VZ wheel: cash-secured put & covered-call yields
Verizon Communications · Communication services · $46.55 close on Nov 12, 2026
What the Nov 12, 2026 close says about VZ
At 21.3% implied volatility, the options market is pricing a one-standard-deviation move of about $3.11 (6.7%) in VZ by Dec 18, 2026, 36 days out.
Selling the $45 put (−0.31Δ) for $0.69 means assignment would leave a cost basis of $44.31, 4.8% below the $46.55 close.
The 64-day 0.30Δ put pays 1.3× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.019 vs $0.014).
At 0.30Δ on the Dec 18 expiry the put yields 1.53% on its strike and the call 1.78% on spot: calls pay 1.2× what puts do on VZ this session.
Moving down to the $44 put (−0.22Δ) buys 2.1% more room below spot and keeps 61% of the 0.30Δ premium.
Open interest in the stored window totals 225,483 contracts; the largest single line is the $50 call expiring Jan 15 with 26,856 (11.9% of the window).
By options volume VZ ranks #114 of 679 names in our universe.
Near-the-money options volume (3.2k) is 553% above 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 VZ
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $45 | −0.31 | $0.69 Nov 12 | $69.00 | $4,500 | 1.53% | 15.5% | $44.31 | 5,100 | 167 |
| 0.20Δ | $44 | −0.22 | $0.42 Nov 12 | $42.00 | $4,400 | 0.95% | 9.7% | $43.58 | 13,602 | 174 |
Snapshot #9549 · session 2026-11-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $44 | −0.29 | $0.90 Nov 12 | $90.00 | $4,400 | 2.05% | 11.7% | $43.10 | 3,015 | 36 |
| 0.20Δ | $43 | −0.23 | $0.65 Nov 12 | $65.00 | $4,300 | 1.51% | 8.6% | $42.35 | 3,536 | 37 |
Snapshot #9549 · session 2026-11-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on VZ
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $48 | 0.35 | $0.83 Nov 12 | $83.00 | 1.78% | 18.1% | 4.90% | 49.7% | 6,853 | 181 |
| 0.20Δ | $50 | 0.17 | $0.32 Nov 12 | $32.00 | 0.69% | 7.0% | 8.10% | 82.1% | 15,314 | 253 |
Snapshot #9549 · session 2026-11-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $49 | 0.30 | $0.86 Nov 12 | $86.00 | 1.85% | 10.5% | 7.11% | 40.6% | 3,561 | 54 |
| 0.20Δ | $50 | 0.22 | $0.60 Nov 12 | $60.00 | 1.29% | 7.4% | 8.70% | 49.6% | 26,856 | 445 |
Snapshot #9549 · session 2026-11-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
VZ volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 21.3%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 225,483 contractssession 2026-11-12
- Largest open-interest line
- $50 call · Jan 15 · 26,856
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #114 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.
- We are building our own daily implied-volatility history (34 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.