Wheel strategy · $PYPL
Wheeling $PYPL covered calls & cash-secured puts
PayPal Holdings, Inc. last traded at $59.28 (Nov 13, 2026). The featured monthly expiry is Dec 18, 2026, 34 days out.
Price
$59.28
52-week $38.46 – $64.65
Volatility
29%
Implied, at the money
Expected move
±$5.28
±8.9% to Dec 18, 2026
Dividend yield
0.94%
Trailing 12 months
Next earnings
—
01
The numbers that matter
What a wheel seller checks before opening a trade.
Volatility & expected move
Implied volatility of 29% implies a one-standard-deviation move of about ±$5.28 (8.9%) by Dec 18, 2026 — a range of roughly $54.00 to $64.56.
3-month historical volatility: 39%.
Dividends
$PYPL paid $0.56 per share over the last 12 months (4 payments), a trailing yield of 0.94%.
Next ex-dividend (estimated from its payment history): Dec 4, 2026
The ex-dividend date falls before the Dec 18, 2026 expiry: an in-the-money covered call can be assigned early the day before, when the call owner wants the dividend.
Earnings
No upcoming earnings date on file.
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
- $57.50
- Delta (this strike)
- 0.34
- Premium
- $1.33
- Cash secured
- $5,750.00
- Credit collected
- $133.00
- Return on capital
- 2.31% · 24.8% annualised
- Breakeven
- $56.17
- Cushion to breakeven
- 5.2%
- Chance of assignment
- 39%
Premium = last trade on Nov 13, 2026 (delayed; the live bid/ask can differ).
Open in the calculatorCovered call
- Strike
- $62.50
- Delta (this strike)
- 0.30
- Premium
- $0.94
- Share cost
- $5,928.00
- Credit collected
- $94.00
- Return on capital
- 1.59% · 17.0% annualised
- If called away (this cycle)
- 7.02%
- Breakeven
- $58.34
- Chance of being called
- 25%
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 calculator03
How the wheel works on $PYPL
Sell a cash-secured put. At a $57.50 strike you would collect about $1.33 per share and need $5,750.00 set aside. If $PYPL stays above $57.50 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 — $56.17 in the example above — not the strike itself.
Sell covered calls above your cost. A $62.50 call would pay about $0.94 per share; if $PYPL finishes above $62.50, the shares are called away and the cycle starts again.
$PYPL 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 $PYPL?
- Many wheel sellers start near 30 delta, about 30 days out. With $PYPL at $59.28, that was roughly a $57.50 put and a $62.50 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 $PYPL?
- One cash-secured put reserves 100 × the strike: about $5,750.00 at a $57.50 strike. That cash stays locked until the put expires, is closed, or you are assigned.
- Does $PYPL report earnings before the next monthly expiry?
- No upcoming earnings date is on file for $PYPL right now; check the company’s investor-relations page before you trade.
- Does $PYPL pay a dividend, and why does it matter for the wheel?
- Yes: $0.56 per share over the last 12 months (a 0.94% 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 $PYPL 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 $PYPL.
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 Nov 13, 2026.
Educational content only — not financial advice or a recommendation to buy or sell $PYPL 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
One email every Sunday — the week ahead, practical wheel-strategy ideas and YieldCove updates. Free to read. Unsubscribe anytime.
Educational only — not financial advice.