Wheel strategy · $ORCL
Wheeling $ORCL covered calls & cash-secured puts
Oracle Corporation last traded at $137.10 (Sep 25, 2026). The featured monthly expiry is Oct 16, 2026, 19 days out.
Price
$137.10
52-week $114.50 – $322.54
Volatility
50%
Implied, at the money
Expected move
±$15.66
±11.4% to Oct 16, 2026
Dividend yield
1.46%
Trailing 12 months
Next earnings
Nov 17, 2026
01
The numbers that matter
What a wheel seller checks before opening a trade.
Volatility & expected move
Implied volatility of 50% implies a one-standard-deviation move of about ±$15.66 (11.4%) by Oct 16, 2026 — a range of roughly $121.44 to $152.76.
3-month historical volatility: 54%.
Dividends
$ORCL paid $2.00 per share over the last 12 months (4 payments), a trailing yield of 1.46%.
Next ex-dividend (estimated from its payment history): Oct 10, 2026
The ex-dividend date falls before the Oct 16, 2026 expiry: an in-the-money covered call can be assigned early the day before, when the call owner wants the dividend.
Earnings
Next report: Nov 17, 2026 · after the close
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
- $130.00
- Delta (this strike)
- 0.30
- Premium
- $3.25
- Cash secured
- $13,000.00
- Credit collected
- $325.00
- Return on capital
- 2.50% · 48.0% annualised
- Breakeven
- $126.75
- Cushion to breakeven
- 7.5%
- Chance of assignment
- 35%
Premium = last trade on Sep 25, 2026 (delayed; the live bid/ask can differ).
Open in the calculatorCovered call
- Strike
- $145.00
- Delta (this strike)
- 0.34
- Premium
- $3.37
- Share cost
- $13,710.00
- Credit collected
- $337.00
- Return on capital
- 2.46% · 47.2% annualised
- If called away (this cycle)
- 8.22%
- Breakeven
- $133.73
- Chance of being called
- 29%
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 $ORCL
Sell a cash-secured put. At a $130.00 strike you would collect about $3.25 per share and need $13,000.00 set aside. If $ORCL stays above $130.00 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 — $126.75 in the example above — not the strike itself.
Sell covered calls above your cost. A $145.00 call would pay about $3.37 per share; if $ORCL finishes above $145.00, the shares are called away and the cycle starts again.
$ORCL sits in the middle of the volatility range: premiums are meaningful and moves can be sharp. Position size matters more than strike selection here.
04
YieldCove research on $ORCL
Oracle: AI backlog meets a capital-spending stress test
An evidence-led review of Oracle’s cloud acceleration, contracted backlog, capital program, valuation sensitivity and wheel suitability.
Read the research05
Common questions
What the numbers mean — and what they leave out.
- What strike should I use to wheel $ORCL?
- Many wheel sellers start near 30 delta, about 30 days out. With $ORCL at $137.10, that was roughly a $130.00 put and a $145.00 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 $ORCL?
- One cash-secured put reserves 100 × the strike: about $13,000.00 at a $130.00 strike. That cash stays locked until the put expires, is closed, or you are assigned.
- Does $ORCL report earnings before the next monthly expiry?
- No — the next report (Nov 17, 2026) is after the Oct 16, 2026 expiry.
- Does $ORCL pay a dividend, and why does it matter for the wheel?
- Yes: $2.00 per share over the last 12 months (a 1.46% 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 $ORCL 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 $ORCL.
06
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 $ORCL or any option. Options involve risk and are not suitable for every investor. Market data is delayed and may be incomplete. Full disclaimer
The free YieldCove newsletter
Get The Wheelhouse in your inbox
Three briefings a week — market context, practical wheel-strategy ideas and YieldCove updates. Free to read. Unsubscribe anytime.
Educational only — not financial advice.