SYF wheel: cash-secured put & covered-call yields
SYNCHRONY FINANCIAL · Financials · $74.24 close on Oct 19, 2026
What the Oct 19, 2026 close says about SYF
At 35.7% implied volatility, the options market is pricing a one-standard-deviation move of about $7.85 (10.6%) in SYF by Nov 20, 2026, 32 days out.
Selling the $70 put (−0.28Δ) for $1.45 means assignment would leave a cost basis of $68.55, 7.7% below the $74.24 close.
At 0.30Δ on the Nov 20 expiry the put yields 2.07% on its strike and the call 2.07% on spot: puts and calls pay within 10% of each other on SYF this session.
Moving down to the $67.50 put (−0.19Δ) buys 3.4% more room below spot and keeps 62% of the 0.30Δ premium.
Open interest in the stored window totals 5,633 contracts; the largest single line is the $72.50 put expiring Dec 18 with 993 (17.6% of the window).
By options volume SYF ranks #108 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 SYF
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $70 | −0.28 | $1.45 Oct 19 | $145.00 | $7,000 | 2.07% | 23.6% | $68.55 | 958 | 461 |
| 0.20Δ | $67.50 | −0.19 | $0.90 Oct 19 | $90.00 | $6,750 | 1.33% | 15.2% | $66.60 | 645 | 276 |
Snapshot #4386 · session 2026-10-19 · captured 22:32 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 | $65 | −0.17 | $0.95 Oct 19 | $95.00 | $6,500 | 1.46% | 8.9% | $64.05 | 398 | 94 |
Snapshot #4386 · session 2026-10-19 · captured 22:32 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 60
Covered calls on SYF
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $77.50 | 0.34 | $1.54 Oct 19 | $154.00 | 2.07% | 23.7% | 6.47% | 73.7% | 201 | 648 |
| 0.20Δ | $80 | 0.23 | $0.92 Oct 19 | $92.00 | 1.24% | 14.1% | 9.00% | 102.6% | 332 | 141 |
Snapshot #4386 · session 2026-10-19 · captured 22:32 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 | $80 | 0.30 | $1.84 Oct 19 | $184.00 | 2.48% | 15.1% | 10.24% | 62.3% | 149 | 1 |
| 0.20Δ | $82.50 | 0.21 | $1.20 Oct 19 | $120.00 | 1.62% | 9.8% | 12.74% | 77.5% | 282 | 18 |
Snapshot #4386 · session 2026-10-19 · captured 22:32 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 60
SYF volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 35.7%session 2026-10-19
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Oct 19, 2026
- Open interest, stored window
- 5,633 contractssession 2026-10-19
- Largest open-interest line
- $72.50 put · Dec 18 · 993
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #108 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.