COHR wheel: cash-secured put & covered-call yields
Coherent Corp. · Technology · $282.45 close on Sep 28, 2026
What the Sep 28, 2026 close says about COHR
At 69.6% implied volatility, the options market is pricing a one-standard-deviation move of about $58.21 (20.6%) in COHR by Oct 30, 2026, 32 days out.
Selling the $260 put (−0.30Δ) for $13.64 means assignment would leave a cost basis of $246.36, 12.8% below the $282.45 close.
The 81-day 0.30Δ put pays 1.6× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.426 vs $0.265).
At 0.30Δ on the Oct 30 expiry the put yields 5.25% on its strike and the call 3.10% on spot: puts pay 1.7× what calls do on COHR this session.
Moving down to the $245 put (−0.21Δ) buys 5.3% more room below spot and keeps 56% of the 0.30Δ premium.
Open interest in the stored window totals 7,593 contracts; the largest single line is the $230 put expiring Dec 18 with 1,642 (21.6% of the window).
By options volume COHR ranks #90 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 COHR
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $260 | −0.30 | $13.64 Sep 28 | $1,364.00 | $26,000 | 5.25% | 59.8% | $246.36 | 332 | 196 |
| 0.20Δ | $245 | −0.21 | $7.60 Sep 28 | $760.00 | $24,500 | 3.10% | 35.4% | $237.40 | 60 | 63 |
Snapshot #93 · session 2026-09-28 · captured 22:22 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 | $250 | −0.29 | $21.50 Sep 28 | $2,150.00 | $25,000 | 8.60% | 38.8% | $228.50 | 316 | 575 |
| 0.20Δ | $230 | −0.22 | $14.05 Sep 28 | $1,405.00 | $23,000 | 6.11% | 27.5% | $215.95 | 1,642 | 490 |
Snapshot #93 · session 2026-09-28 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on COHR
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $325 | 0.29 | $8.75 Sep 28 | $875.00 | 3.10% | 35.3% | 18.16% | 207.2% | 50 | 1 |
| 0.20Δ | $345 | 0.19 | $6.10 Sep 28 | $610.00 | 2.16% | 24.6% | 24.31% | 277.2% | 9 | 12 |
Snapshot #93 · session 2026-09-28 · captured 22:22 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 | $360 | 0.31 | $17.00 Sep 28 | $1,700.00 | 6.02% | 27.1% | 33.47% | 150.8% | 297 | 36 |
| 0.20Δ | $410 | 0.20 | $9.90 Sep 28 | $990.00 | 3.51% | 15.8% | 48.66% | 219.3% | 3 | 1 |
Snapshot #93 · session 2026-09-28 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
COHR volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 69.6%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 7,593 contractssession 2026-09-28
- Largest open-interest line
- $230 put · Dec 18 · 1,642
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #90 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.