AXTI wheel: cash-secured put & covered-call yields
AXT Inc · Technology · $73.67 close on Sep 28, 2026
What the Sep 28, 2026 close says about AXTI
At 118.0% implied volatility, the options market is pricing a one-standard-deviation move of about $25.74 (34.9%) in AXTI by Oct 30, 2026, 32 days out.
Selling the $65 put (−0.30Δ) for $6.00 means assignment would leave a cost basis of $59.00, 19.9% below the $73.67 close.
The 81-day 0.30Δ put pays 1.8× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.188 vs $0.130).
At 0.30Δ on the Oct 30 expiry the put yields 9.23% on its strike and the call 5.43% on spot: puts pay 1.7× what calls do on AXTI this session.
Moving down to the $58 put (−0.20Δ) buys 9.5% more room below spot and keeps 60% of the 0.30Δ premium.
Open interest in the stored window totals 19,849 contracts; the largest single line is the $45 put expiring Dec 18 with 11,613 (58.5% of the window).
By options volume AXTI ranks #245 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 AXTI
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $65 | −0.30 | $6.00 Sep 28 | $600.00 | $6,500 | 9.23% | 105.3% | $59.00 | 73 | 30 |
| 0.20Δ | $58 | −0.20 | $3.60 Sep 28 | $360.00 | $5,800 | 6.21% | 70.8% | $54.40 | 57 | 6 |
Snapshot #71 · 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 | $65 | −0.31 | $10.50 Sep 28 | $1,050.00 | $6,500 | 16.15% | 72.8% | $54.50 | 87 | 1 |
| 0.20Δ | $55 | −0.21 | $5.93 Sep 28 | $593.00 | $5,500 | 10.78% | 48.6% | $49.07 | 516 | 29 |
Snapshot #71 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on AXTI
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $95 | 0.30 | $4.00 Sep 28 | $400.00 | 5.43% | 61.9% | 34.38% | 392.2% | 28 | 4 |
| 0.20Δ | $105 | 0.22 | $3.10 Sep 28 | $310.00 | 4.21% | 48.0% | 46.74% | 533.1% | 45 | 27 |
Snapshot #71 · 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 | $110 | 0.32 | $6.00 Sep 28 | $600.00 | 8.14% | 36.7% | 57.46% | 258.9% | 221 | 3 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #71 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
AXTI volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 118.0%session 2026-09-28
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 19,849 contractssession 2026-09-28
- Largest open-interest line
- $45 put · Dec 18 · 11,613
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #245 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.
- No contract near 0.20Δ traded this session
- 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.