BABA wheel: cash-secured put & covered-call yields
Alibaba Group Holding Limited American Depositary Shares, each represents eight Ordinary Shares · $108.76 close on Sep 28, 2026
What the Sep 28, 2026 close says about BABA
At 34.7% implied volatility, the options market is pricing a one-standard-deviation move of about $11.17 (10.3%) in BABA by Oct 30, 2026, 32 days out.
Selling the $104 put (−0.31Δ) for $2.36 means assignment would leave a cost basis of $101.64, 6.5% below the $108.76 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 ($0.074 vs $0.049).
At 0.30Δ on the Oct 30 expiry the put yields 2.27% on its strike and the call 2.37% on spot: puts and calls pay within 10% of each other on BABA this session.
Moving down to the $100 put (−0.18Δ) buys 3.7% more room below spot and keeps 55% of the 0.30Δ premium.
Open interest in the stored window totals 130,363 contracts; the largest single line is the $100 put expiring Dec 18 with 33,885 (26.0% of the window).
By options volume BABA ranks #44 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 BABA
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $104 | −0.31 | $2.36 Sep 28 | $236.00 | $10,400 | 2.27% | 25.9% | $101.64 | 35 | 23 |
| 0.20Δ | $100 | −0.18 | $1.30 Sep 28 | $130.00 | $10,000 | 1.30% | 14.8% | $98.70 | 112 | 526 |
Snapshot #73 · 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 | $100 | −0.28 | $3.97 Sep 28 | $397.00 | $10,000 | 3.97% | 17.9% | $96.03 | 33,885 | 162 |
| 0.20Δ | $95 | −0.20 | $2.51 Sep 28 | $251.00 | $9,500 | 2.64% | 11.9% | $92.49 | 5,987 | 20 |
Snapshot #73 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on BABA
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $116 | 0.31 | $2.58 Sep 28 | $258.00 | 2.37% | 27.1% | 9.03% | 103.0% | 47 | 15 |
| 0.20Δ | $121 | 0.21 | $1.49 Sep 28 | $149.00 | 1.37% | 15.6% | 12.62% | 144.0% | 138 | 35 |
Snapshot #73 · 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 | $125 | 0.30 | $4.32 Sep 28 | $432.00 | 3.97% | 17.9% | 18.90% | 85.2% | 776 | 2 |
| 0.20Δ | $135 | 0.19 | $2.21 Sep 28 | $221.00 | 2.03% | 9.2% | 26.16% | 117.9% | 10,091 | 594 |
Snapshot #73 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
BABA volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 34.7%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 130,363 contractssession 2026-09-28
- Largest open-interest line
- $100 put · Dec 18 · 33,885
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #44 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.