Wheel strategy · $PFE
Wheeling $PFE covered calls & cash-secured puts
Pfizer Inc. last traded at $28.67 (Sep 25, 2026). The featured monthly expiry is Oct 16, 2026, 19 days out.
Price
$28.67
52-week $23.62 – $29.21
Volatility
22%
Implied, at the money
Expected move
±$1.47
±5.1% to Oct 16, 2026
Dividend yield
6.00%
Trailing 12 months
Next earnings
Nov 3, 2026
01
The numbers that matter
What a wheel seller checks before opening a trade.
Volatility & expected move
Implied volatility of 22% implies a one-standard-deviation move of about ±$1.47 (5.1%) by Oct 16, 2026 — a range of roughly $27.20 to $30.14.
3-month historical volatility: 20%.
Dividends
$PFE paid $1.72 per share over the last 12 months (4 payments), a trailing yield of 6.00%.
Next ex-dividend (estimated from its payment history): Oct 24, 2026
Earnings
Next report: Nov 3, 2026 · before the open
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
- $28.00
- Delta (this strike)
- 0.32
- Premium
- $0.33
- Cash secured
- $2,800.00
- Credit collected
- $33.00
- Return on capital
- 1.18% · 22.6% annualised
- Breakeven
- $27.67
- Cushion to breakeven
- 3.5%
- Chance of assignment
- 36%
Premium = last trade on Sep 25, 2026 (delayed; the live bid/ask can differ).
Open in the calculatorCovered call
- Strike
- $30.00
- Delta (this strike)
- 0.20
- Premium
- $0.17
- Share cost
- $2,867.00
- Credit collected
- $17.00
- Return on capital
- 0.59% · 11.4% annualised
- If called away (this cycle)
- 5.23%
- Breakeven
- $28.50
- Chance of being called
- 18%
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 $PFE
Sell a cash-secured put. At a $28.00 strike you would collect about $0.33 per share and need $2,800.00 set aside. If $PFE stays above $28.00 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 — $27.67 in the example above — not the strike itself.
Sell covered calls above your cost. A $30.00 call would pay about $0.17 per share; if $PFE finishes above $30.00, the shares are called away and the cycle starts again.
$PFE 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 $PFE?
- Many wheel sellers start near 30 delta, about 30 days out. With $PFE at $28.67, that was roughly a $28.00 put and a $30.00 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 $PFE?
- One cash-secured put reserves 100 × the strike: about $2,800.00 at a $28.00 strike. That cash stays locked until the put expires, is closed, or you are assigned.
- Does $PFE report earnings before the next monthly expiry?
- No — the next report (Nov 3, 2026) is after the Oct 16, 2026 expiry.
- Does $PFE pay a dividend, and why does it matter for the wheel?
- Yes: $1.72 per share over the last 12 months (a 6.00% 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 $PFE 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 $PFE.
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 $PFE 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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