CDNS wheel: cash-secured put & covered-call yields
Cadence Design Systems · Technology · $324.17 close on Sep 29, 2026
What the Sep 29, 2026 close says about CDNS
At 47.7% implied volatility, the options market is pricing a one-standard-deviation move of about $45.02 (13.9%) in CDNS by Oct 30, 2026, 31 days out.
Selling the $305 put (−0.31Δ) for $11.00 means assignment would leave a cost basis of $294.00, 9.3% below the $324.17 close.
The 80-day 0.30Δ put pays 1.5× the premium of the 31-day one for 2.6× the time — more premium per day on the 31-day contract ($0.355 vs $0.208).
At 0.30Δ on the Oct 30 expiry the put yields 3.61% on its strike and the call 2.18% on spot: puts pay 1.7× what calls do on CDNS this session.
Moving down to the $290 put (−0.20Δ) buys 4.6% more room below spot and keeps 55% of the 0.30Δ premium.
Open interest in the stored window totals 3,332 contracts; the largest single line is the $400 call expiring Dec 18 with 379 (11.4% of the window).
By options volume CDNS ranks #229 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 CDNS
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $305 | −0.31 | $11.00 Sep 29 | $1,100.00 | $30,500 | 3.61% | 42.5% | $294.00 | 3 | 2 |
| 0.20Δ | $290 | −0.20 | $6.00 Sep 29 | $600.00 | $29,000 | 2.07% | 24.4% | $284.00 | 7 | 3 |
Snapshot #343 · session 2026-09-29 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 31
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $300 | −0.31 | $16.65 Sep 29 | $1,665.00 | $30,000 | 5.55% | 25.3% | $283.35 | 358 | 1 |
| 0.20Δ | $280 | −0.21 | $9.50 Sep 29 | $950.00 | $28,000 | 3.39% | 15.5% | $270.50 | 63 | 5 |
Snapshot #343 · session 2026-09-29 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 80
Covered calls on CDNS
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $355 | 0.28 | $7.08 Sep 29 | $708.00 | 2.18% | 25.7% | 11.69% | 137.7% | 5 | 1 |
| 0.20Δ | $375 | 0.16 | $3.72 Sep 29 | $372.00 | 1.15% | 13.5% | 16.83% | 198.1% | 2 | 2 |
Snapshot #343 · session 2026-09-29 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 31
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $380 | 0.26 | $8.62 Sep 29 | $862.00 | 2.66% | 12.1% | 19.88% | 90.7% | 91 | 1 |
| 0.20Δ | $400 | 0.19 | $6.00 Sep 29 | $600.00 | 1.85% | 8.4% | 25.24% | 115.2% | 379 | 5 |
Snapshot #343 · session 2026-09-29 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 80
CDNS volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 47.7%session 2026-09-29
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 3,332 contractssession 2026-09-29
- Largest open-interest line
- $400 call · Dec 18 · 379
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #229 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 (2 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.