 (54.7% of the window).
By options volume RF ranks #202 of 608 names in our universe.
Near-the-money options volume (1.3k) is 35% 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 RF
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $26 | −0.27 | $0.37 Oct 19 | $37.00 | $2,600 | 1.42% | 16.2% | $25.63 | 341 | 39 |
| 0.20Δ | $25 | −0.16 | $0.30 Oct 19 | $30.00 | $2,500 | 1.20% | 13.7% | $24.70 | 8,934 | 24 |
Snapshot #4353 · 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 | Unavailable1 | |||||||||
| 0.20Δ | $24 | −0.16 | $0.25 Oct 19 | $25.00 | $2,400 | 1.04% | 6.3% | $23.75 | 6 | 20 |
Snapshot #4353 · session 2026-10-19 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 60
Covered calls on RF
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $29 | 0.18 | $0.18 Oct 19 | $18.00 | 0.66% | 7.5% | 7.28% | 83.0% | 236 | 22 |
Snapshot #4353 · 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 | $29 | 0.26 | $0.41 Oct 19 | $41.00 | 1.51% | 9.2% | 8.13% | 49.4% | 233 | 2 |
| 0.20Δ | $30 | 0.15 | $0.20 Oct 19 | $20.00 | 0.74% | 4.5% | 11.03% | 67.1% | 751 | 34 |
Snapshot #4353 · session 2026-10-19 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 60
RF volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 24.4%session 2026-10-19
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- Ex-div Dec 1, 2026 · $0.30 declaredchecked Oct 19, 2026
- Open interest, stored window
- 16,330 contractssession 2026-10-19
- Largest open-interest line
- $25 put · Nov 20 · 8,934
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #202 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.
- No contract near 0.30Δ traded this session
- We are building our own daily implied-volatility history (6 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.