AAPL wheel: cash-secured put & covered-call yields
Apple Inc. · Technology · $341.07 close on Sep 25, 2026
What the Sep 25, 2026 close says about AAPL
At 25.4% implied volatility, the options market is pricing a one-standard-deviation move of about $26.83 (7.9%) in AAPL by Oct 30, 2026, 35 days out.
Selling the $330 put (−0.31Δ) for $5.62 means assignment would leave a cost basis of $324.38, 4.9% below the $341.07 close.
The 84-day 0.30Δ put pays 1.5× the premium of the 35-day one for 2.4× the time — more premium per day on the 35-day contract ($0.161 vs $0.102).
At 0.30Δ on the Oct 30 expiry the put yields 1.70% on its strike and the call 1.60% on spot: puts and calls pay within 10% of each other on AAPL this session.
Moving down to the $320 put (−0.19Δ) buys 2.9% more room below spot and keeps 57% of the 0.30Δ premium.
Open interest in the stored window totals 197,809 contracts; the largest single line is the $350 call expiring Dec 18 with 25,650 (13.0% of the window).
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on AAPL
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $330 | −0.31 | $5.62 Sep 25 | $562.00 | $33,000 | 1.70% | 17.8% | $324.38 | 828 | 262 |
| 0.20Δ | $320 | −0.19 | $3.20 Sep 25 | $320.00 | $32,000 | 1.00% | 10.4% | $316.80 | 809 | 234 |
Snapshot #5 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 35
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $325 | −0.30 | $8.55 Sep 25 | $855.00 | $32,500 | 2.63% | 11.4% | $316.45 | 3,402 | 157 |
| 0.20Δ | $310 | −0.19 | $4.85 Sep 25 | $485.00 | $31,000 | 1.56% | 6.8% | $305.15 | 13,487 | 212 |
Snapshot #5 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 84
Covered calls on AAPL
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $355 | 0.32 | $5.45 Sep 25 | $545.00 | 1.60% | 16.7% | 5.68% | 59.3% | 2,538 | 160 |
| 0.20Δ | $365 | 0.20 | $2.64 Sep 25 | $264.00 | 0.77% | 8.1% | 7.79% | 81.2% | 805 | 2,921 |
Snapshot #5 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 35
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $365 | 0.32 | $7.65 Sep 25 | $765.00 | 2.24% | 9.7% | 9.26% | 40.2% | 1,047 | 60 |
| 0.20Δ | $380 | 0.20 | $3.75 Sep 25 | $375.00 | 1.10% | 4.8% | 12.51% | 54.4% | 14,635 | 1,423 |
Snapshot #5 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 84
AAPL volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 25.4%session 2026-09-25
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 27, 2026
- Open interest, stored window
- 197,809 contractssession 2026-09-25
- Largest open-interest line
- $350 call · Dec 18 · 25,650
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- Unavailable4
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.
- 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.
- Not ranked yet — liquidity ranks are computed at the weekly re-rank of the whole universe.