ALAB wheel: cash-secured put & covered-call yields
Astera Labs, Inc. Common Stock · Technology · $351.31 close on Sep 28, 2026
What the Sep 28, 2026 close says about ALAB
At 85.3% implied volatility, the options market is pricing a one-standard-deviation move of about $88.73 (25.3%) in ALAB by Oct 30, 2026, 32 days out.
Selling the $320 put (−0.30Δ) for $18.97 means assignment would leave a cost basis of $301.03, 14.3% below the $351.31 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 ($0.593 vs $0.416).
At 0.30Δ on the Oct 30 expiry the put yields 5.93% on its strike and the call 4.17% on spot: puts pay 1.4× what calls do on ALAB this session.
Moving down to the $295 put (−0.20Δ) buys 7.1% more room below spot and keeps 58% of the 0.30Δ premium.
Open interest in the stored window totals 12,970 contracts; the largest single line is the $450 call expiring Dec 18 with 1,544 (11.9% of the window).
By options volume ALAB ranks #207 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 ALAB
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $320 | −0.30 | $18.97 Sep 28 | $1,897.00 | $32,000 | 5.93% | 67.6% | $301.03 | 161 | 132 |
| 0.20Δ | $295 | −0.20 | $10.93 Sep 28 | $1,093.00 | $29,500 | 3.71% | 42.3% | $284.07 | 101 | 78 |
Snapshot #55 · 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 | $310 | −0.30 | $33.67 Sep 28 | $3,367.00 | $31,000 | 10.86% | 48.9% | $276.33 | 86 | 21 |
| 0.20Δ | $270 | −0.19 | $17.65 Sep 28 | $1,765.00 | $27,000 | 6.54% | 29.5% | $252.35 | 169 | 5 |
Snapshot #55 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on ALAB
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $415 | 0.30 | $14.66 Sep 28 | $1,466.00 | 4.17% | 47.6% | 22.30% | 254.4% | 3 | 1 |
| 0.20Δ | $450 | 0.20 | $9.05 Sep 28 | $905.00 | 2.58% | 29.4% | 30.67% | 349.8% | 5 | 3 |
Snapshot #55 · 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 | $480 | 0.30 | $22.13 Sep 28 | $2,213.00 | 6.30% | 28.4% | 42.93% | 193.5% | 376 | 5 |
| 0.20Δ | $520 | 0.23 | $17.15 Sep 28 | $1,715.00 | 4.88% | 22.0% | 52.90% | 238.4% | 7 | 1 |
Snapshot #55 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
ALAB volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 85.3%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 12,970 contractssession 2026-09-28
- Largest open-interest line
- $450 call · Dec 18 · 1,544
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #207 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.