CRM wheel: cash-secured put & covered-call yields
Salesforce, Inc. · Technology · $227.27 close on Sep 28, 2026
What the Sep 28, 2026 close says about CRM
At 38.7% implied volatility, the options market is pricing a one-standard-deviation move of about $26.02 (11.4%) in CRM by Oct 30, 2026, 32 days out.
Selling the $215 put (−0.29Δ) for $4.90 means assignment would leave a cost basis of $210.10, 7.6% below the $227.27 close.
The 81-day 0.30Δ put pays 2.0× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.153 vs $0.120).
At 0.30Δ on the Oct 30 expiry the put yields 2.28% on its strike and the call 2.24% on spot: puts and calls pay within 10% of each other on CRM this session.
Moving down to the $210 put (−0.22Δ) buys 2.2% more room below spot and keeps 77% of the 0.30Δ premium.
Open interest in the stored window totals 39,678 contracts; the largest single line is the $250 call expiring Dec 18 with 5,261 (13.3% of the window).
By options volume CRM ranks #79 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 CRM
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $215 | −0.29 | $4.90 Sep 28 | $490.00 | $21,500 | 2.28% | 26.0% | $210.10 | 302 | 53 |
| 0.20Δ | $210 | −0.22 | $3.75 Sep 28 | $375.00 | $21,000 | 1.79% | 20.4% | $206.25 | 183 | 669 |
Snapshot #99 · 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 | $210 | −0.30 | $9.75 Sep 28 | $975.00 | $21,000 | 4.64% | 20.9% | $200.25 | 2,185 | 51 |
| 0.20Δ | $195 | −0.19 | $5.60 Sep 28 | $560.00 | $19,500 | 2.87% | 12.9% | $189.40 | 1,020 | 1 |
Snapshot #99 · session 2026-09-28 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on CRM
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $245 | 0.29 | $5.10 Sep 28 | $510.00 | 2.24% | 25.6% | 10.05% | 114.6% | 47 | 25 |
| 0.20Δ | $255 | 0.20 | $2.88 Sep 28 | $288.00 | 1.27% | 14.5% | 13.47% | 153.6% | 55 | 31 |
Snapshot #99 · 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 | $260 | 0.31 | $8.75 Sep 28 | $875.00 | 3.85% | 17.3% | 18.25% | 82.2% | 1,739 | 86 |
| 0.20Δ | $280 | 0.20 | $5.00 Sep 28 | $500.00 | 2.20% | 9.9% | 25.40% | 114.5% | 1,904 | 29 |
Snapshot #99 · session 2026-09-28 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
CRM volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 38.7%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 39,678 contractssession 2026-09-28
- Largest open-interest line
- $250 call · Dec 18 · 5,261
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #79 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.