SYK wheel: cash-secured put & covered-call yields
Stryker Corporation · Healthcare · $297.94 close on Oct 19, 2026
What the Oct 19, 2026 close says about SYK
At 38.6% implied volatility, the options market is pricing a one-standard-deviation move of about $34.08 (11.4%) in SYK by Nov 20, 2026, 32 days out.
Selling the $280 put (−0.26Δ) for $5.90 means assignment would leave a cost basis of $274.10, 8.0% below the $297.94 close.
The 60-day 0.30Δ put pays 1.5× the premium of the 32-day one for 1.9× the time — more premium per day on the 32-day contract ($0.184 vs $0.143).
At 0.30Δ on the Nov 20 expiry the put yields 2.11% on its strike and the call 1.98% on spot: puts and calls pay within 10% of each other on SYK this session.
Moving down to the $270 put (−0.17Δ) buys 3.4% more room below spot and keeps 58% of the 0.30Δ premium.
Open interest in the stored window totals 13,118 contracts; the largest single line is the $310 call expiring Nov 20 with 5,360 (40.9% of the window).
By options volume SYK ranks #197 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 SYK
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $280 | −0.26 | $5.90 Oct 19 | $590.00 | $28,000 | 2.11% | 24.0% | $274.10 | 89 | 36 |
| 0.20Δ | $270 | −0.17 | $3.42 Oct 19 | $342.00 | $27,000 | 1.27% | 14.4% | $266.58 | 207 | 27 |
Snapshot #4387 · 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 | $280 | −0.29 | $8.60 Oct 19 | $860.00 | $28,000 | 3.07% | 18.7% | $271.40 | 366 | 8 |
| 0.20Δ | $270 | −0.21 | $5.70 Oct 19 | $570.00 | $27,000 | 2.11% | 12.8% | $264.30 | 177 | 70 |
Snapshot #4387 · session 2026-10-19 · captured 22:32 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 60
Covered calls on SYK
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $320 | 0.30 | $5.90 Oct 19 | $590.00 | 1.98% | 22.6% | 9.38% | 107.0% | 239 | 255 |
| 0.20Δ | $330 | 0.21 | $3.91 Oct 19 | $391.00 | 1.31% | 15.0% | 12.07% | 137.7% | 109 | 263 |
Snapshot #4387 · 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 | $330 | 0.27 | $6.60 Oct 19 | $660.00 | 2.22% | 13.5% | 12.98% | 78.9% | 2,386 | 8 |
| 0.20Δ | $340 | 0.21 | $4.60 Oct 19 | $460.00 | 1.54% | 9.4% | 15.66% | 95.3% | 189 | 2 |
Snapshot #4387 · session 2026-10-19 · captured 22:32 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 60
SYK volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 38.6%session 2026-10-19
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Oct 19, 2026
- Open interest, stored window
- 13,118 contractssession 2026-10-19
- Largest open-interest line
- $310 call · Nov 20 · 5,360
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #197 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.