WMB wheel: cash-secured put & covered-call yields
Williams Companies Inc. · Utilities · $68.98 close on Sep 28, 2026
What the Sep 28, 2026 close says about WMB
At 27.0% implied volatility, the options market is pricing a one-standard-deviation move of about $5.52 (8.0%) in WMB by Oct 30, 2026, 32 days out.
Selling the $66 put (−0.29Δ) for $1.10 means assignment would leave a cost basis of $64.90, 5.9% below the $68.98 close.
The 81-day 0.30Δ put pays 1.9× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.034 vs $0.026).
At 0.30Δ on the Oct 30 expiry the put yields 1.67% on its strike and the call 1.52% on spot: puts and calls pay within 10% of each other on WMB this session.
Moving down to the $65 put (−0.22Δ) buys 1.4% more room below spot and keeps 77% of the 0.30Δ premium.
Open interest in the stored window totals 63,694 contracts; the largest single line is the $65 put expiring Oct 30 with 28,356 (44.5% of the window).
By options volume WMB ranks #103 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 WMB
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $66 | −0.29 | $1.10 Sep 28 | $110.00 | $6,600 | 1.67% | 19.0% | $64.90 | 17,190 | 92 |
| 0.20Δ | $65 | −0.22 | $0.85 Sep 28 | $85.00 | $6,500 | 1.31% | 14.9% | $64.15 | 28,356 | 65 |
Snapshot #282 · 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 | $65 | −0.31 | $2.10 Sep 28 | $210.00 | $6,500 | 3.23% | 14.6% | $62.90 | 1,630 | 21 |
| 0.20Δ | $60 | −0.15 | $0.90 Sep 28 | $90.00 | $6,000 | 1.50% | 6.8% | $59.10 | 211 | 8 |
Snapshot #282 · session 2026-09-28 · captured 22:50 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on WMB
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $73 | 0.30 | $1.05 Sep 28 | $105.00 | 1.52% | 17.4% | 7.35% | 83.8% | 54 | 11 |
| 0.20Δ | $75 | 0.19 | $0.61 Sep 28 | $61.00 | 0.88% | 10.1% | 9.61% | 109.6% | 19 | 130 |
Snapshot #282 · 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 | $75 | 0.30 | $1.80 Sep 28 | $180.00 | 2.61% | 11.8% | 11.34% | 51.1% | 1,252 | 12 |
| 0.20Δ | $80 | 0.17 | $0.82 Sep 28 | $82.00 | 1.19% | 5.4% | 17.16% | 77.3% | 6,187 | 37 |
Snapshot #282 · session 2026-09-28 · captured 22:50 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
WMB volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 27.0%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 63,694 contractssession 2026-09-28
- Largest open-interest line
- $65 put · Oct 30 · 28,356
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #103 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.