YUM wheel: cash-secured put & covered-call yields
Yum! Brands, Inc. · Consumer discretionary · $136.97 close on Oct 5, 2026
What the Oct 5, 2026 close says about YUM
At 30.6% implied volatility, the options market is pricing a one-standard-deviation move of about $14.87 (10.9%) in YUM by Nov 20, 2026, 46 days out.
Selling the $130 put (−0.26Δ) for $2.63 means assignment would leave a cost basis of $127.37, 7.0% below the $136.97 close.
At 0.30Δ on the Nov 20 expiry the put yields 2.02% on its strike and the call 2.01% on spot: puts and calls pay within 10% of each other on YUM this session.
Moving down to the $125 put (−0.17Δ) buys 3.7% more room below spot and keeps 62% of the 0.30Δ premium.
Open interest in the stored window totals 3,812 contracts; the largest single line is the $130 put expiring Dec 18 with 653 (17.1% of the window).
By options volume YUM ranks #135 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 YUM
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $130 | −0.26 | $2.63 Oct 5 | $263.00 | $13,000 | 2.02% | 16.1% | $127.37 | 25 | 9 |
| 0.20Δ | $125 | −0.17 | $1.64 Oct 5 | $164.00 | $12,500 | 1.31% | 10.4% | $123.36 | 37 | 2 |
Snapshot #1586 · session 2026-10-05 · captured 22:41 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 | Unavailable1 | |||||||||
| 0.20Δ | $125 | −0.21 | $2.50 Oct 5 | $250.00 | $12,500 | 2.00% | 9.9% | $122.50 | 24 | 1 |
Snapshot #1586 · session 2026-10-05 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 74
Covered calls on YUM
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $145 | 0.33 | $2.75 Oct 5 | $275.00 | 2.01% | 15.9% | 7.87% | 62.4% | 612 | 2 |
| 0.20Δ | $150 | 0.22 | $1.32 Oct 5 | $132.00 | 0.96% | 7.6% | 10.48% | 83.1% | 130 | 1 |
Snapshot #1586 · session 2026-10-05 · captured 22:41 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 | Unavailable1 | |||||||||
| 0.20Δ | $155 | 0.18 | $1.50 Oct 5 | $150.00 | 1.10% | 5.4% | 14.26% | 70.3% | 96 | 1 |
Snapshot #1586 · session 2026-10-05 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 74
YUM volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 30.6%session 2026-10-05
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Oct 5, 2026
- Open interest, stored window
- 3,812 contractssession 2026-10-05
- Largest open-interest line
- $130 put · Dec 18 · 653
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #135 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 0.30Δ 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.