UPS wheel: cash-secured put & covered-call yields
United Parcel Service, Inc. Class B · Industrials · $93.93 close on Sep 29, 2026
What the Sep 29, 2026 close says about UPS
At 35.1% implied volatility, the options market is pricing a one-standard-deviation move of about $9.61 (10.2%) in UPS by Oct 30, 2026, 31 days out.
Selling the $90 put (−0.31Δ) for $2.00 means assignment would leave a cost basis of $88.00, 6.3% below the $93.93 close.
At 0.30Δ on the Oct 30 expiry the put yields 2.22% on its strike and the call 2.02% on spot: puts and calls pay within 10% of each other on UPS this session.
Moving down to the $87 put (−0.21Δ) buys 3.2% more room below spot and keeps 65% of the 0.30Δ premium.
Open interest in the stored window totals 22,857 contracts; the largest single line is the $110 call expiring Dec 18 with 4,605 (20.1% of the window).
By options volume UPS ranks #150 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 UPS
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $90 | −0.31 | $2.00 Sep 29 | $200.00 | $9,000 | 2.22% | 26.2% | $88.00 | 784 | 44 |
| 0.20Δ | $87 | −0.21 | $1.30 Sep 29 | $130.00 | $8,700 | 1.49% | 17.6% | $85.70 | 206 | 3 |
Snapshot #524 · session 2026-09-29 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 31
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $85 | −0.23 | $2.30 Sep 29 | $230.00 | $8,500 | 2.71% | 12.3% | $82.70 | 2,385 | 28 |
Snapshot #524 · session 2026-09-29 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 80
Covered calls on UPS
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $100 | 0.30 | $1.90 Sep 29 | $190.00 | 2.02% | 23.8% | 8.49% | 99.9% | 223 | 77 |
| 0.20Δ | $105 | 0.16 | $0.81 Sep 29 | $81.00 | 0.86% | 10.2% | 12.65% | 148.9% | 210 | 6 |
Snapshot #524 · session 2026-09-29 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 31
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $100 | 0.35 | $2.91 Sep 29 | $291.00 | 3.10% | 14.1% | 9.56% | 43.6% | 1,842 | 128 |
| 0.20Δ | $105 | 0.23 | $1.58 Sep 29 | $158.00 | 1.68% | 7.7% | 13.47% | 61.4% | 1,333 | 55 |
Snapshot #524 · session 2026-09-29 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 80
UPS volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 35.1%session 2026-09-29
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 22,857 contractssession 2026-09-29
- Largest open-interest line
- $110 call · Dec 18 · 4,605
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #150 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.
- No contract near 0.30Δ traded this session
- We are building our own daily implied-volatility history (2 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.