CCL wheel: cash-secured put & covered-call yields
Carnival Corporation Ltd. · Industrials · $22.14 close on Sep 28, 2026
What the Sep 28, 2026 close says about CCL
At 48.8% implied volatility, the options market is pricing a one-standard-deviation move of about $3.20 (14.4%) in CCL by Oct 30, 2026, 32 days out.
Selling the $21 put (−0.32Δ) for $0.73 means assignment would leave a cost basis of $20.27, 8.4% below the $22.14 close.
The 81-day 0.30Δ put pays 1.2× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.023 vs $0.011).
At 0.30Δ on the Oct 30 expiry the put yields 3.48% on its strike and the call 3.03% on spot: puts pay 1.1× what calls do on CCL this session.
Moving down to the $20 put (−0.22Δ) buys 4.5% more room below spot and keeps 59% of the 0.30Δ premium.
Open interest in the stored window totals 73,665 contracts; the largest single line is the $22 put expiring Dec 18 with 20,041 (27.2% of the window).
By options volume CCL ranks #56 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 CCL
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $21 | −0.32 | $0.73 Sep 28 | $73.00 | $2,100 | 3.48% | 39.7% | $20.27 | 186 | 170 |
| 0.20Δ | $20 | −0.22 | $0.43 Sep 28 | $43.00 | $2,000 | 2.15% | 24.5% | $19.57 | 322 | 51 |
Snapshot #83 · 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 | $20 | −0.28 | $0.88 Sep 28 | $88.00 | $2,000 | 4.40% | 19.8% | $19.12 | 15,164 | 69 |
| 0.20Δ | $19 | −0.21 | $0.63 Sep 28 | $63.00 | $1,900 | 3.32% | 14.9% | $18.37 | 597 | 59 |
Snapshot #83 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on CCL
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $24 | 0.33 | $0.67 Sep 28 | $67.00 | 3.03% | 34.5% | 11.43% | 130.3% | 102 | 158 |
| 0.20Δ | $25 | 0.23 | $0.44 Sep 28 | $44.00 | 1.99% | 22.7% | 14.91% | 170.0% | 1,100 | 228 |
Snapshot #83 · 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 | $26 | 0.27 | $0.79 Sep 28 | $79.00 | 3.57% | 16.1% | 21.00% | 94.6% | 1,729 | 278 |
| 0.20Δ | $27 | 0.22 | $0.60 Sep 28 | $60.00 | 2.71% | 12.2% | 24.66% | 111.1% | 3,626 | 733 |
Snapshot #83 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
CCL volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 48.8%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 73,665 contractssession 2026-09-28
- Largest open-interest line
- $22 put · Dec 18 · 20,041
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #56 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.