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BAC wheel strategy yields

Last price $49.57 · Expiry 2026-12-04 (32 DTE) · IV 29% · Next earnings 2027-01-15

Cash-secured put

22.3% annualized
Strike
$48.0
Premium (mid)
$0.94 (bid 0.87 / ask 1.01)
Yield
1.96% (premium ÷ strike)
Delta
-0.339
Option IV
29.1%
Open interest
53

Covered call

15.0% annualized
Strike
$52.0
Premium (mid)
$0.65 (bid 0.57 / ask 0.73)
Yield
1.31% (premium ÷ price)
Delta
0.295
Option IV
27.9%
Open interest
45

Selling one BAC put requires ~$4,800 cash collateral per contract. Figures are mid-prices from delayed data as of 2026-11-02.

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