APP wheel: cash-secured put & covered-call yields
Applovin Corporation Class A Common Stock · Technology · $308.24 close on Sep 28, 2026
What the Sep 28, 2026 close says about APP
At 55.5% implied volatility, the options market is pricing a one-standard-deviation move of about $50.70 (16.4%) in APP by Oct 30, 2026, 32 days out.
Selling the $285 put (−0.28Δ) for $9.85 means assignment would leave a cost basis of $275.15, 10.7% below the $308.24 close.
The 81-day 0.30Δ put pays 2.3× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.308 vs $0.281).
At 0.30Δ on the Oct 30 expiry the put yields 3.46% on its strike and the call 2.88% on spot: puts pay 1.2× what calls do on APP this session.
Moving down to the $270 put (−0.19Δ) buys 4.9% more room below spot and keeps 58% of the 0.30Δ premium.
Open interest in the stored window totals 19,527 contracts; the largest single line is the $200 put expiring Dec 18 with 1,436 (7.4% of the window).
By options volume APP ranks #129 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 APP
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $285 | −0.28 | $9.85 Sep 28 | $985.00 | $28,500 | 3.46% | 39.4% | $275.15 | 127 | 13 |
| 0.20Δ | $270 | −0.19 | $5.75 Sep 28 | $575.00 | $27,000 | 2.13% | 24.3% | $264.25 | 391 | 67 |
Snapshot #65 · 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 | $280 | −0.31 | $22.80 Sep 28 | $2,280.00 | $28,000 | 8.14% | 36.7% | $257.20 | 530 | 14 |
| 0.20Δ | $250 | −0.20 | $12.70 Sep 28 | $1,270.00 | $25,000 | 5.08% | 22.9% | $237.30 | 990 | 8 |
Snapshot #65 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on APP
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $345 | 0.28 | $8.87 Sep 28 | $887.00 | 2.88% | 32.8% | 14.80% | 168.9% | 57 | 57 |
| 0.20Δ | $360 | 0.20 | $5.80 Sep 28 | $580.00 | 1.88% | 21.5% | 18.67% | 213.0% | 89 | 218 |
Snapshot #65 · 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 | $390 | 0.29 | $14.79 Sep 28 | $1,479.00 | 4.80% | 21.6% | 31.32% | 141.1% | 276 | 20 |
| 0.20Δ | $420 | 0.21 | $11.00 Sep 28 | $1,100.00 | 3.57% | 16.1% | 39.83% | 179.5% | 263 | 25 |
Snapshot #65 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
APP volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 55.5%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 19,527 contractssession 2026-09-28
- Largest open-interest line
- $200 put · Dec 18 · 1,436
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #129 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.