CLS wheel: cash-secured put & covered-call yields
Celestica, Inc. · Technology · $356.53 close on Sep 28, 2026
What the Sep 28, 2026 close says about CLS
At 72.1% implied volatility, the options market is pricing a one-standard-deviation move of about $76.12 (21.3%) in CLS by Oct 30, 2026, 32 days out.
Selling the $325 put (−0.30Δ) for $15.60 means assignment would leave a cost basis of $309.40, 13.2% below the $356.53 close.
The 81-day 0.30Δ put pays 1.7× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.488 vs $0.337).
At 0.30Δ on the Oct 30 expiry the put yields 4.80% on its strike and the call 3.97% on spot: puts pay 1.2× what calls do on CLS this session.
Moving down to the $305 put (−0.20Δ) buys 5.6% more room below spot and keeps 62% of the 0.30Δ premium.
Open interest in the stored window totals 8,107 contracts; the largest single line is the $400 call expiring Dec 18 with 1,303 (16.1% of the window).
By options volume CLS ranks #216 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 CLS
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $325 | −0.30 | $15.60 Sep 28 | $1,560.00 | $32,500 | 4.80% | 54.8% | $309.40 | 17 | 9 |
| 0.20Δ | $305 | −0.20 | $9.70 Sep 28 | $970.00 | $30,500 | 3.18% | 36.3% | $295.30 | 7 | 12 |
Snapshot #88 · 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 | $320 | −0.30 | $27.29 Sep 28 | $2,729.00 | $32,000 | 8.53% | 38.4% | $292.71 | 289 | 1 |
| 0.20Δ | $290 | −0.21 | $15.95 Sep 28 | $1,595.00 | $29,000 | 5.50% | 24.8% | $274.05 | 124 | 1 |
Snapshot #88 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on CLS
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $410 | 0.31 | $14.15 Sep 28 | $1,415.00 | 3.97% | 45.3% | 18.97% | 216.3% | 45 | 3 |
| 0.20Δ | $450 | 0.19 | $7.40 Sep 28 | $740.00 | 2.08% | 23.7% | 28.29% | 322.7% | 17 | 2 |
Snapshot #88 · 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 | $450 | 0.29 | $17.80 Sep 28 | $1,780.00 | 4.99% | 22.5% | 31.21% | 140.6% | 997 | 781 |
| 0.20Δ | $490 | 0.21 | $11.11 Sep 28 | $1,111.00 | 3.12% | 14.0% | 40.55% | 182.7% | 124 | 2 |
Snapshot #88 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
CLS volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 72.1%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 8,107 contractssession 2026-09-28
- Largest open-interest line
- $400 call · Dec 18 · 1,303
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #216 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.