ARM wheel: cash-secured put & covered-call yields
Arm Holdings plc American Depositary Shares · $199.78 close on Nov 12, 2026
What the Nov 12, 2026 close says about ARM
At 70.4% implied volatility, the options market is pricing a one-standard-deviation move of about $44.18 (22.1%) in ARM by Dec 18, 2026, 36 days out.
Selling the $185 put (−0.32Δ) for $10.91 means assignment would leave a cost basis of $174.09, 12.9% below the $199.78 close.
The 64-day 0.30Δ put pays 1.2× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.303 vs $0.197).
At 0.30Δ on the Dec 18 expiry the put yields 5.90% on its strike and the call 3.70% on spot: puts pay 1.6× what calls do on ARM this session.
Moving down to the $170 put (−0.20Δ) buys 7.5% more room below spot and keeps 56% of the 0.30Δ premium.
Open interest in the stored window totals 100,326 contracts; the largest single line is the $200 call expiring Jan 15 with 6,719 (6.7% of the window).
By options volume ARM ranks #223 of 679 names in our universe.
Near-the-money options volume (4.2k) is 2844% 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 ARM
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $185 | −0.32 | $10.91 Nov 12 | $1,091.00 | $18,500 | 5.90% | 59.8% | $174.09 | 2,932 | 705 |
| 0.20Δ | $170 | −0.20 | $6.15 Nov 12 | $615.00 | $17,000 | 3.62% | 36.7% | $163.85 | 4,602 | 1,693 |
Snapshot #9308 · 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 | $180 | −0.30 | $12.59 Nov 12 | $1,259.00 | $18,000 | 6.99% | 39.9% | $167.41 | 3,062 | 3 |
| 0.20Δ | $165 | −0.21 | $8.48 Nov 12 | $848.00 | $16,500 | 5.14% | 29.3% | $156.52 | 760 | 6 |
Snapshot #9308 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on ARM
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $230 | 0.30 | $7.39 Nov 12 | $739.00 | 3.70% | 37.5% | 18.83% | 190.9% | 2,356 | 150 |
| 0.20Δ | $250 | 0.19 | $4.20 Nov 12 | $420.00 | 2.10% | 21.3% | 27.24% | 276.2% | 3,122 | 88 |
Snapshot #9308 · 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 | 0.31 | $10.07 Nov 12 | $1,007.00 | 5.04% | 28.7% | 25.17% | 143.6% | 891 | 91 |
| 0.20Δ | $260 | 0.21 | $6.34 Nov 12 | $634.00 | 3.17% | 18.1% | 33.32% | 190.0% | 1,062 | 4 |
Snapshot #9308 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
ARM volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 70.4%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 100,326 contractssession 2026-11-12
- Largest open-interest line
- $200 call · Jan 15 · 6,719
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #223 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.