AMZN wheel: cash-secured put & covered-call yields
Amazon.Com Inc · Consumer discretionary · $249.67 close on Sep 25, 2026
What the Sep 25, 2026 close says about AMZN
At 38.8% implied volatility, the options market is pricing a one-standard-deviation move of about $29.99 (12.0%) in AMZN by Oct 30, 2026, 35 days out.
Selling the $235 put (−0.27Δ) for $5.40 means assignment would leave a cost basis of $229.60, 8.0% below the $249.67 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 ($0.154 vs $0.111).
At 0.30Δ on the Oct 30 expiry the put yields 2.30% on its strike and the call 2.03% on spot: puts pay 1.1× what calls do on AMZN this session.
Moving down to the $230 put (−0.22Δ) buys 2.0% more room below spot and keeps 75% of the 0.30Δ premium.
Open interest in the stored window totals 311,024 contracts; the largest single line is the $260 call expiring Oct 30 with 27,473 (8.8% 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 AMZN
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $235 | −0.27 | $5.40 Sep 25 | $540.00 | $23,500 | 2.30% | 24.0% | $229.60 | 1,146 | 1,309 |
| 0.20Δ | $230 | −0.22 | $4.07 Sep 25 | $407.00 | $23,000 | 1.77% | 18.5% | $225.93 | 2,257 | 417 |
Snapshot #19 · 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 | $235 | −0.31 | $9.30 Sep 25 | $930.00 | $23,500 | 3.96% | 17.2% | $225.70 | 3,800 | 232 |
| 0.20Δ | $220 | −0.19 | $5.00 Sep 25 | $500.00 | $22,000 | 2.27% | 9.9% | $215.00 | 10,508 | 287 |
Snapshot #19 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 84
Covered calls on AMZN
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $270 | 0.29 | $5.07 Sep 25 | $507.00 | 2.03% | 21.2% | 10.17% | 106.1% | 1,934 | 443 |
| 0.20Δ | $280 | 0.19 | $3.05 Sep 25 | $305.00 | 1.22% | 12.7% | 13.37% | 139.4% | 26,005 | 897 |
Snapshot #19 · 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 | $280 | 0.29 | $7.30 Sep 25 | $730.00 | 2.92% | 12.7% | 15.07% | 65.5% | 8,896 | 185 |
| 0.20Δ | $295 | 0.20 | $4.35 Sep 25 | $435.00 | 1.74% | 7.6% | 19.90% | 86.5% | 15,709 | 322 |
Snapshot #19 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 84
AMZN volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 38.8%session 2026-09-25
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 27, 2026
- Open interest, stored window
- 311,024 contractssession 2026-09-25
- Largest open-interest line
- $260 call · Oct 30 · 27,473
- 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.