T wheel: cash-secured put & covered-call yields
AT&T Inc. · Communication services · $25.38 close on Sep 25, 2026
What the Sep 25, 2026 close says about T
At 30.0% implied volatility, the options market is pricing a one-standard-deviation move of about $2.36 (9.3%) in T by Oct 30, 2026, 35 days out.
Selling the $24.50 put (−0.33Δ) for $0.60 means assignment would leave a cost basis of $23.90, 5.8% below the $25.38 close.
The 84-day 0.30Δ put pays 1.2× the premium of the 35-day one for 2.4× the time — more premium per day on the 35-day contract ($0.017 vs $0.009).
At 0.30Δ on the Oct 30 expiry the put yields 2.45% on its strike and the call 1.38% on spot: puts pay 1.8× what calls do on T this session.
Moving down to the $23.50 put (−0.21Δ) buys 3.9% more room below spot and keeps 55% of the 0.30Δ premium.
Open interest in the stored window totals 95,278 contracts; the largest single line is the $26 call expiring Dec 18 with 20,436 (21.4% of the window).
T goes ex-dividend on Oct 9, 2026 ($0.28 declared), inside the Oct 30 covered-call window. A short call that is in the money before an ex-date can be assigned early.
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on T
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $24.50 | −0.33 | $0.60 Sep 25 | $60.00 | $2,450 | 2.45% | 25.5% | $23.90 | 163 | 2 |
| 0.20Δ | $23.50 | −0.21 | $0.33 Sep 25 | $33.00 | $2,350 | 1.40% | 14.6% | $23.17 | 199 | 2 |
Snapshot #16 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 35
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $24 | −0.31 | $0.74 Sep 25 | $74.00 | $2,400 | 3.08% | 13.4% | $23.26 | 3,277 | 16 |
| 0.20Δ | $23 | −0.21 | $0.46 Sep 25 | $46.00 | $2,300 | 2.00% | 8.7% | $22.54 | 15,376 | 14 |
Snapshot #16 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 84
Covered calls on T
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $26.50 | 0.29 | $0.35 Sep 25 | $35.00 | 1.38% | 14.4% | 5.79% | 60.4% | 454 | 9 |
| 0.20Δ | $27 | 0.18 | $0.26 Sep 25 | $26.00 | 1.02% | 10.7% | 7.41% | 77.2% | 787 | 11 |
Snapshot #16 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 35
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $27 | 0.32 | $0.61 Sep 25 | $61.00 | 2.40% | 10.4% | 8.79% | 38.2% | 15,600 | 465 |
| 0.20Δ | $28 | 0.22 | $0.37 Sep 25 | $37.00 | 1.46% | 6.3% | 11.78% | 51.2% | 4,879 | 48 |
Snapshot #16 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 84
T volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 30.0%session 2026-09-25
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- Ex-div Oct 9, 2026 · $0.28 declaredchecked Sep 27, 2026
- Open interest, stored window
- 95,278 contractssession 2026-09-25
- Largest open-interest line
- $26 call · Dec 18 · 20,436
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- Unavailable4
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.
- Not ranked yet — liquidity ranks are computed at the weekly re-rank of the whole universe.