XOM wheel: cash-secured put & covered-call yields
ExxonMobil Holdings Corporation · Energy · $160.59 close on Sep 25, 2026
What the Sep 25, 2026 close says about XOM
At 28.3% implied volatility, the options market is pricing a one-standard-deviation move of about $14.05 (8.7%) in XOM by Oct 30, 2026, 35 days out.
Selling the $155 put (−0.33Δ) for $3.28 means assignment would leave a cost basis of $151.72, 5.5% below the $160.59 close.
The 84-day 0.30Δ put pays 1.4× the premium of the 35-day one for 2.4× the time — more premium per day on the 35-day contract ($0.094 vs $0.054).
At 0.30Δ on the Oct 30 expiry the put yields 2.12% on its strike and the call 1.51% on spot: puts pay 1.4× what calls do on XOM this session.
Moving down to the $149 put (−0.20Δ) buys 3.7% more room below spot and keeps 52% of the 0.30Δ premium.
Open interest in the stored window totals 110,406 contracts; the largest single line is the $145 put expiring Dec 18 with 31,986 (29.0% of the window).
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on XOM
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $155 | −0.33 | $3.28 Sep 25 | $328.00 | $15,500 | 2.12% | 22.1% | $151.72 | 264 | 14 |
| 0.20Δ | $149 | −0.20 | $1.71 Sep 25 | $171.00 | $14,900 | 1.15% | 12.0% | $147.29 | 1 | 4 |
Snapshot #14 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 35
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $150 | −0.29 | $4.57 Sep 25 | $457.00 | $15,000 | 3.05% | 13.2% | $145.43 | 4,481 | 203 |
| 0.20Δ | $145 | −0.22 | $3.15 Sep 25 | $315.00 | $14,500 | 2.17% | 9.4% | $141.85 | 31,986 | 38 |
Snapshot #14 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 84
Covered calls on XOM
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $170 | 0.28 | $2.43 Sep 25 | $243.00 | 1.51% | 15.8% | 7.37% | 76.9% | 143 | 17 |
| 0.20Δ | $172.50 | 0.23 | $2.08 Sep 25 | $208.00 | 1.30% | 13.5% | 8.71% | 90.8% | 112 | 2 |
Snapshot #14 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 35
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $175 | 0.30 | $3.95 Sep 25 | $395.00 | 2.46% | 10.7% | 11.43% | 49.7% | 4,155 | 47 |
| 0.20Δ | $185 | 0.18 | $2.00 Sep 25 | $200.00 | 1.25% | 5.4% | 16.45% | 71.5% | 14,934 | 1,957 |
Snapshot #14 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 84
XOM volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 28.3%session 2026-09-25
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 27, 2026
- Open interest, stored window
- 110,406 contractssession 2026-09-25
- Largest open-interest line
- $145 put · Dec 18 · 31,986
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- Unavailable4
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.
- Not ranked yet — liquidity ranks are computed at the weekly re-rank of the whole universe.