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PENN wheel strategy yields
Last price $17.07 · Expiry 2026-12-18 (45 DTE) · IV 55% · Next earnings 2026-11-05
⚠ Earnings are scheduled before this expiry — premiums include event risk.
Cash-secured put
36.5% annualized
- Strike
- $16.0
- Premium (mid)
- $0.72 (bid 0.2 / ask 1.25)
- Yield
- 4.5% (premium ÷ strike)
- Delta
- -0.325
- Option IV
- 50.7%
- Open interest
- 13
Covered call
35.6% annualized
- Strike
- $19.0
- Premium (mid)
- $0.75 (bid 0.45 / ask 1.05)
- Yield
- 4.39% (premium ÷ price)
- Delta
- 0.343
- Option IV
- 59.9%
- Open interest
- 16
Selling one PENN put requires ~$1,600 cash collateral per contract. Figures are mid-prices from delayed data as of 2026-11-03.
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