WM wheel: cash-secured put & covered-call yields
Waste Management, Inc. · Utilities · $206.66 close on Oct 5, 2026
What the Oct 5, 2026 close says about WM
At 23.0% implied volatility, the options market is pricing a one-standard-deviation move of about $16.91 (8.2%) in WM by Nov 20, 2026, 46 days out.
Selling the $200 put (−0.31Δ) for $3.80 means assignment would leave a cost basis of $196.20, 5.1% below the $206.66 close.
The 74-day 0.30Δ put pays 1.3× the premium of the 46-day one for 1.6× the time — more premium per day on the 46-day contract ($0.083 vs $0.068).
At 0.30Δ on the Nov 20 expiry the put yields 1.90% on its strike and the call 1.23% on spot: puts pay 1.5× what calls do on WM this session.
Moving down to the $195 put (−0.22Δ) buys 2.4% more room below spot and keeps 61% of the 0.30Δ premium.
Open interest in the stored window totals 4,589 contracts; the largest single line is the $230 call expiring Dec 18 with 971 (21.2% of the window).
By options volume WM ranks #150 of 514 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 WM
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $200 | −0.31 | $3.80 Oct 5 | $380.00 | $20,000 | 1.90% | 15.1% | $196.20 | 352 | 19 |
| 0.20Δ | $195 | −0.22 | $2.30 Oct 5 | $230.00 | $19,500 | 1.18% | 9.4% | $192.70 | 499 | 53 |
Snapshot #1572 · session 2026-10-05 · captured 22:40 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 46
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $200 | −0.33 | $5.05 Oct 5 | $505.00 | $20,000 | 2.52% | 12.5% | $194.95 | 784 | 23 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #1572 · session 2026-10-05 · captured 22:40 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 74
Covered calls on WM
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $220 | 0.25 | $2.54 Oct 5 | $254.00 | 1.23% | 9.8% | 7.68% | 61.0% | 250 | 83 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #1572 · session 2026-10-05 · captured 22:40 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 46
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $220 | 0.29 | $3.30 Oct 5 | $330.00 | 1.60% | 7.9% | 8.05% | 39.7% | 237 | 12 |
| 0.20Δ | $230 | 0.16 | $1.58 Oct 5 | $158.00 | 0.76% | 3.8% | 12.06% | 59.5% | 971 | 17 |
Snapshot #1572 · session 2026-10-05 · captured 22:40 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 74
WM volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 23.0%session 2026-10-05
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Oct 5, 2026
- Open interest, stored window
- 4,589 contractssession 2026-10-05
- Largest open-interest line
- $230 call · Dec 18 · 971
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #150 of 514 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.