CSCO wheel: cash-secured put & covered-call yields
Cisco Systems, Inc. Common Stock (DE) · Technology · $102.01 close on Nov 12, 2026
What the Nov 12, 2026 close says about CSCO
At 51.5% implied volatility, the options market is pricing a one-standard-deviation move of about $16.49 (16.2%) in CSCO by Dec 18, 2026, 36 days out.
Selling the $97.50 put (−0.32Δ) for $3.85 means assignment would leave a cost basis of $93.65, 8.2% below the $102.01 close.
The 64-day 0.30Δ put pays 1.0× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.107 vs $0.061).
Moving down to the $92.50 put (−0.22Δ) buys 4.9% more room below spot and keeps 58% of the 0.30Δ premium.
Open interest in the stored window totals 162,675 contracts; the largest single line is the $80 put expiring Jan 15 with 10,393 (6.4% of the window).
By options volume CSCO ranks #136 of 679 names in our universe.
Near-the-money options volume (18k) is 3680% 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 CSCO
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $97.50 | −0.32 | $3.85 Nov 12 | $385.00 | $9,750 | 3.95% | 40.0% | $93.65 | 3,367 | 275 |
| 0.20Δ | $92.50 | −0.22 | $2.23 Nov 12 | $223.00 | $9,250 | 2.41% | 24.4% | $90.27 | 4,474 | 346 |
Snapshot #9349 · 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 | $95 | −0.28 | $3.89 Nov 12 | $389.00 | $9,500 | 4.09% | 23.4% | $91.11 | 4,150 | 358 |
| 0.20Δ | $90 | −0.19 | $2.35 Nov 12 | $235.00 | $9,000 | 2.61% | 14.9% | $87.65 | 2,803 | 185 |
Snapshot #9349 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on CSCO
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $115 | 0.24 | $1.78 Nov 12 | $178.00 | 1.74% | 17.7% | 14.48% | 146.8% | 6,127 | 510 |
Snapshot #9349 · 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 | $115 | 0.27 | $2.41 Nov 12 | $241.00 | 2.36% | 13.5% | 15.10% | 86.1% | 9,213 | 211 |
| 0.20Δ | $120 | 0.19 | $1.52 Nov 12 | $152.00 | 1.49% | 8.5% | 19.13% | 109.1% | 9,859 | 469 |
Snapshot #9349 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
CSCO volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 51.5%session 2026-11-12
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 162,675 contractssession 2026-11-12
- Largest open-interest line
- $80 put · Jan 15 · 10,393
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #136 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.
- No contract near 0.30Δ traded this session
- 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.