CCI wheel: cash-secured put & covered-call yields
Crown Castle Inc. · Real estate · $81.01 close on Oct 12, 2026
What the Oct 12, 2026 close says about CCI
At 33.7% implied volatility, the options market is pricing a one-standard-deviation move of about $8.93 (11.0%) in CCI by Nov 20, 2026, 39 days out.
Selling the $77.50 put (−0.33Δ) for $2.03 means assignment would leave a cost basis of $75.47, 6.8% below the $81.01 close.
The 67-day 0.30Δ put pays 1.2× the premium of the 39-day one for 1.7× the time — more premium per day on the 39-day contract ($0.052 vs $0.036).
Moving down to the $75 put (−0.23Δ) buys 3.1% more room below spot and keeps 67% of the 0.30Δ premium.
Open interest in the stored window totals 4,383 contracts; the largest single line is the $70 put expiring Nov 20 with 534 (12.2% of the window).
By options volume CCI ranks #61 of 572 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 CCI
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $77.50 | −0.33 | $2.03 Oct 12 | $203.00 | $7,750 | 2.62% | 24.5% | $75.47 | 30 | 310 |
| 0.20Δ | $75 | −0.23 | $1.35 Oct 12 | $135.00 | $7,500 | 1.80% | 16.8% | $73.65 | 101 | 279 |
Snapshot #2751 · session 2026-10-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 39
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $75 | −0.29 | $2.40 Oct 12 | $240.00 | $7,500 | 3.20% | 17.4% | $72.60 | 337 | 34 |
| 0.20Δ | $70 | −0.16 | $1.20 Oct 12 | $120.00 | $7,000 | 1.71% | 9.3% | $68.80 | 205 | 10 |
Snapshot #2751 · session 2026-10-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 67
Covered calls on CCI
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $90 | 0.19 | $0.90 Oct 12 | $90.00 | 1.11% | 10.4% | 12.21% | 114.3% | 98 | 195 |
Snapshot #2751 · session 2026-10-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 39
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $87.50 | 0.29 | $2.00 Oct 12 | $200.00 | 2.47% | 13.4% | 10.48% | 57.1% | 515 | 16 |
| 0.20Δ | $92.50 | 0.20 | $1.17 Oct 12 | $117.00 | 1.44% | 7.9% | 15.63% | 85.1% | 71 | 6 |
Snapshot #2751 · session 2026-10-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 67
CCI volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 33.7%session 2026-10-12
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Oct 12, 2026
- Open interest, stored window
- 4,383 contractssession 2026-10-12
- Largest open-interest line
- $70 put · Nov 20 · 534
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #61 of 572 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 0.30Δ 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.