CSCO wheel: cash-secured put & covered-call yields
Cisco Systems, Inc. Common Stock (DE) · Technology · $106.74 close on Sep 28, 2026
What the Sep 28, 2026 close says about CSCO
At 33.9% implied volatility, the options market is pricing a one-standard-deviation move of about $10.70 (10.0%) in CSCO by Oct 30, 2026, 32 days out.
Selling the $102 put (−0.28Δ) for $1.79 means assignment would leave a cost basis of $100.21, 6.1% below the $106.74 close.
The 81-day 0.30Δ put pays 2.4× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.056 vs $0.053).
At 0.30Δ on the Oct 30 expiry the put yields 1.75% on its strike and the call 1.45% on spot: puts pay 1.2× what calls do on CSCO this session.
Moving down to the $99 put (−0.18Δ) buys 2.8% more room below spot and keeps 58% of the 0.30Δ premium.
Open interest in the stored window totals 51,915 contracts; the largest single line is the $80 put expiring Dec 18 with 8,740 (16.8% of the window).
CSCO goes ex-dividend on Oct 2, 2026 ($0.42 declared), inside the Oct 30 covered-call window. A short call that is in the money before an ex-date can be assigned early.
By options volume CSCO ranks #78 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 CSCO
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $102 | −0.28 | $1.79 Sep 28 | $179.00 | $10,200 | 1.75% | 20.0% | $100.21 | 25 | 3 |
| 0.20Δ | $99 | −0.18 | $1.03 Sep 28 | $103.00 | $9,900 | 1.04% | 11.9% | $97.97 | 48 | 18 |
Snapshot #102 · 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 | $100 | −0.31 | $4.30 Sep 28 | $430.00 | $10,000 | 4.30% | 19.4% | $95.70 | 4,503 | 22 |
| 0.20Δ | $92.50 | −0.18 | $2.16 Sep 28 | $216.00 | $9,250 | 2.34% | 10.5% | $90.34 | 1,705 | 47 |
Snapshot #102 · session 2026-09-28 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on CSCO
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $113 | 0.28 | $1.55 Sep 28 | $155.00 | 1.45% | 16.6% | 7.32% | 83.5% | 41 | 9 |
| 0.20Δ | $115 | 0.19 | $1.05 Sep 28 | $105.00 | 0.98% | 11.2% | 8.72% | 99.5% | 130 | 9 |
Snapshot #102 · 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 | $120 | 0.28 | $3.05 Sep 28 | $305.00 | 2.86% | 12.9% | 15.28% | 68.9% | 3,518 | 67 |
| 0.20Δ | $125 | 0.21 | $2.19 Sep 28 | $219.00 | 2.05% | 9.2% | 19.16% | 86.3% | 2,184 | 31 |
Snapshot #102 · session 2026-09-28 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
CSCO volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 33.9%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- Ex-div Oct 2, 2026 · $0.42 declaredchecked Sep 28, 2026
- Open interest, stored window
- 51,915 contractssession 2026-09-28
- Largest open-interest line
- $80 put · Dec 18 · 8,740
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #78 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.