CCL wheel: cash-secured put & covered-call yields
Carnival Corporation Ltd. · Industrials · $29.34 close on Nov 12, 2026
What the Nov 12, 2026 close says about CCL
At 42.4% implied volatility, the options market is pricing a one-standard-deviation move of about $3.91 (13.3%) in CCL by Dec 18, 2026, 36 days out.
Selling the $28 put (−0.33Δ) for $0.79 means assignment would leave a cost basis of $27.21, 7.3% below the $29.34 close.
The 64-day 0.30Δ put pays 1.3× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.022 vs $0.016).
At 0.30Δ on the Dec 18 expiry the put yields 2.82% on its strike and the call 2.25% on spot: puts pay 1.3× what calls do on CCL this session.
Moving down to the $26 put (−0.18Δ) buys 6.8% more room below spot and keeps 47% of the 0.30Δ premium.
Open interest in the stored window totals 216,101 contracts; the largest single line is the $25 put expiring Jan 15 with 24,694 (11.4% of the window).
By options volume CCL ranks #53 of 679 names in our universe.
Near-the-money options volume (23k) is 9680% 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 CCL
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $28 | −0.33 | $0.79 Nov 12 | $79.00 | $2,800 | 2.82% | 28.6% | $27.21 | 6,162 | 31 |
| 0.20Δ | $26 | −0.18 | $0.37 Nov 12 | $37.00 | $2,600 | 1.42% | 14.4% | $25.63 | 3,344 | 15 |
Snapshot #9332 · 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 | $27 | −0.29 | $1.04 Nov 12 | $104.00 | $2,700 | 3.85% | 22.0% | $25.96 | 8,726 | 7 |
| 0.20Δ | $26 | −0.22 | $0.77 Nov 12 | $77.00 | $2,600 | 2.96% | 16.9% | $25.23 | 4,547 | 1,182 |
Snapshot #9332 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on CCL
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $32 | 0.29 | $0.66 Nov 12 | $66.00 | 2.25% | 22.8% | 11.32% | 114.7% | 5,411 | 5,098 |
| 0.20Δ | $33 | 0.20 | $0.44 Nov 12 | $44.00 | 1.50% | 15.2% | 13.97% | 141.7% | 1,846 | 57 |
Snapshot #9332 · 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 | $33 | 0.29 | $0.96 Nov 12 | $96.00 | 3.27% | 18.7% | 15.75% | 89.8% | 740 | 5 |
| 0.20Δ | $35 | 0.18 | $0.51 Nov 12 | $51.00 | 1.74% | 9.9% | 21.03% | 119.9% | 14,336 | 12 |
Snapshot #9332 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
CCL volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 42.4%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 216,101 contractssession 2026-11-12
- Largest open-interest line
- $25 put · Jan 15 · 24,694
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #53 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 (34 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.