WFC wheel: cash-secured put & covered-call yields
Wells Fargo & Co. · Financials · $80.81 close on Sep 28, 2026
What the Sep 28, 2026 close says about WFC
At 30.3% implied volatility, the options market is pricing a one-standard-deviation move of about $7.26 (9.0%) in WFC by Oct 30, 2026, 32 days out.
Selling the $77 put (−0.27Δ) for $1.31 means assignment would leave a cost basis of $75.69, 6.3% below the $80.81 close.
The 81-day 0.30Δ put pays 2.1× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.041 vs $0.034).
At 0.30Δ on the Oct 30 expiry the put yields 1.70% on its strike and the call 2.36% on spot: calls pay 1.4× what puts do on WFC this session.
Moving down to the $75 put (−0.18Δ) buys 2.5% more room below spot and keeps 72% of the 0.30Δ premium.
Open interest in the stored window totals 127,655 contracts; the largest single line is the $80 put expiring Dec 18 with 66,021 (51.7% of the window).
By options volume WFC ranks #183 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 WFC
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $77 | −0.27 | $1.31 Sep 28 | $131.00 | $7,700 | 1.70% | 19.4% | $75.69 | 10,347 | 17 |
| 0.20Δ | $75 | −0.18 | $0.94 Sep 28 | $94.00 | $7,500 | 1.25% | 14.3% | $74.06 | 231 | 28 |
Snapshot #281 · 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 | $77.50 | −0.34 | $2.75 Sep 28 | $275.00 | $7,750 | 3.55% | 16.0% | $74.75 | 9,875 | 124 |
| 0.20Δ | $72.50 | −0.19 | $1.30 Sep 28 | $130.00 | $7,250 | 1.79% | 8.1% | $71.20 | 5,194 | 219 |
Snapshot #281 · session 2026-09-28 · captured 22:50 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on WFC
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $85 | 0.32 | $1.91 Sep 28 | $191.00 | 2.36% | 27.0% | 7.55% | 86.1% | 34 | 5 |
| 0.20Δ | $87 | 0.23 | $1.14 Sep 28 | $114.00 | 1.41% | 16.1% | 9.07% | 103.5% | 23 | 15 |
Snapshot #281 · 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 | $87.50 | 0.30 | $1.84 Sep 28 | $184.00 | 2.28% | 10.3% | 10.56% | 47.6% | 4,071 | 140 |
| 0.20Δ | $90 | 0.22 | $1.27 Sep 28 | $127.00 | 1.57% | 7.1% | 12.94% | 58.3% | 5,038 | 68 |
Snapshot #281 · session 2026-09-28 · captured 22:50 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
WFC volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 30.3%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 127,655 contractssession 2026-09-28
- Largest open-interest line
- $80 put · Dec 18 · 66,021
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #183 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.
- 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.