CRWD wheel: cash-secured put & covered-call yields
CrowdStrike Holdings, Inc. Class A Common Stock · Technology · $259.25 close on Sep 28, 2026
What the Sep 28, 2026 close says about CRWD
At 54.5% implied volatility, the options market is pricing a one-standard-deviation move of about $41.84 (16.1%) in CRWD by Oct 30, 2026, 32 days out.
Selling the $240 put (−0.28Δ) for $8.25 means assignment would leave a cost basis of $231.75, 10.6% below the $259.25 close.
The 81-day 0.30Δ put pays 2.1× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.258 vs $0.211).
At 0.30Δ on the Oct 30 expiry the put yields 3.44% on its strike and the call 3.24% on spot: puts and calls pay within 10% of each other on CRWD this session.
Moving down to the $230 put (−0.20Δ) buys 3.9% more room below spot and keeps 65% of the 0.30Δ premium.
Open interest in the stored window totals 51,189 contracts; the largest single line is the $205 put expiring Dec 18 with 4,399 (8.6% of the window).
By options volume CRWD ranks #101 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 CRWD
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $240 | −0.28 | $8.25 Sep 28 | $825.00 | $24,000 | 3.44% | 39.2% | $231.75 | 865 | 162 |
| 0.20Δ | $230 | −0.20 | $5.35 Sep 28 | $535.00 | $23,000 | 2.33% | 26.5% | $224.65 | 342 | 242 |
Snapshot #100 · 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 | $235 | −0.30 | $17.07 Sep 28 | $1,707.00 | $23,500 | 7.26% | 32.7% | $217.93 | 392 | 3 |
| 0.20Δ | $215 | −0.20 | $10.07 Sep 28 | $1,007.00 | $21,500 | 4.68% | 21.1% | $204.93 | 283 | 9 |
Snapshot #100 · session 2026-09-28 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on CRWD
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $285 | 0.31 | $8.41 Sep 28 | $841.00 | 3.24% | 37.0% | 13.18% | 150.3% | 156 | 20 |
| 0.20Δ | $305 | 0.21 | $4.35 Sep 28 | $435.00 | 1.68% | 19.1% | 19.32% | 220.4% | 13 | 6 |
Snapshot #100 · 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 | $320 | 0.28 | $11.97 Sep 28 | $1,197.00 | 4.62% | 20.8% | 28.05% | 126.4% | 706 | 11 |
| 0.20Δ | $350 | 0.19 | $7.25 Sep 28 | $725.00 | 2.80% | 12.6% | 37.80% | 170.3% | 431 | 92 |
Snapshot #100 · session 2026-09-28 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
CRWD volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 54.5%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 51,189 contractssession 2026-09-28
- Largest open-interest line
- $205 put · Dec 18 · 4,399
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #101 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.