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AXP wheel strategy yields

Last price $327.98 · Expiry 2026-12-04 (32 DTE) · IV 28% · Next earnings 2027-01-29

Cash-secured put

16.5% annualized
Strike
$315.0
Premium (mid)
$4.55 (bid 4.1 / ask 5.0)
Yield
1.44% (premium ÷ strike)
Delta
-0.292
Option IV
26.9%
Open interest
15

Covered call

14.9% annualized
Strike
$345.0
Premium (mid)
$4.28 (bid 3.8 / ask 4.75)
Yield
1.3% (premium ÷ price)
Delta
0.288
Option IV
28.4%
Open interest
10

Selling one AXP put requires ~$31,500 cash collateral per contract. Figures are mid-prices from delayed data as of 2026-11-02.

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