VZ wheel: cash-secured put & covered-call yields
Verizon Communications · Communication services · $46.68 close on Sep 28, 2026
What the Sep 28, 2026 close says about VZ
At 28.3% implied volatility, the options market is pricing a one-standard-deviation move of about $3.92 (8.4%) in VZ by Oct 30, 2026, 32 days out.
Selling the $45 put (−0.32Δ) for $0.93 means assignment would leave a cost basis of $44.07, 5.6% below the $46.68 close.
The 81-day 0.30Δ put pays 1.2× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.029 vs $0.014).
At 0.30Δ on the Oct 30 expiry the put yields 2.07% on its strike and the call 1.61% on spot: puts pay 1.3× what calls do on VZ this session.
Moving down to the $43 put (−0.16Δ) buys 4.3% more room below spot and keeps 45% of the 0.30Δ premium.
Open interest in the stored window totals 75,265 contracts; the largest single line is the $42 put expiring Dec 18 with 14,416 (19.2% of the window).
VZ goes ex-dividend on Oct 9, 2026 ($0.71 declared), inside the Oct 30 covered-call window. A short call that is in the money before an ex-date can be assigned early.
By options volume VZ ranks #119 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 VZ
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $45 | −0.32 | $0.93 Sep 28 | $93.00 | $4,500 | 2.07% | 23.6% | $44.07 | 254 | 17 |
| 0.20Δ | $43 | −0.16 | $0.42 Sep 28 | $42.00 | $4,300 | 0.98% | 11.1% | $42.58 | 62 | 42 |
Snapshot #277 · session 2026-09-28 · captured 22:50 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 | $44 | −0.30 | $1.10 Sep 28 | $110.00 | $4,400 | 2.50% | 11.3% | $42.90 | 4,093 | 158 |
| 0.20Δ | $42 | −0.18 | $0.59 Sep 28 | $59.00 | $4,200 | 1.40% | 6.3% | $41.41 | 14,416 | 39 |
Snapshot #277 · session 2026-09-28 · captured 22:50 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
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 | $0.75 Sep 28 | $75.00 | 1.61% | 18.3% | 4.43% | 50.6% | 254 | 147 |
| 0.20Δ | $50 | 0.17 | $0.29 Sep 28 | $29.00 | 0.62% | 7.1% | 7.73% | 88.2% | 1,121 | 96 |
Snapshot #277 · session 2026-09-28 · captured 22:50 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 | $49 | 0.33 | $1.04 Sep 28 | $104.00 | 2.23% | 10.0% | 7.20% | 32.4% | 2,180 | 186 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #277 · session 2026-09-28 · captured 22:50 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
VZ volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 28.3%session 2026-09-28
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- Ex-div Oct 9, 2026 · $0.71 declaredchecked Sep 28, 2026
- Open interest, stored window
- 75,265 contractssession 2026-09-28
- Largest open-interest line
- $42 put · Dec 18 · 14,416
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #119 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 0.20Δ 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.