TGT wheel: cash-secured put & covered-call yields
Target Corporation · Consumer discretionary · $158.43 close on Sep 28, 2026
What the Sep 28, 2026 close says about TGT
At 27.7% implied volatility, the options market is pricing a one-standard-deviation move of about $13.02 (8.2%) in TGT by Oct 30, 2026, 32 days out.
Selling the $152.50 put (−0.32Δ) for $2.83 means assignment would leave a cost basis of $149.67, 5.5% below the $158.43 close.
The 81-day 0.30Δ put pays 1.7× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.088 vs $0.060).
At 0.30Δ on the Oct 30 expiry the put yields 1.86% on its strike and the call 1.61% on spot: puts pay 1.2× what calls do on TGT this session.
Moving down to the $147 put (−0.19Δ) buys 3.5% more room below spot and keeps 49% of the 0.30Δ premium.
Open interest in the stored window totals 16,641 contracts; the largest single line is the $185 call expiring Dec 18 with 2,818 (16.9% of the window).
By options volume TGT ranks #221 of 441 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 TGT
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $152.50 | −0.32 | $2.83 Sep 28 | $283.00 | $15,250 | 1.86% | 21.2% | $149.67 | 34 | 1 |
| 0.20Δ | $147 | −0.19 | $1.40 Sep 28 | $140.00 | $14,700 | 0.95% | 10.9% | $145.60 | 77 | 3 |
Snapshot #253 · session 2026-09-28 · captured 22:41 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 | $145 | −0.27 | $4.82 Sep 28 | $482.00 | $14,500 | 3.32% | 15.0% | $140.18 | 431 | 2 |
| 0.20Δ | $140 | −0.21 | $3.25 Sep 28 | $325.00 | $14,000 | 2.32% | 10.5% | $136.75 | 1,039 | 1 |
Snapshot #253 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on TGT
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $167.50 | 0.29 | $2.55 Sep 28 | $255.00 | 1.61% | 18.4% | 7.33% | 83.7% | 6 | 1 |
| 0.20Δ | $175 | 0.15 | $1.03 Sep 28 | $103.00 | 0.65% | 7.4% | 11.11% | 126.7% | 32 | 51 |
Snapshot #253 · session 2026-09-28 · captured 22:41 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 | $175 | 0.30 | $4.60 Sep 28 | $460.00 | 2.90% | 13.1% | 13.36% | 60.2% | 501 | 7 |
| 0.20Δ | $185 | 0.19 | $2.72 Sep 28 | $272.00 | 1.72% | 7.7% | 18.49% | 83.3% | 2,818 | 2 |
Snapshot #253 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
TGT volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 27.7%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- Ex-div Nov 10, 2026 · $1.16 declaredchecked Sep 28, 2026
- Open interest, stored window
- 16,641 contractssession 2026-09-28
- Largest open-interest line
- $185 call · Dec 18 · 2,818
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #221 of 441 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.