AT&T (T) Wheel Strategy Research
By The Pie , independent options and small-cap research
Published
The Pie is the Nickelpie research desk, not a licensed financial adviser. Nickelpie publishes educational analysis, not personalized investment advice.
| Price | $24.13 | Today | +$1.17 (+5.10%) |
| 52-week range | $19.89 - $29.79 | Position in range | 43% |
| 100 shares cost | $2,413 | Dividend yield | 5.18% |
Where AT&T trades right now
As of July 24, 2026, AT&T (T) trades at $24.13, up about 5% on the day, in the lower third of its one-year range of $19.89 to $29.79. It pays a forward dividend yielding roughly 5.2%. At this price, 100 shares cost about $2,400, affordable enough for a modest wheel account, and the dividend makes AT&T a natural fit for sellers who'd be happy to hold the shares for income if assigned.
Support levels worth watching
Reference levels from the one-year range and round numbers, confirm on a chart:
- ~$21, just below the current price and a round number; a near-term area to watch.
- ~$20, round-number support that also sits just above the 52-week low.
- $19.89, the 52-week low. A decisive break below would change the picture.
A cash-secured put a wheel seller might study
The framework is a cash-secured put near 0.25-0.30 delta, 21-45 days out, at a strike you'd be content owning at. Which strike that is depends on implied volatility rather than on round numbers, so we read it off the chain instead of nominating one here: the panel above names the contract that fits, with its collateral and the premium at the bid. Near-term support around $21 and the 52-week low at $19.89 are the map it sits inside.
If assigned, you'd own a ~5.2%-yielding stock at a discount, collect the dividend while you hold, and sell covered calls above your basis. Verify the exact strike, delta, and premium on your live chain, and model it with the wheel calculator.
The honest risk picture
AT&T carries a large debt load and grows slowly, and its stock can drift with interest rates and competitive pressure in wireless and broadband. It cut its dividend in 2022 after spinning off WarnerMedia, so the income is attractive but not sacred. The upside for a wheel seller is that lower volatility means a calmer ride than a growth name, the trade-off is thinner premium. As always, size it so a move back toward the 52-week low is an inconvenience, not a crisis.
The put the chain supports, T
Closest to 0.25 delta between 21 and 45 days, with at least 10 contracts of open interest. Source: CBOE delayed quotes, 2026-07-25 03:44:43. Delayed data, and it will have moved.
The contract
$23.00 put
Aug 21, 2026, 28 days out, 0.24 delta
You are paid
$25
$0.25 bid × 100, against $2,300 of collateral
Yield
1.1%
over 28 days, 14% if repeated all year
Selling this put obligates you to buy 100 shares at $23.00 if T is below that on Aug 21, 2026. That strike is 4.7% below the $24.13 close, and because you keep the premium either way your effective cost if assigned is $22.75. Open interest on the contract is 1,947, and implied volatility is 27%.
How to read this. This is the contract nearest our published convention that also clears a liquidity floor. It is not the highest premium on the board. The fattest premium always sits on the strike most likely to be assigned, which is the opposite of what this entry is for. The annualised figure assumes the same trade repeats every cycle at the same price, which it will not, so treat it as a way to compare two expiries rather than a return you should expect. Quotes are delayed and the chain moves constantly: verify on your broker's live chain before acting. This is educational research, not advice, and not a recommendation to sell this or any option.
Insider activity, T
SEC Form 4 filings since Jul 25, 2025. Source: SEC EDGAR, pulled Jul 25, 2026.
Open-market buys
$0.00
0 transactions
Open-market sales
$0.00
0 transactions
Net open-market activity: $0.00. A further 276 filings were stock grants, option exercises or shares withheld to pay vesting tax. Those are not purchases or sales, so they are excluded from the totals above.
Every filing in this window was compensation. No insider bought or sold on the open market.
How to read this. A purchase is the only line here that costs an insider their own money, which is why buying is the rarer and more meaningful signal. Selling is weaker evidence in either direction: insiders sell to diversify, to pay tax, or because a post-IPO lockup expired, and none of that is a view on the price. Where shares are held through a fund, the fund and its affiliated director each file the same sale, so we count matching filings once. This is disclosure history, not a prediction, and not advice.
Disclaimer. Nickelpie and its principals may buy, hold, or sell T or any security discussed at any time, and may have a position now. No one compensates us for covering T. This analysis is drawn from public information and is educational only. Ratings are impersonal opinions as of the publication date, not personalized advice, and we are not obliged to update them. Do your own research and consider your own situation and risk tolerance. See our disclosures.
Common questions
Is AT&T (T) a good stock for the wheel strategy?
It suits an income-oriented wheel. At ~$22, 100 shares cost about $2,400, options are liquid, volatility is lower than a growth name, and the ~5.2% dividend pays you if you're assigned and hold. Trade-offs: heavy debt, slow growth, and a dividend it cut in 2022, real income, not guaranteed.
What put strike could a wheel seller consider on AT&T?
With T near $24.13, support around $21 and the 52-week low at $19.89 give you the map. The strike itself we read off the chain: the panel on this page names the contract nearest 0.25 delta that clears our liquidity floor, with the premium quoted at the bid rather than the midpoint. Those quotes move constantly, so confirm on your own live chain before acting.
How does AT&T’s dividend affect wheeling it?
Both ways. Held shares collect the ~5.2% dividend on top of covered-call premium. But dividends also raise the odds of early assignment on an in-the-money covered call just before the ex-dividend date. Rarely harmful on the wheel, just watch ex-dividend dates when your call is in the money.
More wheel research
- Ford Motor Company (F)At ~$14 with a $10.68-$17.78 range, Ford is one of the most affordable liquid wheel candidates, ~$1,400 per contract.
- Pfizer (PFE)Near the low end of a tight $23.11-$28.75 range with a ~6.9% dividend, a defensive wheel candidate at ~$2,500 per contract.
- eBay (EBAY)A cash-generative, lower-volatility marketplace near its highs, a quality wheel name, but ~$11,000 per contract puts it out of small-account range.
- GameStop (GME)Huge cash pile, elevated implied volatility, and a ~$2,200 contract, GME pays fat premium, and that premium is a warning as much as an opportunity.
- Amprius Technologies (AMPX)Silicon-anode battery maker near $10 with Q1 revenue up 2.5x to $28.5M and 2026 guidance of $130M+ and positive adjusted EBITDA, real growth, but volatile.
- Archer Aviation (ACHR)Pre-revenue eVTOL near $4.77 after a 19.6% jump on 4x volume on the Anduril autonomous-aircraft news. The one name here where the signal says sell calls, not puts.
- Infleqtion (INFQ)Newly public quantum pure-play near $8.97, 54% off its high. Revenue actually compounding ($10.9M to $28.8M to $33.6M) and three DOE Genesis Mission awards in July.
- Valens Semiconductor (VLN)A $187M chipmaker near $1.63 holding $78M of net cash, so 42% of the share price is cash. Real revenue of $70.7M at 62% gross margin, but still lossmaking.
- Quantum eMotion (QNC)A quantum-cybersecurity story near $2.09 with $37M of cash and a real NIST certification in progress, but only $21,753 of trailing revenue and an option chain that barely trades.
- Sidus Space (SIDU)A ~$180M space micro-cap near $2. After roughly $170M of raises, cash is close to $1.78 a share against a $1.85 price, but revenue has fallen four years running.
Before trading options, read the OCC's Characteristics and Risks of Standardized Options. Past performance does not predict future results.