SCHW wheel: cash-secured put & covered-call yields
The Charles Schwab Corporation · Financials · $89.58 close on Oct 19, 2026
What the Oct 19, 2026 close says about SCHW
At 26.9% implied volatility, the options market is pricing a one-standard-deviation move of about $7.14 (8.0%) in SCHW by Nov 20, 2026, 32 days out.
Selling the $86 put (−0.28Δ) for $1.19 means assignment would leave a cost basis of $84.81, 5.3% below the $89.58 close.
The 60-day 0.30Δ put pays 1.4× the premium of the 32-day one for 1.9× the time — more premium per day on the 32-day contract ($0.037 vs $0.028).
At 0.30Δ on the Nov 20 expiry the put yields 1.38% on its strike and the call 1.24% on spot: puts pay 1.1× what calls do on SCHW this session.
Moving down to the $84 put (−0.19Δ) buys 2.2% more room below spot and keeps 68% of the 0.30Δ premium.
Open interest in the stored window totals 22,733 contracts; the largest single line is the $100 call expiring Dec 18 with 6,617 (29.1% of the window).
By options volume SCHW ranks #30 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 SCHW
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $86 | −0.28 | $1.19 Oct 19 | $119.00 | $8,600 | 1.38% | 15.8% | $84.81 | 0 | 41 |
| 0.20Δ | $84 | −0.19 | $0.81 Oct 19 | $81.00 | $8,400 | 0.96% | 11.0% | $83.19 | 0 | 43 |
Snapshot #4362 · 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 | $85 | −0.27 | $1.69 Oct 19 | $169.00 | $8,500 | 1.99% | 12.1% | $83.31 | 2,243 | 95 |
| 0.20Δ | $82.50 | −0.20 | $1.16 Oct 19 | $116.00 | $8,250 | 1.41% | 8.6% | $81.34 | 223 | 57 |
Snapshot #4362 · session 2026-10-19 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 60
Covered calls on SCHW
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $94 | 0.27 | $1.11 Oct 19 | $111.00 | 1.24% | 14.1% | 6.17% | 70.4% | 0 | 3,785 |
| 0.20Δ | $96 | 0.17 | $0.68 Oct 19 | $68.00 | 0.76% | 8.7% | 7.93% | 90.4% | 0 | 13 |
Snapshot #4362 · 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 | $95 | 0.31 | $1.68 Oct 19 | $168.00 | 1.88% | 11.4% | 7.93% | 48.2% | 2,405 | 137 |
| 0.20Δ | $97.50 | 0.22 | $1.15 Oct 19 | $115.00 | 1.28% | 7.8% | 10.13% | 61.6% | 818 | 38 |
Snapshot #4362 · session 2026-10-19 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 60
SCHW volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 26.9%session 2026-10-19
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Oct 19, 2026
- Open interest, stored window
- 22,733 contractssession 2026-10-19
- Largest open-interest line
- $100 call · Dec 18 · 6,617
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #30 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.
- 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.