ADBE wheel: cash-secured put & covered-call yields
Adobe Inc. · Technology · $238.54 close on Nov 12, 2026
What the Nov 12, 2026 close says about ADBE
At 49.9% implied volatility, the options market is pricing a one-standard-deviation move of about $37.35 (15.7%) in ADBE by Dec 18, 2026, 36 days out.
Selling the $225 put (−0.32Δ) for $8.55 means assignment would leave a cost basis of $216.45, 9.3% below the $238.54 close.
The 64-day 0.30Δ put pays 1.1× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.238 vs $0.145).
At 0.30Δ on the Dec 18 expiry the put yields 3.80% on its strike and the call 2.72% on spot: puts pay 1.4× what calls do on ADBE this session.
Moving down to the $210 put (−0.18Δ) buys 6.3% more room below spot and keeps 49% of the 0.30Δ premium.
Open interest in the stored window totals 72,760 contracts; the largest single line is the $250 call expiring Dec 18 with 5,865 (8.1% of the window).
By options volume ADBE ranks #306 of 679 names in our universe.
Near-the-money options volume (806) is 294% above 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 ADBE
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $225 | −0.32 | $8.55 Nov 12 | $855.00 | $22,500 | 3.80% | 38.5% | $216.45 | 1,264 | 81 |
| 0.20Δ | $210 | −0.18 | $4.15 Nov 12 | $415.00 | $21,000 | 1.98% | 20.0% | $205.85 | 3,981 | 70 |
Snapshot #9291 · session 2026-11-12 · captured 22:00 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $220 | −0.29 | $9.30 Nov 12 | $930.00 | $22,000 | 4.23% | 24.1% | $210.70 | 2,380 | 7 |
| 0.20Δ | $205 | −0.19 | $4.67 Nov 12 | $467.00 | $20,500 | 2.28% | 13.0% | $200.33 | 403 | 7 |
Snapshot #9291 · session 2026-11-12 · captured 22:00 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on ADBE
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $265 | 0.29 | $6.49 Nov 12 | $649.00 | 2.72% | 27.6% | 13.81% | 140.1% | 304 | 13 |
| 0.20Δ | $280 | 0.19 | $3.60 Nov 12 | $360.00 | 1.51% | 15.3% | 18.89% | 191.5% | 1,603 | 56 |
Snapshot #9291 · session 2026-11-12 · captured 22:00 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $270 | 0.31 | $8.55 Nov 12 | $855.00 | 3.58% | 20.4% | 16.77% | 95.7% | 1,932 | 10 |
| 0.20Δ | $290 | 0.19 | $4.05 Nov 12 | $405.00 | 1.70% | 9.7% | 23.27% | 132.7% | 957 | 4 |
Snapshot #9291 · session 2026-11-12 · captured 22:00 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
ADBE volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 49.9%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 72,760 contractssession 2026-11-12
- Largest open-interest line
- $250 call · Dec 18 · 5,865
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #306 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.