APP wheel: cash-secured put & covered-call yields
Applovin Corporation Class A Common Stock · Technology · $393.68 close on Nov 12, 2026
What the Nov 12, 2026 close says about APP
At 57.6% implied volatility, the options market is pricing a one-standard-deviation move of about $71.16 (18.1%) in APP by Dec 18, 2026, 36 days out.
Selling the $360 put (−0.28Δ) for $12.89 means assignment would leave a cost basis of $347.11, 11.8% below the $393.68 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 ($0.358 vs $0.293).
At 0.30Δ on the Dec 18 expiry the put yields 3.58% on its strike and the call 3.25% on spot: puts pay 1.1× what calls do on APP this session.
Moving down to the $340 put (−0.19Δ) buys 5.1% more room below spot and keeps 62% of the 0.30Δ premium.
Open interest in the stored window totals 42,607 contracts; the largest single line is the $400 call expiring Jan 15 with 3,988 (9.4% of the window).
By options volume APP ranks #157 of 679 names in our universe.
Near-the-money options volume (516) is 259% 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 APP
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $360 | −0.28 | $12.89 Nov 12 | $1,289.00 | $36,000 | 3.58% | 36.3% | $347.11 | 868 | 28 |
| 0.20Δ | $340 | −0.19 | $8.00 Nov 12 | $800.00 | $34,000 | 2.35% | 23.9% | $332.00 | 873 | 65 |
Snapshot #9305 · 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 | $360 | −0.30 | $18.75 Nov 12 | $1,875.00 | $36,000 | 5.21% | 29.7% | $341.25 | 950 | 55 |
| 0.20Δ | $330 | −0.19 | $11.30 Nov 12 | $1,130.00 | $33,000 | 3.42% | 19.5% | $318.70 | 391 | 54 |
Snapshot #9305 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on APP
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $440 | 0.31 | $12.80 Nov 12 | $1,280.00 | 3.25% | 33.0% | 15.02% | 152.3% | 378 | 7 |
| 0.20Δ | $470 | 0.19 | $7.10 Nov 12 | $710.00 | 1.80% | 18.3% | 21.19% | 214.8% | 405 | 32 |
Snapshot #9305 · 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 | $470 | 0.28 | $17.85 Nov 12 | $1,785.00 | 4.53% | 25.9% | 23.92% | 136.4% | 367 | 6 |
| 0.20Δ | $490 | 0.21 | $11.90 Nov 12 | $1,190.00 | 3.02% | 17.2% | 27.49% | 156.8% | 442 | 6 |
Snapshot #9305 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
APP volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 57.6%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 42,607 contractssession 2026-11-12
- Largest open-interest line
- $400 call · Jan 15 · 3,988
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #157 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.