CVNA wheel: cash-secured put & covered-call yields
Carvana Co. · Consumer discretionary · $70.84 close on Nov 12, 2026
What the Nov 12, 2026 close says about CVNA
At 55.9% implied volatility, the options market is pricing a one-standard-deviation move of about $12.44 (17.6%) in CVNA by Dec 18, 2026, 36 days out.
Selling the $64 put (−0.25Δ) for $2.24 means assignment would leave a cost basis of $61.76, 12.8% below the $70.84 close.
The 64-day 0.30Δ put pays 1.5× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.062 vs $0.051).
At 0.30Δ on the Dec 18 expiry the put yields 3.50% on its strike and the call 3.06% on spot: puts pay 1.1× what calls do on CVNA this session.
Moving down to the $62 put (−0.20Δ) buys 2.8% more room below spot and keeps 76% of the 0.30Δ premium.
Open interest in the stored window totals 152,818 contracts; the largest single line is the $80 call expiring Jan 15 with 20,821 (13.6% of the window).
By options volume CVNA ranks #289 of 679 names in our universe.
Near-the-money options volume (1.5k) is 1025% 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 CVNA
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $64 | −0.25 | $2.24 Nov 12 | $224.00 | $6,400 | 3.50% | 35.5% | $61.76 | 1,281 | 6 |
| 0.20Δ | $62 | −0.20 | $1.71 Nov 12 | $171.00 | $6,200 | 2.76% | 28.0% | $60.29 | 991 | 7 |
Snapshot #9350 · 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 | $65 | −0.30 | $3.25 Nov 12 | $325.00 | $6,500 | 5.00% | 28.5% | $61.75 | 1,778 | 15 |
| 0.20Δ | $60 | −0.20 | $2.20 Nov 12 | $220.00 | $6,000 | 3.67% | 20.9% | $57.80 | 11,948 | 14 |
Snapshot #9350 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on CVNA
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $78 | 0.31 | $2.17 Nov 12 | $217.00 | 3.06% | 31.1% | 13.17% | 133.5% | 3,578 | 212 |
| 0.20Δ | $82 | 0.21 | $1.16 Nov 12 | $116.00 | 1.64% | 16.6% | 17.39% | 176.3% | 3,075 | 11 |
Snapshot #9350 · 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 | $82 | 0.29 | $2.71 Nov 12 | $271.00 | 3.83% | 21.8% | 19.58% | 111.7% | 2,889 | 3 |
| 0.20Δ | $90 | 0.17 | $1.20 Nov 12 | $120.00 | 1.69% | 9.7% | 28.74% | 163.9% | 8,369 | 5 |
Snapshot #9350 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
CVNA volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 55.9%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 152,818 contractssession 2026-11-12
- Largest open-interest line
- $80 call · Jan 15 · 20,821
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #289 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 (29 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.