ADBE wheel: cash-secured put & covered-call yields
Adobe Inc. · Technology · $231.01 close on Sep 28, 2026
What the Sep 28, 2026 close says about ADBE
At 39.6% implied volatility, the options market is pricing a one-standard-deviation move of about $27.12 (11.7%) in ADBE by Oct 30, 2026, 32 days out.
Selling the $220 put (−0.31Δ) for $6.05 means assignment would leave a cost basis of $213.95, 7.4% below the $231.01 close.
The 81-day 0.30Δ put pays 1.8× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.189 vs $0.138).
At 0.30Δ on the Oct 30 expiry the put yields 2.75% on its strike and the call 1.93% on spot: puts pay 1.4× what calls do on ADBE this session.
Moving down to the $210 put (−0.19Δ) buys 4.3% more room below spot and keeps 52% of the 0.30Δ premium.
Open interest in the stored window totals 32,999 contracts; the largest single line is the $250 call expiring Dec 18 with 4,518 (13.7% of the window).
By options volume ADBE ranks #137 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 ADBE
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $220 | −0.31 | $6.05 Sep 28 | $605.00 | $22,000 | 2.75% | 31.4% | $213.95 | 148 | 20 |
| 0.20Δ | $210 | −0.19 | $3.15 Sep 28 | $315.00 | $21,000 | 1.50% | 17.1% | $206.85 | 71 | 33 |
Snapshot #51 · 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 | $215 | −0.31 | $11.17 Sep 28 | $1,117.00 | $21,500 | 5.20% | 23.4% | $203.83 | 48 | 28 |
| 0.20Δ | $200 | −0.20 | $6.25 Sep 28 | $625.00 | $20,000 | 3.13% | 14.1% | $193.75 | 1,950 | 43 |
Snapshot #51 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on ADBE
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $250 | 0.28 | $4.45 Sep 28 | $445.00 | 1.93% | 22.0% | 10.15% | 115.7% | 54 | 59 |
| 0.20Δ | $260 | 0.18 | $2.65 Sep 28 | $265.00 | 1.15% | 13.1% | 13.70% | 156.2% | 561 | 80 |
Snapshot #51 · 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 | $265 | 0.30 | $8.60 Sep 28 | $860.00 | 3.72% | 16.8% | 18.44% | 83.1% | 18 | 3 |
| 0.20Δ | $285 | 0.19 | $4.70 Sep 28 | $470.00 | 2.03% | 9.2% | 25.41% | 114.5% | 31 | 55 |
Snapshot #51 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
ADBE volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 39.6%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 32,999 contractssession 2026-09-28
- Largest open-interest line
- $250 call · Dec 18 · 4,518
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #137 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.
- 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.