AMAT wheel: cash-secured put & covered-call yields
Applied Materials Inc · Technology · $380.95 close on Nov 12, 2026
What the Nov 12, 2026 close says about AMAT
At 61.8% implied volatility, the options market is pricing a one-standard-deviation move of about $73.98 (19.4%) in AMAT by Dec 18, 2026, 36 days out.
Selling the $350 put (−0.30Δ) for $15.67 means assignment would leave a cost basis of $334.33, 12.2% below the $380.95 close.
The 64-day 0.30Δ put pays 1.4× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.435 vs $0.344).
At 0.30Δ on the Dec 18 expiry the put yields 4.48% on its strike and the call 3.02% on spot: puts pay 1.5× what calls do on AMAT this session.
Moving down to the $330 put (−0.21Δ) buys 5.3% more room below spot and keeps 68% of the 0.30Δ premium.
Open interest in the stored window totals 58,598 contracts; the largest single line is the $300 put expiring Dec 18 with 4,054 (6.9% of the window).
AMAT goes ex-dividend on Nov 19, 2026 ($0.53 declared), inside the Dec 18 covered-call window. A short call that is in the money before an ex-date can be assigned early.
By options volume AMAT ranks #303 of 679 names in our universe.
Near-the-money options volume (2.0k) is 1364% 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 AMAT
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $350 | −0.30 | $15.67 Nov 12 | $1,567.00 | $35,000 | 4.48% | 45.4% | $334.33 | 2,514 | 652 |
| 0.20Δ | $330 | −0.21 | $10.63 Nov 12 | $1,063.00 | $33,000 | 3.22% | 32.7% | $319.37 | 2,958 | 305 |
Snapshot #9297 · 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 | $350 | −0.31 | $22.00 Nov 12 | $2,200.00 | $35,000 | 6.29% | 35.8% | $328.00 | 2,040 | 245 |
| 0.20Δ | $320 | −0.20 | $12.52 Nov 12 | $1,252.00 | $32,000 | 3.91% | 22.3% | $307.48 | 1,071 | 69 |
Snapshot #9297 · session 2026-11-12 · captured 22:00 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on AMAT
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $430 | 0.30 | $11.50 Nov 12 | $1,150.00 | 3.02% | 30.6% | 15.89% | 161.2% | 719 | 150 |
| 0.20Δ | $460 | 0.20 | $6.44 Nov 12 | $644.00 | 1.69% | 17.1% | 22.44% | 227.5% | 481 | 27 |
Snapshot #9297 · 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 | $450 | 0.29 | $15.30 Nov 12 | $1,530.00 | 4.02% | 22.9% | 22.14% | 126.3% | 1,575 | 638 |
| 0.20Δ | $480 | 0.21 | $9.80 Nov 12 | $980.00 | 2.57% | 14.7% | 28.57% | 163.0% | 1,092 | 21 |
Snapshot #9297 · session 2026-11-12 · captured 22:00 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
AMAT volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 61.8%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- Ex-div Nov 19, 2026 · $0.53 declaredchecked Nov 9, 2026
- Open interest, stored window
- 58,598 contractssession 2026-11-12
- Largest open-interest line
- $300 put · Dec 18 · 4,054
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #303 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.