What strike should I use to wheel $PFE?

Many wheel sellers start near 30 delta, about 30 days out. With $PFE at $28.89, that was roughly a $28.00 put and a $30.00 covered call for the Dec 18, 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 upcoming earnings date is on file for $PFE right now; check the company’s investor-relations page before you trade.

Does $PFE pay a dividend, and why does it matter for the wheel?

Yes: $1.72 per share over the last 12 months (a 5.95% 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.

Wheel strategy · $PFE

Wheeling $PFE covered calls & cash-secured puts

Pfizer Inc. last traded at $28.89 (Nov 13, 2026). The featured monthly expiry is Dec 18, 2026, 34 days out.

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Price

$28.89

52-week $23.62 – $31.44

Volatility

26%

Implied, at the money

Expected move

±$2.33

±8.1% to Dec 18, 2026

Dividend yield

5.95%

Trailing 12 months

Next earnings

—

The numbers that matter

What a wheel seller checks before opening a trade.

Volatility & expected move

Implied volatility of 26% implies a one-standard-deviation move of about ±$2.33 (8.1%) by Dec 18, 2026 — a range of roughly $26.56 to $31.22.

3-month historical volatility: 21%.

Dividends

$PFE paid $1.72 per share over the last 12 months (4 payments), a trailing yield of 5.95%.

Next ex-dividend (estimated from its payment history): Feb 6, 2027

Earnings

No upcoming earnings date on file.

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): 0.33
Premium: $0.50
Cash secured: $2,800.00
Credit collected: $50.00
Return on capital: 1.79% · 19.2% annualised
Breakeven: $27.50
Cushion to breakeven: 4.8%
Chance of assignment: 38%

Premium = last trade on Nov 13, 2026 (delayed; the live bid/ask can differ).

Open in the calculator

Covered call

Strike: $30.00
Delta (this strike): 0.33
Premium: $0.50
Share cost: $2,889.00
Credit collected: $50.00
Return on capital: 1.73% · 18.6% annualised
If called away (this cycle): 5.57%
Breakeven: $28.39
Chance of being called: 29%

Assumes 100 shares bought at today’s price. Premium = last trade on Nov 13, 2026 (delayed; the live bid/ask can differ).

Open in the calculator

How the wheel works on $PFE

Sell a cash-secured put. At a $28.00 strike you would collect about $0.50 per share and need $2,800.00 set aside. If $PFE stays above $28.00 until Dec 18, 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 — $27.50 in the example above — not the strike itself.

Sell covered calls above your cost. A $30.00 call would pay about $0.50 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.

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 $28.89, that was roughly a $28.00 put and a $30.00 covered call for the Dec 18, 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 upcoming earnings date is on file for $PFE right now; check the company’s investor-relations page before you trade.
Does $PFE pay a dividend, and why does it matter for the wheel?: Yes: $1.72 per share over the last 12 months (a 5.95% 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.

Keep exploring

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Data: delayed Yahoo Finance prices and option trades, Nasdaq/FMP earnings calendars and the YieldCove catalyst roadmap; refreshed every few hours. As of Nov 13, 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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