T wheel: cash-secured put & covered-call yields
AT&T Inc. · Communication services · $22.26 close on Nov 11, 2026
What the Nov 11, 2026 close says about T
At 22.8% implied volatility, the options market is pricing a one-standard-deviation move of about $1.45 (6.5%) in T by Dec 11, 2026, 30 days out.
Selling the $21.50 put (−0.31Δ) for $0.36 means assignment would leave a cost basis of $21.14, 5.0% below the $22.26 close.
The 65-day 0.30Δ put pays 1.4× the premium of the 30-day one for 2.2× the time — more premium per day on the 30-day contract ($0.012 vs $0.008).
At 0.30Δ on the Dec 11 expiry the put yields 1.67% on its strike and the call 1.62% on spot: puts and calls pay within 10% of each other on T this session.
Moving down to the $21 put (−0.22Δ) buys 2.2% more room below spot and keeps 61% of the 0.30Δ premium.
Open interest in the stored window totals 114,453 contracts; the largest single line is the $25 call expiring Jan 15 with 28,569 (25.0% of the window).
By options volume T ranks #128 of 679 names in our universe.
Near-the-money options volume (298) is 30% below its 5-session average.
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 | $21.50 | −0.31 | $0.36 Nov 11 | $36.00 | $2,150 | 1.67% | 20.4% | $21.14 | 132 | 30 |
| 0.20Δ | $21 | −0.22 | $0.22 Nov 11 | $22.00 | $2,100 | 1.05% | 12.7% | $20.78 | 46 | 67 |
Snapshot #9238 · session 2026-11-11 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 30
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $21 | −0.29 | $0.51 Nov 11 | $51.00 | $2,100 | 2.43% | 13.6% | $20.49 | 16,207 | 45 |
| 0.20Δ | $20 | −0.18 | $0.29 Nov 11 | $29.00 | $2,000 | 1.45% | 8.1% | $19.71 | 17,609 | 81 |
Snapshot #9238 · session 2026-11-11 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 65
Covered calls on T
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $23 | 0.31 | $0.36 Nov 11 | $36.00 | 1.62% | 19.7% | 4.94% | 60.1% | 111 | 38 |
| 0.20Δ | $23.50 | 0.23 | $0.19 Nov 11 | $19.00 | 0.85% | 10.4% | 6.42% | 78.2% | 143 | 1 |
Snapshot #9238 · session 2026-11-11 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 30
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $24 | 0.25 | $0.34 Nov 11 | $34.00 | 1.53% | 8.6% | 9.34% | 52.5% | 12,322 | 89 |
Snapshot #9238 · session 2026-11-11 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 65
T volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 22.8%session 2026-11-11
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 114,453 contractssession 2026-11-11
- Largest open-interest line
- $25 call · Jan 15 · 28,569
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #128 of 679 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 (34 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.