SHEL wheel: cash-secured put & covered-call yields
Shell plc American Depositary Shares (Each represents two Ordinary shares) · $103.55 close on Oct 15, 2026
What the Oct 15, 2026 close says about SHEL
At 22.1% implied volatility, the options market is pricing a one-standard-deviation move of about $7.19 (6.9%) in SHEL by Nov 20, 2026, 36 days out.
Selling the $97.50 put (−0.25Δ) for $1.09 means assignment would leave a cost basis of $96.41, 6.9% below the $103.55 close.
The 64-day 0.30Δ put pays 1.7× the premium of the 36-day one for 1.8× the time — about the same premium per day either way.
Moving down to the $95 put (−0.16Δ) buys 2.4% more room below spot and keeps 64% of the 0.30Δ premium.
Open interest in the stored window totals 15,463 contracts; the largest single line is the $92.50 put expiring Dec 18 with 2,201 (14.2% of the window).
By options volume SHEL ranks #131 of 572 names in our universe.
Near-the-money options volume (1.2k) is 456% above its 3-session average.
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on SHEL
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $97.50 | −0.25 | $1.09 Oct 15 | $109.00 | $9,750 | 1.12% | 11.3% | $96.41 | 158 | 6 |
| 0.20Δ | $95 | −0.16 | $0.70 Oct 15 | $70.00 | $9,500 | 0.74% | 7.5% | $94.30 | 382 | 1 |
Snapshot #3791 · session 2026-10-15 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $97.50 | −0.30 | $1.90 Oct 15 | $190.00 | $9,750 | 1.95% | 11.1% | $95.60 | 457 | 50 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #3791 · session 2026-10-15 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on SHEL
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable2 | |||||||||
| 0.20Δ | $110 | 0.21 | $1.04 Oct 15 | $104.00 | 1.00% | 10.2% | 7.23% | 73.3% | 1,248 | 616 |
Snapshot #3791 · session 2026-10-15 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $110 | 0.28 | $1.98 Oct 15 | $198.00 | 1.91% | 10.9% | 8.14% | 46.4% | 1,392 | 13 |
| 0.20Δ | $115 | 0.16 | $1.05 Oct 15 | $105.00 | 1.01% | 5.8% | 12.07% | 68.8% | 707 | 24 |
Snapshot #3791 · session 2026-10-15 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
SHEL volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 22.1%session 2026-10-15
- IV rank / IV percentile
- Unavailable3
- Next earnings
- Unavailable4
- Next ex-dividend
- None announcedchecked Oct 12, 2026
- Open interest, stored window
- 15,463 contractssession 2026-10-15
- Largest open-interest line
- $92.50 put · Dec 18 · 2,201
- Bid/ask spread
- Unavailable5
- Options liquidity rank
- #131 of 572 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
- No contract near 0.30Δ traded this session
- We are building our own daily implied-volatility history (4 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.