WELL wheel: cash-secured put & covered-call yields
Welltower Inc. · Real estate · $232.96 close on Sep 28, 2026
What the Sep 28, 2026 close says about WELL
At 26.5% implied volatility, the options market is pricing a one-standard-deviation move of about $23.53 (10.1%) in WELL by Nov 20, 2026, 53 days out.
Selling the $220 put (−0.27Δ) for $4.30 means assignment would leave a cost basis of $215.70, 7.4% below the $232.96 close.
The 81-day 0.30Δ put pays 1.2× the premium of the 53-day one for 1.5× the time — more premium per day on the 53-day contract ($0.081 vs $0.064).
At 0.30Δ on the Nov 20 expiry the put yields 1.95% on its strike and the call 1.63% on spot: puts pay 1.2× what calls do on WELL this session.
Moving down to the $210 put (−0.16Δ) buys 4.3% more room below spot and keeps 50% of the 0.30Δ premium.
Open interest in the stored window totals 4,479 contracts; the largest single line is the $270 call expiring Dec 18 with 1,260 (28.1% of the window).
By options volume WELL ranks #147 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 WELL
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $220 | −0.27 | $4.30 Sep 28 | $430.00 | $22,000 | 1.95% | 13.5% | $215.70 | 11 | 1 |
| 0.20Δ | $210 | −0.16 | $2.15 Sep 28 | $215.00 | $21,000 | 1.02% | 7.1% | $207.85 | 13 | 83 |
Snapshot #280 · session 2026-09-28 · captured 22:50 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 53
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $220 | −0.29 | $5.15 Sep 28 | $515.00 | $22,000 | 2.34% | 10.5% | $214.85 | 1,048 | 50 |
| 0.20Δ | $210 | −0.19 | $3.30 Sep 28 | $330.00 | $21,000 | 1.57% | 7.1% | $206.70 | 206 | 2 |
Snapshot #280 · session 2026-09-28 · captured 22:50 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on WELL
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $250 | 0.26 | $3.80 Sep 28 | $380.00 | 1.63% | 11.2% | 8.95% | 61.6% | 188 | 6 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #280 · session 2026-09-28 · captured 22:50 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 53
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $250 | 0.30 | $5.20 Sep 28 | $520.00 | 2.23% | 10.1% | 9.55% | 43.0% | 600 | 3 |
| 0.20Δ | $260 | 0.20 | $3.13 Sep 28 | $313.00 | 1.34% | 6.1% | 12.95% | 58.4% | 322 | 49 |
Snapshot #280 · session 2026-09-28 · captured 22:50 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
WELL volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 26.5%session 2026-09-28
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 4,479 contractssession 2026-09-28
- Largest open-interest line
- $270 call · Dec 18 · 1,260
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #147 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.