ANET wheel: cash-secured put & covered-call yields
Arista Networks · Technology · $204.92 close on Sep 28, 2026
What the Sep 28, 2026 close says about ANET
At 47.5% implied volatility, the options market is pricing a one-standard-deviation move of about $28.81 (14.1%) in ANET by Oct 30, 2026, 32 days out.
Selling the $195 put (−0.33Δ) for $6.44 means assignment would leave a cost basis of $188.56, 8.0% below the $204.92 close.
The 81-day 0.30Δ put pays 1.5× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.201 vs $0.122).
At 0.30Δ on the Oct 30 expiry the put yields 3.30% on its strike and the call 2.34% on spot: puts pay 1.4× what calls do on ANET this session.
Moving down to the $185 put (−0.21Δ) buys 4.9% more room below spot and keeps 54% of the 0.30Δ premium.
Open interest in the stored window totals 16,176 contracts; the largest single line is the $130 put expiring Dec 18 with 1,353 (8.4% of the window).
By options volume ANET ranks #210 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 ANET
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $195 | −0.33 | $6.44 Sep 28 | $644.00 | $19,500 | 3.30% | 37.7% | $188.56 | 30 | 13 |
| 0.20Δ | $185 | −0.21 | $3.48 Sep 28 | $348.00 | $18,500 | 1.88% | 21.5% | $181.52 | 230 | 61 |
Snapshot #60 · 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 | $185 | −0.28 | $9.90 Sep 28 | $990.00 | $18,500 | 5.35% | 24.1% | $175.10 | 759 | 60 |
| 0.20Δ | $175 | −0.21 | $7.10 Sep 28 | $710.00 | $17,500 | 4.06% | 18.3% | $167.90 | 1,046 | 42 |
Snapshot #60 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on ANET
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $225 | 0.28 | $4.80 Sep 28 | $480.00 | 2.34% | 26.7% | 12.14% | 138.5% | 94 | 36 |
| 0.20Δ | $235 | 0.19 | $3.03 Sep 28 | $303.00 | 1.48% | 16.9% | 16.16% | 184.3% | 65 | 8 |
Snapshot #60 · 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 | $240 | 0.31 | $9.20 Sep 28 | $920.00 | 4.49% | 20.2% | 21.61% | 97.4% | 677 | 11 |
| 0.20Δ | $260 | 0.20 | $5.35 Sep 28 | $535.00 | 2.61% | 11.8% | 29.49% | 132.9% | 366 | 24 |
Snapshot #60 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
ANET volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 47.5%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 16,176 contractssession 2026-09-28
- Largest open-interest line
- $130 put · Dec 18 · 1,353
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #210 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.