DELL wheel: cash-secured put & covered-call yields
Dell Technologies Inc. · Technology · $371.17 close on Nov 12, 2026
What the Nov 12, 2026 close says about DELL
At 86.6% implied volatility, the options market is pricing a one-standard-deviation move of about $100.95 (27.2%) in DELL by Dec 18, 2026, 36 days out.
Selling the $340 put (−0.31Δ) for $24.75 means assignment would leave a cost basis of $315.25, 15.1% below the $371.17 close.
The 64-day 0.30Δ put pays 1.1× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.688 vs $0.417).
At 0.30Δ on the Dec 18 expiry the put yields 7.28% on its strike and the call 4.33% on spot: puts pay 1.7× what calls do on DELL this session.
Moving down to the $310 put (−0.21Δ) buys 8.1% more room below spot and keeps 59% of the 0.30Δ premium.
Open interest in the stored window totals 70,539 contracts; the largest single line is the $250 put expiring Jan 15 with 4,802 (6.8% of the window).
By options volume DELL ranks #218 of 679 names in our universe.
Near-the-money options volume (1.2k) is 413% 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 DELL
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $340 | −0.31 | $24.75 Nov 12 | $2,475.00 | $34,000 | 7.28% | 73.8% | $315.25 | 1,028 | 35 |
| 0.20Δ | $310 | −0.21 | $14.60 Nov 12 | $1,460.00 | $31,000 | 4.71% | 47.8% | $295.40 | 813 | 349 |
Snapshot #9354 · 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 | $330 | −0.29 | $26.68 Nov 12 | $2,668.00 | $33,000 | 8.08% | 46.1% | $303.32 | 763 | 20 |
| 0.20Δ | $300 | −0.20 | $16.10 Nov 12 | $1,610.00 | $30,000 | 5.37% | 30.6% | $283.90 | 1,598 | 115 |
Snapshot #9354 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on DELL
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $440 | 0.30 | $16.06 Nov 12 | $1,606.00 | 4.33% | 43.9% | 22.87% | 231.9% | 651 | 80 |
| 0.20Δ | $480 | 0.20 | $9.55 Nov 12 | $955.00 | 2.57% | 26.1% | 31.89% | 323.4% | 287 | 41 |
Snapshot #9354 · 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 | $460 | 0.31 | $21.59 Nov 12 | $2,159.00 | 5.82% | 33.2% | 29.75% | 169.7% | 774 | 3 |
| 0.20Δ | $510 | 0.20 | $11.26 Nov 12 | $1,126.00 | 3.03% | 17.3% | 40.44% | 230.6% | 200 | 7 |
Snapshot #9354 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
DELL volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 86.6%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 70,539 contractssession 2026-11-12
- Largest open-interest line
- $250 put · Jan 15 · 4,802
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #218 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 (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.