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CHWY wheel strategy yields

Last price $22.27 · Expiry 2026-12-04 (32 DTE) · IV 53% · Next earnings 2026-12-09

Cash-secured put

25.7% annualized
Strike
$20.0
Premium (mid)
$0.45 (bid 0.33 / ask 0.58)
Yield
2.25% (premium ÷ strike)
Delta
-0.217
Option IV
51.5%
Open interest
17

Covered call

26.6% annualized
Strike
$24.5
Premium (mid)
$0.52 (bid 0.4 / ask 0.64)
Yield
2.33% (premium ÷ price)
Delta
0.304
Option IV
54.4%
Open interest
2

Selling one CHWY put requires ~$2,000 cash collateral per contract. Figures are mid-prices from delayed data as of 2026-11-02.

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