DELL wheel: cash-secured put & covered-call yields
Dell Technologies Inc. · Technology · $543.43 close on Sep 28, 2026
What the Sep 28, 2026 close says about DELL
At 60.8% implied volatility, the options market is pricing a one-standard-deviation move of about $97.84 (18.0%) in DELL by Oct 30, 2026, 32 days out.
Selling the $505 put (−0.31Δ) for $20.80 means assignment would leave a cost basis of $484.20, 10.9% below the $543.43 close.
The 81-day 0.30Δ put pays 1.9× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.650 vs $0.478).
At 0.30Δ on the Oct 30 expiry the put yields 4.12% on its strike and the call 3.50% on spot: puts pay 1.2× what calls do on DELL this session.
Moving down to the $475 put (−0.20Δ) buys 5.5% more room below spot and keeps 55% of the 0.30Δ premium.
Open interest in the stored window totals 27,229 contracts; the largest single line is the $500 put expiring Dec 18 with 2,863 (10.5% of the window).
DELL goes ex-dividend on Oct 20, 2026 ($0.63 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 DELL ranks #112 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 DELL
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $505 | −0.31 | $20.80 Sep 28 | $2,080.00 | $50,500 | 4.12% | 47.0% | $484.20 | 44 | 25 |
| 0.20Δ | $475 | −0.20 | $11.48 Sep 28 | $1,148.00 | $47,500 | 2.42% | 27.6% | $463.52 | 74 | 12 |
Snapshot #108 · session 2026-09-28 · captured 22:30 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 | $490 | −0.31 | $38.68 Sep 28 | $3,868.00 | $49,000 | 7.89% | 35.6% | $451.32 | 123 | 2 |
| 0.20Δ | $440 | −0.20 | $21.30 Sep 28 | $2,130.00 | $44,000 | 4.84% | 21.8% | $418.70 | 598 | 26 |
Snapshot #108 · session 2026-09-28 · captured 22:30 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on DELL
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $600 | 0.32 | $19.00 Sep 28 | $1,900.00 | 3.50% | 39.9% | 13.91% | 158.6% | 175 | 112 |
| 0.20Δ | $640 | 0.21 | $10.80 Sep 28 | $1,080.00 | 1.99% | 22.7% | 19.76% | 225.4% | 90 | 19 |
Snapshot #108 · session 2026-09-28 · captured 22:30 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 | $680 | 0.29 | $28.26 Sep 28 | $2,826.00 | 5.20% | 23.4% | 30.33% | 136.7% | 223 | 16 |
| 0.20Δ | $770 | 0.18 | $15.00 Sep 28 | $1,500.00 | 2.76% | 12.4% | 44.45% | 200.3% | 1,049 | 14 |
Snapshot #108 · session 2026-09-28 · captured 22:30 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
DELL volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 60.8%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- Ex-div Oct 20, 2026 · $0.63 declaredchecked Sep 28, 2026
- Open interest, stored window
- 27,229 contractssession 2026-09-28
- Largest open-interest line
- $500 put · Dec 18 · 2,863
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #112 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.