WMB wheel: cash-secured put & covered-call yields
Williams Companies Inc. · Utilities · $67.46 close on Nov 10, 2026
What the Nov 10, 2026 close says about WMB
At 35.9% implied volatility, the options market is pricing a one-standard-deviation move of about $7.05 (10.5%) in WMB by Dec 11, 2026, 31 days out.
Selling the $64 put (−0.26Δ) for $1.20 means assignment would leave a cost basis of $62.80, 6.9% below the $67.46 close.
The 66-day 0.30Δ put pays 1.9× the premium of the 31-day one for 2.1× the time — more premium per day on the 31-day contract ($0.039 vs $0.034).
At 0.30Δ on the Dec 11 expiry the put yields 1.88% on its strike and the call 1.48% on spot: puts pay 1.3× what calls do on WMB this session.
Moving down to the $63 put (−0.25Δ) buys 1.5% more room below spot and keeps 92% of the 0.30Δ premium.
Open interest in the stored window totals 23,727 contracts; the largest single line is the $80 call expiring Jan 15 with 6,160 (26.0% of the window).
WMB goes ex-dividend on Dec 11, 2026 ($0.53 declared), inside the Dec 11 covered-call window. A short call that is in the money before an ex-date can be assigned early.
By options volume WMB ranks #125 of 679 names in our universe.
Near-the-money options volume (286) is 77% below 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 WMB
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $64 | −0.26 | $1.20 Nov 10 | $120.00 | $6,400 | 1.88% | 22.1% | $62.80 | 45 | 6 |
| 0.20Δ | $63 | −0.25 | $1.10 Nov 10 | $110.00 | $6,300 | 1.75% | 20.6% | $61.90 | 3 | 1 |
Snapshot #8986 · session 2026-11-10 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 31
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $65 | −0.35 | $2.25 Nov 10 | $225.00 | $6,500 | 3.46% | 19.1% | $62.75 | 5,934 | 20 |
| 0.20Δ | $60 | −0.17 | $1.05 Nov 10 | $105.00 | $6,000 | 1.75% | 9.7% | $58.95 | 929 | 17 |
Snapshot #8986 · session 2026-11-10 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 66
Covered calls on WMB
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $71 | 0.30 | $1.00 Nov 10 | $100.00 | 1.48% | 17.5% | 6.73% | 79.2% | 128 | 76 |
| 0.20Δ | $72 | 0.23 | $0.95 Nov 10 | $95.00 | 1.41% | 16.6% | 8.14% | 95.8% | 15 | 5 |
Snapshot #8986 · session 2026-11-10 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 31
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $75 | 0.23 | $0.91 Nov 10 | $91.00 | 1.35% | 7.5% | 12.53% | 69.3% | 5,631 | 18 |
Snapshot #8986 · session 2026-11-10 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 66
WMB volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 35.9%session 2026-11-10
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- Ex-div Dec 11, 2026 · $0.53 declaredchecked Nov 9, 2026
- Open interest, stored window
- 23,727 contractssession 2026-11-10
- Largest open-interest line
- $80 call · Jan 15 · 6,160
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #125 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.
- No contract near 0.30Δ traded this session
- We are building our own daily implied-volatility history (30 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.