RIG wheel: cash-secured put & covered-call yields
Transocean LTD. · Energy · $5.89 close on Oct 19, 2026
What the Oct 19, 2026 close says about RIG
At 55.7% implied volatility, the options market is pricing a one-standard-deviation move of about $0.97 (16.5%) in RIG by Nov 20, 2026, 32 days out.
Selling the $5.50 put (−0.30Δ) for $0.19 means assignment would leave a cost basis of $5.31, 9.8% below the $5.89 close.
The 60-day 0.30Δ put pays 1.6× the premium of the 32-day one for 1.9× the time — more premium per day on the 32-day contract ($0.006 vs $0.005).
At 0.30Δ on the Nov 20 expiry the put yields 3.45% on its strike and the call 3.40% on spot: puts and calls pay within 10% of each other on RIG this session.
Open interest in the stored window totals 125,728 contracts; the largest single line is the $7 call expiring Dec 18 with 38,577 (30.7% of the window).
By options volume RIG ranks #217 of 608 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 RIG
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $5.50 | −0.30 | $0.19 Oct 19 | $19.00 | $550 | 3.45% | 39.4% | $5.31 | 0 | 82 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #4354 · 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 | $5.50 | −0.32 | $0.30 Oct 19 | $30.00 | $550 | 5.45% | 33.2% | $5.20 | 22,535 | 216 |
| 0.20Δ | $5 | −0.19 | $0.14 Oct 19 | $14.00 | $500 | 2.80% | 17.0% | $4.86 | 16,504 | 110 |
Snapshot #4354 · session 2026-10-19 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 60
Covered calls on RIG
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $6.50 | 0.32 | $0.20 Oct 19 | $20.00 | 3.40% | 38.7% | 13.75% | 156.9% | 0 | 285 |
| 0.20Δ | $7 | 0.18 | $0.09 Oct 19 | $9.00 | 1.53% | 17.4% | 20.37% | 232.4% | 16,439 | 2,279 |
Snapshot #4354 · 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 | $7 | 0.27 | $0.20 Oct 19 | $20.00 | 3.40% | 20.7% | 22.24% | 135.3% | 38,577 | 2,489 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #4354 · session 2026-10-19 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 60
RIG volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 55.7%session 2026-10-19
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Oct 19, 2026
- Open interest, stored window
- 125,728 contractssession 2026-10-19
- Largest open-interest line
- $7 call · Dec 18 · 38,577
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #217 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 0.20Δ 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.