COHR wheel: cash-secured put & covered-call yields
Coherent Corp. · Technology · $232.08 close on Nov 12, 2026
What the Nov 12, 2026 close says about COHR
At 83.5% implied volatility, the options market is pricing a one-standard-deviation move of about $60.85 (26.2%) in COHR by Dec 18, 2026, 36 days out.
Selling the $210 put (−0.29Δ) for $12.81 means assignment would leave a cost basis of $197.19, 15.0% below the $232.08 close.
The 64-day 0.30Δ put pays 1.4× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.356 vs $0.273).
At 0.30Δ on the Dec 18 expiry the put yields 6.10% on its strike and the call 3.79% on spot: puts pay 1.6× what calls do on COHR this session.
Moving down to the $195 put (−0.21Δ) buys 6.5% more room below spot and keeps 63% of the 0.30Δ premium.
Open interest in the stored window totals 56,673 contracts; the largest single line is the $200 put expiring Jan 15 with 3,513 (6.2% of the window).
By options volume COHR ranks #275 of 679 names in our universe.
Near-the-money options volume (2.0k) is 514% 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 COHR
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $210 | −0.29 | $12.81 Nov 12 | $1,281.00 | $21,000 | 6.10% | 61.8% | $197.19 | 1,876 | 136 |
| 0.20Δ | $195 | −0.21 | $8.10 Nov 12 | $810.00 | $19,500 | 4.15% | 42.1% | $186.90 | 122 | 3 |
Snapshot #9340 · 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 | $210 | −0.31 | $17.49 Nov 12 | $1,749.00 | $21,000 | 8.33% | 47.5% | $192.51 | 1,421 | 27 |
| 0.20Δ | $190 | −0.21 | $11.50 Nov 12 | $1,150.00 | $19,000 | 6.05% | 34.5% | $178.50 | 1,805 | 117 |
Snapshot #9340 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on COHR
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $280 | 0.28 | $8.80 Nov 12 | $880.00 | 3.79% | 38.4% | 24.44% | 247.8% | 351 | 134 |
| 0.20Δ | $300 | 0.19 | $5.60 Nov 12 | $560.00 | 2.41% | 24.5% | 31.68% | 321.2% | 917 | 5,300 |
Snapshot #9340 · 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 | $290 | 0.31 | $10.50 Nov 12 | $1,050.00 | 4.52% | 25.8% | 29.48% | 168.1% | 1,006 | 3 |
| 0.20Δ | $320 | 0.21 | $7.47 Nov 12 | $747.00 | 3.22% | 18.4% | 41.10% | 234.4% | 709 | 17 |
Snapshot #9340 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
COHR volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 83.5%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 56,673 contractssession 2026-11-12
- Largest open-interest line
- $200 put · Jan 15 · 3,513
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #275 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.