V wheel: cash-secured put & covered-call yields
VISA Inc. · Industrials · $367.74 close on Sep 28, 2026
What the Sep 28, 2026 close says about V
At 22.6% implied volatility, the options market is pricing a one-standard-deviation move of about $24.58 (6.7%) in V by Oct 30, 2026, 32 days out.
Selling the $355 put (−0.29Δ) for $5.00 means assignment would leave a cost basis of $350.00, 4.8% below the $367.74 close.
The 81-day 0.30Δ put pays 1.5× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.156 vs $0.093).
At 0.30Δ on the Oct 30 expiry the put yields 1.41% on its strike and the call 1.16% on spot: puts pay 1.2× what calls do on V this session.
Moving down to the $345 put (−0.18Δ) buys 2.7% more room below spot and keeps 54% of the 0.30Δ premium.
Open interest in the stored window totals 27,448 contracts; the largest single line is the $410 call expiring Dec 18 with 4,733 (17.2% of the window).
By options volume V ranks #187 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 V
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $355 | −0.29 | $5.00 Sep 28 | $500.00 | $35,500 | 1.41% | 16.1% | $350.00 | 98 | 9 |
| 0.20Δ | $345 | −0.18 | $2.71 Sep 28 | $271.00 | $34,500 | 0.79% | 9.0% | $342.29 | 203 | 4 |
Snapshot #268 · session 2026-09-28 · captured 22:42 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 | $350 | −0.28 | $7.50 Sep 28 | $750.00 | $35,000 | 2.14% | 9.7% | $342.50 | 698 | 8 |
| 0.20Δ | $340 | −0.21 | $5.30 Sep 28 | $530.00 | $34,000 | 1.56% | 7.0% | $334.70 | 530 | 5 |
Snapshot #268 · session 2026-09-28 · captured 22:42 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on V
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $385 | 0.28 | $4.25 Sep 28 | $425.00 | 1.16% | 13.2% | 5.85% | 66.7% | 47 | 11 |
| 0.20Δ | $390 | 0.22 | $3.10 Sep 28 | $310.00 | 0.84% | 9.6% | 6.90% | 78.7% | 279 | 35 |
Snapshot #268 · session 2026-09-28 · captured 22:42 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 | $395 | 0.28 | $6.20 Sep 28 | $620.00 | 1.69% | 7.6% | 9.10% | 41.0% | 1,117 | 5 |
| 0.20Δ | $405 | 0.20 | $4.30 Sep 28 | $430.00 | 1.17% | 5.3% | 11.30% | 50.9% | 445 | 2 |
Snapshot #268 · session 2026-09-28 · captured 22:42 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
V volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 22.6%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 27,448 contractssession 2026-09-28
- Largest open-interest line
- $410 call · Dec 18 · 4,733
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #187 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.