AXTI wheel: cash-secured put & covered-call yields
AXT Inc · Technology · $43.54 close on Nov 12, 2026
What the Nov 12, 2026 close says about AXTI
At 114.8% implied volatility, the options market is pricing a one-standard-deviation move of about $15.69 (36.0%) in AXTI by Dec 18, 2026, 36 days out.
Selling the $40 put (−0.32Δ) for $4.18 means assignment would leave a cost basis of $35.82, 17.7% below the $43.54 close.
The 64-day 0.30Δ put pays 1.4× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.116 vs $0.089).
At 0.30Δ on the Dec 18 expiry the put yields 10.45% on its strike and the call 5.51% on spot: puts pay 1.9× what calls do on AXTI this session.
Moving down to the $35 put (−0.20Δ) buys 11.5% more room below spot and keeps 54% of the 0.30Δ premium.
Open interest in the stored window totals 20,026 contracts; the largest single line is the $30 put expiring Jan 15 with 2,601 (13.0% of the window).
By options volume AXTI ranks #315 of 679 names in our universe.
Near-the-money options volume (220) is 206% 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 AXTI
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $40 | −0.32 | $4.18 Nov 12 | $418.00 | $4,000 | 10.45% | 106.0% | $35.82 | 607 | 50 |
| 0.20Δ | $35 | −0.20 | $2.25 Nov 12 | $225.00 | $3,500 | 6.43% | 65.2% | $32.75 | 449 | 58 |
Snapshot #9313 · 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 | $40 | −0.32 | $5.70 Nov 12 | $570.00 | $4,000 | 14.25% | 81.3% | $34.30 | 1,869 | 44 |
| 0.20Δ | $35 | −0.23 | $3.43 Nov 12 | $343.00 | $3,500 | 9.80% | 55.9% | $31.57 | 474 | 17 |
Snapshot #9313 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on AXTI
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $55 | 0.30 | $2.40 Nov 12 | $240.00 | 5.51% | 55.9% | 31.83% | 322.7% | 2,069 | 106 |
| 0.20Δ | $60 | 0.22 | $1.45 Nov 12 | $145.00 | 3.33% | 33.8% | 41.13% | 417.1% | 2,017 | 145 |
Snapshot #9313 · 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 | $60 | 0.31 | $3.30 Nov 12 | $330.00 | 7.58% | 43.2% | 45.38% | 258.8% | 1,017 | 318 |
| 0.20Δ | $65 | 0.25 | $2.40 Nov 12 | $240.00 | 5.51% | 31.4% | 54.80% | 312.5% | 1,021 | 16 |
Snapshot #9313 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
AXTI volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 114.8%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 20,026 contractssession 2026-11-12
- Largest open-interest line
- $30 put · Jan 15 · 2,601
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #315 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 (31 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.