ARM wheel: cash-secured put & covered-call yields
Arm Holdings plc American Depositary Shares · $283.33 close on Sep 28, 2026
What the Sep 28, 2026 close says about ARM
At 67.4% implied volatility, the options market is pricing a one-standard-deviation move of about $56.53 (20.0%) in ARM by Oct 30, 2026, 32 days out.
Selling the $260 put (−0.29Δ) for $11.41 means assignment would leave a cost basis of $248.59, 12.3% below the $283.33 close.
The 81-day 0.30Δ put pays 1.7× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.357 vs $0.242).
At 0.30Δ on the Oct 30 expiry the put yields 4.39% on its strike and the call 3.71% on spot: puts pay 1.2× what calls do on ARM this session.
Moving down to the $245 put (−0.19Δ) buys 5.3% more room below spot and keeps 61% of the 0.30Δ premium.
Open interest in the stored window totals 47,631 contracts; the largest single line is the $195 put expiring Dec 18 with 3,993 (8.4% of the window).
By options volume ARM ranks #95 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 ARM
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $260 | −0.29 | $11.41 Sep 28 | $1,141.00 | $26,000 | 4.39% | 50.1% | $248.59 | 541 | 144 |
| 0.20Δ | $245 | −0.19 | $7.00 Sep 28 | $700.00 | $24,500 | 2.86% | 32.6% | $238.00 | 50 | 45 |
Snapshot #67 · 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 | $250 | −0.28 | $19.60 Sep 28 | $1,960.00 | $25,000 | 7.84% | 35.3% | $230.40 | 1,482 | 216 |
| 0.20Δ | $230 | −0.20 | $12.85 Sep 28 | $1,285.00 | $23,000 | 5.59% | 25.2% | $217.15 | 1,283 | 47 |
Snapshot #67 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on ARM
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $325 | 0.30 | $10.50 Sep 28 | $1,050.00 | 3.71% | 42.3% | 18.41% | 210.0% | 72 | 50 |
| 0.20Δ | $350 | 0.20 | $6.27 Sep 28 | $627.00 | 2.21% | 25.2% | 25.74% | 293.6% | 196 | 36 |
Snapshot #67 · 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 | $370 | 0.29 | $15.60 Sep 28 | $1,560.00 | 5.51% | 24.8% | 36.10% | 162.7% | 468 | 14 |
| 0.20Δ | $410 | 0.21 | $10.90 Sep 28 | $1,090.00 | 3.85% | 17.3% | 48.55% | 218.8% | 356 | 231 |
Snapshot #67 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
ARM volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 67.4%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 47,631 contractssession 2026-09-28
- Largest open-interest line
- $195 put · Dec 18 · 3,993
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #95 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.