CIEN wheel: cash-secured put & covered-call yields
Ciena Corporation · Technology · $284.34 close on Nov 2, 2026
What the Nov 2, 2026 close says about CIEN
At 89.8% implied volatility, the options market is pricing a one-standard-deviation move of about $75.59 (26.6%) in CIEN by Dec 4, 2026, 32 days out.
Selling the $260 put (−0.30Δ) for $16.00 means assignment would leave a cost basis of $244.00, 14.2% below the $284.34 close.
The 74-day 0.30Δ put pays 1.8× the premium of the 32-day one for 2.3× the time — more premium per day on the 32-day contract ($0.500 vs $0.381).
At 0.30Δ on the Dec 4 expiry the put yields 6.15% on its strike and the call 6.02% on spot: puts and calls pay within 10% of each other on CIEN this session.
Moving down to the $250 put (−0.24Δ) buys 3.5% more room below spot and keeps 52% of the 0.30Δ premium.
Open interest in the stored window totals 5,182 contracts; the largest single line is the $400 call expiring Jan 15 with 1,016 (19.6% of the window).
By options volume CIEN ranks #192 of 661 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 CIEN
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $260 | −0.30 | $16.00 Nov 2 | $1,600.00 | $26,000 | 6.15% | 70.2% | $244.00 | 3 | 200 |
| 0.20Δ | $250 | −0.24 | $8.35 Nov 2 | $835.00 | $25,000 | 3.34% | 38.1% | $241.65 | 1 | 5 |
Snapshot #7009 · session 2026-11-02 · captured 22:11 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 | $260 | −0.32 | $28.20 Nov 2 | $2,820.00 | $26,000 | 10.85% | 53.5% | $231.80 | 150 | 31 |
| 0.20Δ | $220 | −0.18 | $13.05 Nov 2 | $1,305.00 | $22,000 | 5.93% | 29.3% | $206.95 | 553 | 153 |
Snapshot #7009 · session 2026-11-02 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 74
Covered calls on CIEN
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $345 | 0.26 | $17.12 Nov 2 | $1,712.00 | 6.02% | 68.7% | 27.35% | 312.0% | 1 | 3 |
| 0.20Δ | $375 | 0.20 | $10.50 Nov 2 | $1,050.00 | 3.69% | 42.1% | 35.58% | 405.8% | 0 | 34 |
Snapshot #7009 · session 2026-11-02 · captured 22:11 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 | $370 | 0.30 | $17.30 Nov 2 | $1,730.00 | 6.08% | 30.0% | 36.21% | 178.6% | 111 | 5 |
| 0.20Δ | $420 | 0.21 | $9.95 Nov 2 | $995.00 | 3.50% | 17.3% | 51.21% | 252.6% | 120 | 1 |
Snapshot #7009 · session 2026-11-02 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 74
CIEN volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 89.8%session 2026-11-02
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 2, 2026
- Open interest, stored window
- 5,182 contractssession 2026-11-02
- Largest open-interest line
- $400 call · Jan 15 · 1,016
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #192 of 661 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.