UNP wheel: cash-secured put & covered-call yields
Union Pacific Corp. · Industrials · $297.01 close on Nov 9, 2026
What the Nov 9, 2026 close says about UNP
At 23.6% implied volatility, the options market is pricing a one-standard-deviation move of about $20.72 (7.0%) in UNP by Dec 11, 2026, 32 days out.
Selling the $285 put (−0.26Δ) for $4.03 means assignment would leave a cost basis of $280.97, 5.4% below the $297.01 close.
Moving down to the $280 put (−0.20Δ) buys 1.7% more room below spot and keeps 63% of the 0.30Δ premium.
Open interest in the stored window totals 9,311 contracts; the largest single line is the $320 call expiring Jan 15 with 1,876 (20.1% of the window).
By options volume UNP ranks #240 of 679 names in our universe.
Near-the-money options volume (240) is 18% 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 UNP
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $285 | −0.26 | $4.03 Nov 9 | $403.00 | $28,500 | 1.41% | 16.1% | $280.97 | 1 | 2 |
| 0.20Δ | $280 | −0.20 | $2.52 Nov 9 | $252.00 | $28,000 | 0.90% | 10.3% | $277.48 | 1 | 1 |
Snapshot #8676 · session 2026-11-09 · 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 | $280 | −0.25 | $5.20 Nov 9 | $520.00 | $28,000 | 1.86% | 10.1% | $274.80 | 761 | 18 |
Snapshot #8676 · session 2026-11-09 · captured 22:32 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 67
Covered calls on UNP
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $315 | 0.21 | $2.15 Nov 9 | $215.00 | 0.72% | 8.3% | 6.78% | 77.3% | 1 | 66 |
Snapshot #8676 · session 2026-11-09 · 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 | $320 | 0.26 | $3.90 Nov 9 | $390.00 | 1.31% | 7.2% | 9.05% | 49.3% | 1,876 | 28 |
| 0.20Δ | $330 | 0.17 | $2.00 Nov 9 | $200.00 | 0.67% | 3.7% | 11.78% | 64.2% | 627 | 5 |
Snapshot #8676 · session 2026-11-09 · captured 22:32 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 67
UNP volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 23.6%session 2026-11-09
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 9,311 contractssession 2026-11-09
- Largest open-interest line
- $320 call · Jan 15 · 1,876
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #240 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 (7 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.