AAPL wheel: cash-secured put & covered-call yields
Apple Inc. · Technology · $355.63 close on Nov 11, 2026
What the Nov 11, 2026 close says about AAPL
At 21.8% implied volatility, the options market is pricing a one-standard-deviation move of about $22.27 (6.3%) in AAPL by Dec 11, 2026, 30 days out.
Selling the $345 put (−0.30Δ) for $4.69 means assignment would leave a cost basis of $340.31, 4.3% below the $355.63 close.
The 65-day 0.30Δ put pays 1.5× the premium of the 30-day one for 2.2× the time — more premium per day on the 30-day contract ($0.156 vs $0.108).
At 0.30Δ on the Dec 11 expiry the put yields 1.36% on its strike and the call 0.98% on spot: puts pay 1.4× what calls do on AAPL this session.
Moving down to the $335 put (−0.18Δ) buys 2.8% more room below spot and keeps 57% of the 0.30Δ premium.
Open interest in the stored window totals 390,643 contracts; the largest single line is the $380 call expiring Jan 15 with 91,078 (23.3% of the window).
AAPL goes ex-dividend on Nov 12, 2026 ($0.27 declared), inside the Dec 11 covered-call window. A short call that is in the money before an ex-date can be assigned early.
By options volume AAPL ranks #8 of 679 names in our universe.
Near-the-money options volume (4.5k) is 24% below its 5-session average.
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 | $345 | −0.30 | $4.69 Nov 11 | $469.00 | $34,500 | 1.36% | 16.5% | $340.31 | 264 | 217 |
| 0.20Δ | $335 | −0.18 | $2.66 Nov 11 | $266.00 | $33,500 | 0.79% | 9.7% | $332.34 | 349 | 225 |
Snapshot #9004 · session 2026-11-11 · captured 22:00 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 30
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $340 | −0.30 | $7.00 Nov 11 | $700.00 | $34,000 | 2.06% | 11.6% | $333.00 | 13,591 | 768 |
| 0.20Δ | $330 | −0.21 | $4.70 Nov 11 | $470.00 | $33,000 | 1.42% | 8.0% | $325.30 | 10,370 | 3,622 |
Snapshot #9004 · session 2026-11-11 · captured 22:00 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 65
Covered calls on AAPL
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $370 | 0.27 | $3.50 Nov 11 | $350.00 | 0.98% | 12.0% | 5.02% | 61.1% | 7,122 | 926 |
| 0.20Δ | $375 | 0.20 | $2.30 Nov 11 | $230.00 | 0.65% | 7.9% | 6.09% | 74.1% | 489 | 264 |
Snapshot #9004 · session 2026-11-11 · captured 22:00 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 30
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $375 | 0.32 | $6.45 Nov 11 | $645.00 | 1.81% | 10.2% | 7.26% | 40.8% | 14,087 | 1,153 |
| 0.20Δ | $385 | 0.22 | $3.85 Nov 11 | $385.00 | 1.08% | 6.1% | 9.34% | 52.5% | 15,015 | 828 |
Snapshot #9004 · session 2026-11-11 · captured 22:00 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 65
AAPL volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 21.8%session 2026-11-11
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- Ex-div Nov 12, 2026 · $0.27 declaredchecked Nov 9, 2026
- Open interest, stored window
- 390,643 contractssession 2026-11-11
- Largest open-interest line
- $380 call · Jan 15 · 91,078
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #8 of 679 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.
- We are building our own daily implied-volatility history (34 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.