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CVX wheel strategy yields

Last price $227.77 · Expiry 2026-12-04 (32 DTE) · IV 33% · Next earnings 2027-01-29

Cash-secured put

19.0% annualized
Strike
$215.0
Premium (mid)
$3.58 (bid 3.1 / ask 4.05)
Yield
1.67% (premium ÷ strike)
Delta
-0.269
Option IV
34.6%
Open interest
27

Covered call

17.3% annualized
Strike
$240.0
Premium (mid)
$3.45 (bid 3.2 / ask 3.7)
Yield
1.51% (premium ÷ price)
Delta
0.297
Option IV
30.6%
Open interest
28

Selling one CVX put requires ~$21,500 cash collateral per contract. Figures are mid-prices from delayed data as of 2026-11-02.

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