SLB wheel: cash-secured put & covered-call yields
SLB Limited · Energy · $49.09 close on Oct 19, 2026
What the Oct 19, 2026 close says about SLB
At 36.3% implied volatility, the options market is pricing a one-standard-deviation move of about $5.28 (10.8%) in SLB by Nov 20, 2026, 32 days out.
Selling the $47 put (−0.30Δ) for $1.15 means assignment would leave a cost basis of $45.85, 6.6% below the $49.09 close.
At 0.30Δ on the Nov 20 expiry the put yields 2.45% on its strike and the call 1.94% on spot: puts pay 1.3× what calls do on SLB this session.
Moving down to the $45 put (−0.19Δ) buys 4.1% more room below spot and keeps 55% of the 0.30Δ premium.
Open interest in the stored window totals 69,582 contracts; the largest single line is the $55 call expiring Dec 18 with 12,228 (17.6% of the window).
By options volume SLB ranks #107 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 SLB
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $47 | −0.30 | $1.15 Oct 19 | $115.00 | $4,700 | 2.45% | 27.9% | $45.85 | 0 | 1 |
| 0.20Δ | $45 | −0.19 | $0.63 Oct 19 | $63.00 | $4,500 | 1.40% | 16.0% | $44.37 | 7,532 | 254 |
Snapshot #4367 · 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 | $45 | −0.24 | $1.19 Oct 19 | $119.00 | $4,500 | 2.64% | 16.1% | $43.81 | 9,647 | 16 |
Snapshot #4367 · session 2026-10-19 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 60
Covered calls on SLB
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $52.50 | 0.30 | $0.95 Oct 19 | $95.00 | 1.94% | 22.1% | 8.88% | 101.3% | 2,698 | 984 |
| 0.20Δ | $54 | 0.21 | $0.64 Oct 19 | $64.00 | 1.30% | 14.9% | 11.31% | 129.0% | 0 | 17 |
Snapshot #4367 · 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 | Unavailable1 | |||||||||
| 0.20Δ | $57.50 | 0.16 | $0.55 Oct 19 | $55.00 | 1.12% | 6.8% | 18.25% | 111.0% | 4,022 | 20 |
Snapshot #4367 · session 2026-10-19 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 60
SLB volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 36.3%session 2026-10-19
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Oct 19, 2026
- Open interest, stored window
- 69,582 contractssession 2026-10-19
- Largest open-interest line
- $55 call · Dec 18 · 12,228
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #107 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 (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.