VALE wheel: cash-secured put & covered-call yields
VALE S.A. · $14.15 close on Oct 5, 2026
What the Oct 5, 2026 close says about VALE
At 37.4% implied volatility, the options market is pricing a one-standard-deviation move of about $1.57 (11.1%) in VALE by Nov 6, 2026, 32 days out.
Selling the $13.50 put (−0.31Δ) for $0.34 means assignment would leave a cost basis of $13.16, 7.0% below the $14.15 close.
The 74-day 0.30Δ put pays 1.0× the premium of the 32-day one for 2.3× the time — more premium per day on the 32-day contract ($0.011 vs $0.005).
At 0.30Δ on the Nov 6 expiry the put yields 2.52% on its strike and the call 1.70% on spot: puts pay 1.5× what calls do on VALE this session.
Moving down to the $13 put (−0.16Δ) buys 3.5% more room below spot and keeps 59% of the 0.30Δ premium.
Open interest in the stored window totals 190,760 contracts; the largest single line is the $13 put expiring Dec 18 with 68,534 (35.9% of the window).
By options volume VALE ranks #128 of 514 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 VALE
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $13.50 | −0.31 | $0.34 Oct 5 | $34.00 | $1,350 | 2.52% | 28.7% | $13.16 | 5 | 2 |
| 0.20Δ | $13 | −0.16 | $0.20 Oct 5 | $20.00 | $1,300 | 1.54% | 17.5% | $12.80 | 75 | 3 |
Snapshot #1554 · session 2026-10-05 · 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 | $13 | −0.26 | $0.35 Oct 5 | $35.00 | $1,300 | 2.69% | 13.3% | $12.65 | 68,534 | 505 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #1554 · session 2026-10-05 · captured 22:32 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 74
Covered calls on VALE
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $15 | 0.31 | $0.24 Oct 5 | $24.00 | 1.70% | 19.3% | 7.70% | 87.9% | 115 | 47 |
| 0.20Δ | $15.50 | 0.21 | $0.23 Oct 5 | $23.00 | 1.63% | 18.5% | 11.17% | 127.4% | 0 | 421 |
Snapshot #1554 · session 2026-10-05 · 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 | Unavailable2 | |||||||||
| 0.20Δ | $16 | 0.23 | $0.26 Oct 5 | $26.00 | 1.84% | 9.1% | 14.91% | 73.6% | 31,101 | 512 |
Snapshot #1554 · session 2026-10-05 · captured 22:32 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 74
VALE volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 37.4%session 2026-10-05
- IV rank / IV percentile
- Unavailable3
- Next earnings
- Unavailable4
- Next ex-dividend
- None announcedchecked Oct 5, 2026
- Open interest, stored window
- 190,760 contractssession 2026-10-05
- Largest open-interest line
- $13 put · Dec 18 · 68,534
- Bid/ask spread
- Unavailable5
- Options liquidity rank
- #128 of 514 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 0.20Δ traded this session
- No contract near 0.30Δ traded this session
- 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.