ANET wheel: cash-secured put & covered-call yields
Arista Networks · Technology · $206.63 close on Nov 12, 2026
What the Nov 12, 2026 close says about ANET
At 51.8% implied volatility, the options market is pricing a one-standard-deviation move of about $33.59 (16.3%) in ANET by Dec 18, 2026, 36 days out.
Selling the $190 put (−0.29Δ) for $7.10 means assignment would leave a cost basis of $182.90, 11.5% below the $206.63 close.
The 64-day 0.30Δ put pays 1.5× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.197 vs $0.161).
At 0.30Δ on the Dec 18 expiry the put yields 3.74% on its strike and the call 2.66% on spot: puts pay 1.4× what calls do on ANET this session.
Moving down to the $180 put (−0.20Δ) buys 4.8% more room below spot and keeps 57% of the 0.30Δ premium.
Open interest in the stored window totals 41,745 contracts; the largest single line is the $220 call expiring Dec 18 with 3,496 (8.4% of the window).
By options volume ANET ranks #212 of 679 names in our universe.
Near-the-money options volume (1.8k) is 775% 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 ANET
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $190 | −0.29 | $7.10 Nov 12 | $710.00 | $19,000 | 3.74% | 37.9% | $182.90 | 670 | 287 |
| 0.20Δ | $180 | −0.20 | $4.05 Nov 12 | $405.00 | $18,000 | 2.25% | 22.8% | $175.95 | 1,540 | 114 |
Snapshot #9301 · session 2026-11-12 · captured 22:01 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 | $190 | −0.31 | $10.30 Nov 12 | $1,030.00 | $19,000 | 5.42% | 30.9% | $179.70 | 647 | 30 |
| 0.20Δ | $175 | −0.20 | $5.70 Nov 12 | $570.00 | $17,500 | 3.26% | 18.6% | $169.30 | 655 | 81 |
Snapshot #9301 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on ANET
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $230 | 0.28 | $5.49 Nov 12 | $549.00 | 2.66% | 26.9% | 13.97% | 141.6% | 1,202 | 96 |
| 0.20Δ | $240 | 0.20 | $3.65 Nov 12 | $365.00 | 1.77% | 17.9% | 17.92% | 181.6% | 855 | 71 |
Snapshot #9301 · session 2026-11-12 · captured 22:01 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 | $240 | 0.28 | $7.25 Nov 12 | $725.00 | 3.51% | 20.0% | 19.66% | 112.1% | 2,353 | 37 |
| 0.20Δ | $250 | 0.21 | $5.25 Nov 12 | $525.00 | 2.54% | 14.5% | 23.53% | 134.2% | 1,125 | 372 |
Snapshot #9301 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
ANET volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 51.8%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 41,745 contractssession 2026-11-12
- Largest open-interest line
- $220 call · Dec 18 · 3,496
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #212 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.