AMAT wheel: cash-secured put & covered-call yields
Applied Materials Inc · Technology · $486.76 close on Sep 28, 2026
What the Sep 28, 2026 close says about AMAT
At 52.3% implied volatility, the options market is pricing a one-standard-deviation move of about $75.34 (15.5%) in AMAT by Oct 30, 2026, 32 days out.
Selling the $455 put (−0.31Δ) for $17.69 means assignment would leave a cost basis of $437.31, 10.2% below the $486.76 close.
The 81-day 0.30Δ put pays 1.6× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.553 vs $0.348).
At 0.30Δ on the Oct 30 expiry the put yields 3.89% on its strike and the call 2.68% on spot: puts pay 1.4× what calls do on AMAT this session.
Moving down to the $430 put (−0.20Δ) buys 5.1% more room below spot and keeps 54% of the 0.30Δ premium.
Open interest in the stored window totals 27,124 contracts; the largest single line is the $300 put expiring Dec 18 with 2,351 (8.7% of the window).
By options volume AMAT ranks #189 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 AMAT
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $455 | −0.31 | $17.69 Sep 28 | $1,769.00 | $45,500 | 3.89% | 44.3% | $437.31 | 6 | 2 |
| 0.20Δ | $430 | −0.20 | $9.60 Sep 28 | $960.00 | $43,000 | 2.23% | 25.5% | $420.40 | 69 | 9 |
Snapshot #56 · 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 | $440 | −0.30 | $28.15 Sep 28 | $2,815.00 | $44,000 | 6.40% | 28.8% | $411.85 | 532 | 5 |
| 0.20Δ | $400 | −0.19 | $15.35 Sep 28 | $1,535.00 | $40,000 | 3.84% | 17.3% | $384.65 | 1,745 | 37 |
Snapshot #56 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on AMAT
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $540 | 0.29 | $13.06 Sep 28 | $1,306.00 | 2.68% | 30.6% | 13.62% | 155.4% | 11 | 1 |
| 0.20Δ | $565 | 0.21 | $7.85 Sep 28 | $785.00 | 1.61% | 18.4% | 17.69% | 201.7% | 4 | 56 |
Snapshot #56 · 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 | $580 | 0.31 | $22.45 Sep 28 | $2,245.00 | 4.61% | 20.8% | 23.77% | 107.1% | 370 | 70 |
| 0.20Δ | $640 | 0.20 | $11.90 Sep 28 | $1,190.00 | 2.44% | 11.0% | 33.93% | 152.9% | 280 | 2 |
Snapshot #56 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
AMAT volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 52.3%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- Ex-div Nov 19, 2026 · $0.53 declaredchecked Sep 28, 2026
- Open interest, stored window
- 27,124 contractssession 2026-09-28
- Largest open-interest line
- $300 put · Dec 18 · 2,351
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #189 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.