AMD wheel: cash-secured put & covered-call yields
Advanced Micro Devices · Technology · $630.63 close on Sep 25, 2026
What the Sep 25, 2026 close says about AMD
At 54.5% implied volatility, the options market is pricing a one-standard-deviation move of about $106.51 (16.9%) in AMD by Oct 30, 2026, 35 days out.
Selling the $590 put (−0.30Δ) for $21.82 means assignment would leave a cost basis of $568.18, 9.9% below the $630.63 close.
The 84-day 0.30Δ put pays 1.7× the premium of the 35-day one for 2.4× the time — more premium per day on the 35-day contract ($0.623 vs $0.432).
At 0.30Δ on the Oct 30 expiry the put yields 3.70% on its strike and the call 2.93% on spot: puts pay 1.3× what calls do on AMD this session.
Moving down to the $560 put (−0.20Δ) buys 4.8% more room below spot and keeps 59% of the 0.30Δ premium.
Open interest in the stored window totals 75,033 contracts; the largest single line is the $400 put expiring Dec 18 with 8,262 (11.0% of the window).
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on AMD
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $590 | −0.30 | $21.82 Sep 25 | $2,182.00 | $59,000 | 3.70% | 38.6% | $568.18 | 119 | 75 |
| 0.20Δ | $560 | −0.20 | $12.80 Sep 25 | $1,280.00 | $56,000 | 2.29% | 23.8% | $547.20 | 177 | 110 |
Snapshot #8 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 35
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $570 | −0.29 | $36.30 Sep 25 | $3,630.00 | $57,000 | 6.37% | 27.7% | $533.70 | 851 | 53 |
| 0.20Δ | $530 | −0.21 | $22.80 Sep 25 | $2,280.00 | $53,000 | 4.30% | 18.7% | $507.20 | 672 | 47 |
Snapshot #8 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 84
Covered calls on AMD
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $700 | 0.30 | $18.50 Sep 25 | $1,850.00 | 2.93% | 30.6% | 13.93% | 145.3% | 590 | 97 |
| 0.20Δ | $740 | 0.20 | $11.15 Sep 25 | $1,115.00 | 1.77% | 18.4% | 19.11% | 199.3% | 101 | 33 |
Snapshot #8 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 35
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $760 | 0.30 | $29.60 Sep 25 | $2,960.00 | 4.69% | 20.4% | 25.21% | 109.5% | 1,263 | 75 |
| 0.20Δ | $830 | 0.20 | $18.25 Sep 25 | $1,825.00 | 2.89% | 12.6% | 34.51% | 149.9% | 357 | 143 |
Snapshot #8 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 84
AMD volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 54.5%session 2026-09-25
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 27, 2026
- Open interest, stored window
- 75,033 contractssession 2026-09-25
- Largest open-interest line
- $400 put · Dec 18 · 8,262
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- Unavailable4
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.
- Not ranked yet — liquidity ranks are computed at the weekly re-rank of the whole universe.