CRM wheel: cash-secured put & covered-call yields
Salesforce, Inc. · Technology · $217.57 close on Nov 12, 2026
What the Nov 12, 2026 close says about CRM
At 52.8% implied volatility, the options market is pricing a one-standard-deviation move of about $36.05 (16.6%) in CRM by Dec 18, 2026, 36 days out.
Selling the $200 put (−0.28Δ) for $6.91 means assignment would leave a cost basis of $193.09, 11.3% below the $217.57 close.
The 64-day 0.30Δ put pays 1.3× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.192 vs $0.138).
At 0.30Δ on the Dec 18 expiry the put yields 3.45% on its strike and the call 2.85% on spot: puts pay 1.2× what calls do on CRM this session.
Moving down to the $190 put (−0.19Δ) buys 4.6% more room below spot and keeps 62% of the 0.30Δ premium.
Open interest in the stored window totals 123,556 contracts; the largest single line is the $200 put expiring Jan 15 with 12,221 (9.9% of the window).
By options volume CRM ranks #308 of 679 names in our universe.
Near-the-money options volume (1.5k) is 785% 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 CRM
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $200 | −0.28 | $6.91 Nov 12 | $691.00 | $20,000 | 3.45% | 35.0% | $193.09 | 3,577 | 390 |
| 0.20Δ | $190 | −0.19 | $4.30 Nov 12 | $430.00 | $19,000 | 2.26% | 22.9% | $185.70 | 2,843 | 124 |
Snapshot #9346 · 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 | $200 | −0.30 | $8.85 Nov 12 | $885.00 | $20,000 | 4.42% | 25.2% | $191.15 | 12,221 | 7 |
| 0.20Δ | $190 | −0.21 | $6.01 Nov 12 | $601.00 | $19,000 | 3.16% | 18.0% | $183.99 | 3,852 | 26 |
Snapshot #9346 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on CRM
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $240 | 0.31 | $6.20 Nov 12 | $620.00 | 2.85% | 28.9% | 13.16% | 133.4% | 3,528 | 307 |
| 0.20Δ | $250 | 0.22 | $4.10 Nov 12 | $410.00 | 1.88% | 19.1% | 16.79% | 170.2% | 6,518 | 155 |
Snapshot #9346 · 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 | $250 | 0.27 | $6.26 Nov 12 | $626.00 | 2.88% | 16.4% | 17.78% | 101.4% | 4,638 | 33 |
| 0.20Δ | $260 | 0.21 | $4.50 Nov 12 | $450.00 | 2.07% | 11.8% | 21.57% | 123.0% | 9,670 | 76 |
Snapshot #9346 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
CRM volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 52.8%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 123,556 contractssession 2026-11-12
- Largest open-interest line
- $200 put · Jan 15 · 12,221
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #308 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.