WFC wheel: cash-secured put & covered-call yields
Wells Fargo & Co. · Financials · $85.76 close on Nov 12, 2026
What the Nov 12, 2026 close says about WFC
At 23.8% implied volatility, the options market is pricing a one-standard-deviation move of about $6.42 (7.5%) in WFC by Dec 18, 2026, 36 days out.
Selling the $82.50 put (−0.29Δ) for $1.30 means assignment would leave a cost basis of $81.20, 5.3% below the $85.76 close.
The 64-day 0.30Δ put pays 1.8× the premium of the 36-day one for 1.8× the time — about the same premium per day either way.
At 0.30Δ on the Dec 18 expiry the put yields 1.58% on its strike and the call 1.31% on spot: puts pay 1.2× what calls do on WFC this session.
Moving down to the $80 put (−0.19Δ) buys 2.9% more room below spot and keeps 55% of the 0.30Δ premium.
Open interest in the stored window totals 249,312 contracts; the largest single line is the $80 put expiring Dec 18 with 67,469 (27.1% of the window).
By options volume WFC ranks #55 of 679 names in our universe.
Near-the-money options volume (3.1k) is 149% 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 WFC
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $82.50 | −0.29 | $1.30 Nov 12 | $130.00 | $8,250 | 1.58% | 16.0% | $81.20 | 6,693 | 860 |
| 0.20Δ | $80 | −0.19 | $0.72 Nov 12 | $72.00 | $8,000 | 0.90% | 9.1% | $79.28 | 67,469 | 266 |
Snapshot #9551 · 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 | $82.50 | −0.34 | $2.35 Nov 12 | $235.00 | $8,250 | 2.85% | 16.2% | $80.15 | 4,904 | 71 |
| 0.20Δ | $77.50 | −0.18 | $1.08 Nov 12 | $108.00 | $7,750 | 1.39% | 7.9% | $76.42 | 7,760 | 14 |
Snapshot #9551 · session 2026-11-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on WFC
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $90 | 0.28 | $1.12 Nov 12 | $112.00 | 1.31% | 13.2% | 6.25% | 63.4% | 9,622 | 648 |
| 0.20Δ | $92.50 | 0.17 | $0.54 Nov 12 | $54.00 | 0.63% | 6.4% | 8.49% | 86.1% | 3,472 | 274 |
Snapshot #9551 · 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 | $92.50 | 0.27 | $1.56 Nov 12 | $156.00 | 1.82% | 10.4% | 9.68% | 55.2% | 6,524 | 28 |
| 0.20Δ | $95 | 0.19 | $0.98 Nov 12 | $98.00 | 1.14% | 6.5% | 11.92% | 68.0% | 8,625 | 121 |
Snapshot #9551 · session 2026-11-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
WFC volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 23.8%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 249,312 contractssession 2026-11-12
- Largest open-interest line
- $80 put · Dec 18 · 67,469
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #55 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.