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DAL wheel strategy yields

Last price $83.42 · Expiry 2026-12-04 (32 DTE) · IV 45% · Next earnings 2027-01-13

Cash-secured put

28.7% annualized
Strike
$78.0
Premium (mid)
$1.96 (bid 1.68 / ask 2.23)
Yield
2.51% (premium ÷ strike)
Delta
-0.289
Option IV
46.4%
Open interest
7

Covered call

24.7% annualized
Strike
$90.0
Premium (mid)
$1.81 (bid 1.61 / ask 2.0)
Yield
2.17% (premium ÷ price)
Delta
0.305
Option IV
44.5%
Open interest
7

Selling one DAL put requires ~$7,800 cash collateral per contract. Figures are mid-prices from delayed data as of 2026-11-02.

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