AAOI wheel: cash-secured put & covered-call yields
Applied Optoelectronics, Inc. · Technology · $96.82 close on Sep 28, 2026
What the Sep 28, 2026 close says about AAOI
At 82.1% implied volatility, the options market is pricing a one-standard-deviation move of about $23.53 (24.3%) in AAOI by Oct 30, 2026, 32 days out.
Selling the $87 put (−0.29Δ) for $4.93 means assignment would leave a cost basis of $82.07, 15.2% below the $96.82 close.
The 81-day 0.30Δ put pays 2.0× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.154 vs $0.122).
At 0.30Δ on the Oct 30 expiry the put yields 5.67% on its strike and the call 4.27% on spot: puts pay 1.3× what calls do on AAOI this session.
Moving down to the $80 put (−0.19Δ) buys 7.2% more room below spot and keeps 53% of the 0.30Δ premium.
Open interest in the stored window totals 19,469 contracts; the largest single line is the $140 call expiring Dec 18 with 2,678 (13.8% of the window).
By options volume AAOI ranks #116 of 441 names in our universe.
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on AAOI
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $87 | −0.29 | $4.93 Sep 28 | $493.00 | $8,700 | 5.67% | 64.6% | $82.07 | 46 | 25 |
| 0.20Δ | $80 | −0.19 | $2.60 Sep 28 | $260.00 | $8,000 | 3.25% | 37.1% | $77.40 | 160 | 132 |
Snapshot #46 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $85 | −0.30 | $9.90 Sep 28 | $990.00 | $8,500 | 11.65% | 52.5% | $75.10 | 1,303 | 33 |
| 0.20Δ | $75 | −0.21 | $6.10 Sep 28 | $610.00 | $7,500 | 8.13% | 36.7% | $68.90 | 1,390 | 13 |
Snapshot #46 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on AAOI
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $115 | 0.30 | $4.13 Sep 28 | $413.00 | 4.27% | 48.7% | 23.04% | 262.8% | 43 | 3 |
| 0.20Δ | $130 | 0.18 | $2.13 Sep 28 | $213.00 | 2.20% | 25.1% | 36.47% | 416.0% | 210 | 32 |
Snapshot #46 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $140 | 0.28 | $6.35 Sep 28 | $635.00 | 6.56% | 29.6% | 51.16% | 230.5% | 2,678 | 11 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #46 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
AAOI volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 82.1%session 2026-09-28
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 19,469 contractssession 2026-09-28
- Largest open-interest line
- $140 call · Dec 18 · 2,678
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #116 of 441 optionable names by options volume
How these numbers are made
One end-of-day snapshot per session from a 15-minute-delayed feed. A premium is a contract’s last trade, used only if it printed that session, sits above intrinsic value and is in order with its neighbours; deltas are the feed’s own. Expiries are the first at least 30 and 60 days out, and nothing under 30 days is annualized. Not investment advice. Full methodology.
- No contract near 0.20Δ traded this session
- We are building our own daily implied-volatility history (1 of 252 sessions so far); IV rank and percentile need a full year of it.
- Our data provider does not license announced earnings dates, and we do not publish estimates.
- Our data feed carries last trades, not live bid/ask quotes, so we cannot show a spread.