RJF Options Trading — Covered Calls, Puts & the Wheel
A complete guide to selling options on Raymond James Financial. Expected premiums, strike selection, real example trades, and the four strategies that actually work for RJF.
Why trade options on RJF?
RJF (Raymond James Financial) is a large-cap financial name with a mid-range share price and fair options liquidity. Implied volatility is moderate — enough premium to make selling options worthwhile, without the heart-stopping price swings you get on speculative names. It also pays a dividend, which adds a second income stream on top of the premium you collect.
Typical monthly premium collected on RJF runs around 1.0-2.0% of capital, which annualizes to roughly 12-24% if you sell new contracts every cycle. Capital required to run a single contract wheel on RJF is $5,000-$20,000 — the share price and the 100-share lot size set the minimum, not the strategy.
Four strategies that work on RJF
RJF Covered Call
Sell upside calls against 100 shares you already own to collect premium every month while capping your upside.
Read the RJF Covered Call guide →RJF Cash-Secured Put
Sell a put backed by cash so you either get paid to wait or acquire the stock at a discount to today's price.
Read the RJF Cash-Secured Put guide →RJF Wheel
Alternate between cash-secured puts and covered calls on the same ticker to generate continuous premium income.
Read the RJF Wheel guide →RJF Poor Man's Covered Call
Replace the 100 shares with a long-dated deep-ITM LEAPS call and sell short-dated calls against it to reduce capital.
Read the RJF Poor Man's Covered Call guide →RJF options FAQ
What is the best strike price for a RJF covered call?
On RJF, target 5-8% out of the money at 0.20-0.30 delta. On a moderate-volatility stock like this, closer-to-the-money strikes chase premium but spike assignment probability to uncomfortable levels.
How much premium can I collect selling calls on RJF?
Typical monthly premium on RJF is 1.0-2.0% of position value, annualizing to 12-24% when you roll every cycle. Earnings months can pay 2-3x the normal rate because of elevated IV.
What is the best delta for a RJF cash-secured put?
A delta of 0.20-0.30 on RJF balances premium income with assignment probability. Many traders anchor to 0.20 delta as a starting point and adjust based on their willingness to own shares.
How much cash do I need to sell a put on RJF?
Cash required is 100 × strike price. For RJF, that's roughly $5,000-$20,000 per contract at a typical strike. Most brokers let you use margin, but for a true cash-secured put you set aside the full amount.
Is RJF a good stock for the wheel strategy?
RJF is workable for the wheel because of its reasonable spreads and moderate IV (good premium/risk balance). It also pays a dividend, which you continue collecting while holding the shares between wheel legs.
Can you run a poor man's covered call on RJF?
Yes. Buy a 0.80+ delta LEAPS on RJF dated 12-18 months out as your synthetic long, then sell short-dated calls 5-8% above the stock at 0.20-0.30 delta. Capital tied up drops from $5,000-$20,000 to roughly 30-50% of that — a meaningful improvement when the share price is a mid-range share price.
What expiration should I use for RJF options strategy trades?
Use 30-45 DTE as a default for RJF. This is the classic theta sweet spot and works well on a stable ticker like this.
Is RJF suitable for beginners selling options?
Yes — it's a well-known, liquid name with established options markets, which is what beginners need. Always check the bid/ask spread before entering — anything wider than 5% of the mid price is a warning sign.
Run the numbers on RJF yourself
Use the free OptionsPilot calculator to price covered calls and cash-secured puts on RJF with live quotes.
Open the RJF Strike Finder →