Wheel strategy · $CVX
Wheeling $CVX covered calls & cash-secured puts
Chevron Corporation last traded at $204.45 (Sep 25, 2026). The featured monthly expiry is Oct 16, 2026, 19 days out.
Price
$204.45
52-week $146.49 – $217.78
Volatility
28%
Implied, at the money
Expected move
±$12.95
±6.3% to Oct 16, 2026
Dividend yield
3.45%
Trailing 12 months
Next earnings
Oct 30, 2026
01
The numbers that matter
What a wheel seller checks before opening a trade.
Volatility & expected move
Implied volatility of 28% implies a one-standard-deviation move of about ±$12.95 (6.3%) by Oct 16, 2026 — a range of roughly $191.50 to $217.40.
3-month historical volatility: 25%.
Dividends
$CVX paid $7.05 per share over the last 12 months (4 payments), a trailing yield of 3.45%.
Next ex-dividend (estimated from its payment history): Nov 19, 2026
Earnings
Next report: Oct 30, 2026
The next report is after the Oct 16, 2026 expiry — a ~30-day trade avoids it.
02
Sample trades at ~30 days
One contract at the listed strike closest to 30 delta (its actual delta is shown), computed with the YieldCove calculator’s maths.
Cash-secured put
- Strike
- $197.50
- Delta (this strike)
- 0.28
- Premium
- $2.32
- Cash secured
- $19,750.00
- Credit collected
- $232.00
- Return on capital
- 1.17% · 22.6% annualised
- Breakeven
- $195.18
- Cushion to breakeven
- 4.5%
- Chance of assignment
- 31%
Premium = last trade on Sep 25, 2026 (delayed; the live bid/ask can differ).
Open in the calculatorCovered call
- Strike
- $212.50
- Delta (this strike)
- 0.28
- Premium
- $2.15
- Share cost
- $20,445.00
- Credit collected
- $215.00
- Return on capital
- 1.05% · 20.2% annualised
- If called away (this cycle)
- 4.99%
- Breakeven
- $202.30
- Chance of being called
- 25%
Assumes 100 shares bought at today’s price. Premium = last trade on Sep 25, 2026 (delayed; the live bid/ask can differ).
Open in the calculator03
How the wheel works on $CVX
Sell a cash-secured put. At a $197.50 strike you would collect about $2.32 per share and need $19,750.00 set aside. If $CVX stays above $197.50 until Oct 16, 2026, you keep the premium and can sell another put.
If assigned, you own 100 shares. Your effective cost is the strike minus the premium — $195.18 in the example above — not the strike itself.
Sell covered calls above your cost. A $212.50 call would pay about $2.15 per share; if $CVX finishes above $212.50, the shares are called away and the cycle starts again.
$CVX trades calmly by wheel standards: premiums are modest, but so are the gaps. It suits a steady income approach on shares you would hold anyway.
04
Common questions
What the numbers mean — and what they leave out.
- What strike should I use to wheel $CVX?
- Many wheel sellers start near 30 delta, about 30 days out. With $CVX at $204.45, that was roughly a $197.50 put and a $212.50 covered call for the Oct 16, 2026 expiry at the last refresh. Pick a put strike you would genuinely be happy to own the stock at.
- How much money do I need to wheel $CVX?
- One cash-secured put reserves 100 × the strike: about $19,750.00 at a $197.50 strike. That cash stays locked until the put expires, is closed, or you are assigned.
- Does $CVX report earnings before the next monthly expiry?
- No — the next report (Oct 30, 2026) is after the Oct 16, 2026 expiry.
- Does $CVX pay a dividend, and why does it matter for the wheel?
- Yes: $7.05 per share over the last 12 months (a 3.45% trailing yield). While you hold the shares between puts and calls you collect it, but an in-the-money covered call can be assigned early just before the ex-dividend date.
- Is wheeling $CVX safe?
- No options strategy is risk-free. The wheel’s main risk is owning 100 shares after a large drop: premium cushions a fall, it does not prevent one. This page is educational and not a recommendation to trade $CVX.
05
Keep exploring
Track this wheel free
Log the put, the assignment and the calls in one place: YieldCove tracks premium, cost basis and annualised return across the whole cycle — free.
Data: delayed Yahoo Finance prices and option trades, Nasdaq/FMP earnings calendars and the YieldCove catalyst roadmap; refreshed every few hours. As of Sep 25, 2026.
Educational content only — not financial advice or a recommendation to buy or sell $CVX or any option. Options involve risk and are not suitable for every investor. Market data is delayed and may be incomplete. Full disclaimer
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