AZN wheel: cash-secured put & covered-call yields
AstraZeneca PLC · $156.53 close on Oct 5, 2026
What the Oct 5, 2026 close says about AZN
At 31.8% implied volatility, the options market is pricing a one-standard-deviation move of about $17.67 (11.3%) in AZN by Nov 20, 2026, 46 days out.
Selling the $150 put (−0.33Δ) for $4.14 means assignment would leave a cost basis of $145.86, 6.8% below the $156.53 close.
The 74-day 0.30Δ put pays 1.1× the premium of the 46-day one for 1.6× the time — more premium per day on the 46-day contract ($0.090 vs $0.060).
At 0.30Δ on the Nov 20 expiry the put yields 2.76% on its strike and the call 1.76% on spot: puts pay 1.6× what calls do on AZN this session.
Moving down to the $145 put (−0.23Δ) buys 3.2% more room below spot and keeps 62% of the 0.30Δ premium.
Open interest in the stored window totals 6,229 contracts; the largest single line is the $160 call expiring Dec 18 with 2,001 (32.1% of the window).
By options volume AZN ranks #103 of 514 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 AZN
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $150 | −0.33 | $4.14 Oct 5 | $414.00 | $15,000 | 2.76% | 21.9% | $145.86 | 123 | 12 |
| 0.20Δ | $145 | −0.23 | $2.55 Oct 5 | $255.00 | $14,500 | 1.76% | 14.0% | $142.45 | 74 | 27 |
Snapshot #1330 · session 2026-10-05 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 46
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $145 | −0.26 | $4.42 Oct 5 | $442.00 | $14,500 | 3.05% | 15.0% | $140.58 | 0 | 4 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #1330 · session 2026-10-05 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 74
Covered calls on AZN
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $170 | 0.27 | $2.76 Oct 5 | $276.00 | 1.76% | 14.0% | 10.37% | 82.3% | 1,247 | 215 |
| 0.20Δ | $175 | 0.19 | $1.83 Oct 5 | $183.00 | 1.17% | 9.3% | 12.97% | 102.9% | 848 | 265 |
Snapshot #1330 · session 2026-10-05 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 46
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $175 | 0.27 | $3.10 Oct 5 | $310.00 | 1.98% | 9.8% | 13.78% | 68.0% | 0 | 201 |
| 0.20Δ | $180 | 0.21 | $2.40 Oct 5 | $240.00 | 1.53% | 7.6% | 16.53% | 81.5% | 0 | 10 |
Snapshot #1330 · session 2026-10-05 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 74
AZN volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 31.8%session 2026-10-05
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Oct 5, 2026
- Open interest, stored window
- 6,229 contractssession 2026-10-05
- Largest open-interest line
- $160 call · Dec 18 · 2,001
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #103 of 514 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.