DKNG wheel: cash-secured put & covered-call yields
DraftKings Inc. Class A Common Stock · Consumer discretionary · $19.60 close on Oct 5, 2026
What the Oct 5, 2026 close says about DKNG
At 71.4% implied volatility, the options market is pricing a one-standard-deviation move of about $4.14 (21.1%) in DKNG by Nov 6, 2026, 32 days out.
Selling the $18 put (−0.30Δ) for $0.89 means assignment would leave a cost basis of $17.11, 12.7% below the $19.60 close.
The 74-day 0.30Δ put pays 1.4× the premium of the 32-day one for 2.3× the time — more premium per day on the 32-day contract ($0.028 vs $0.017).
At 0.30Δ on the Nov 6 expiry the put yields 4.94% on its strike and the call 4.90% on spot: puts and calls pay within 10% of each other on DKNG this session.
Moving down to the $17 put (−0.20Δ) buys 5.1% more room below spot and keeps 57% of the 0.30Δ premium.
Open interest in the stored window totals 12,038 contracts; the largest single line is the $25 call expiring Dec 18 with 5,266 (43.7% of the window).
By options volume DKNG ranks #196 of 514 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 DKNG
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $18 | −0.30 | $0.89 Oct 5 | $89.00 | $1,800 | 4.94% | 56.4% | $17.11 | 12 | 39 |
| 0.20Δ | $17 | −0.20 | $0.51 Oct 5 | $51.00 | $1,700 | 3.00% | 34.2% | $16.49 | 15 | 82 |
Snapshot #1378 · session 2026-10-05 · captured 22:12 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 | $17.50 | −0.28 | $1.25 Oct 5 | $125.00 | $1,750 | 7.14% | 35.2% | $16.25 | 500 | 31 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #1378 · session 2026-10-05 · captured 22:12 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 74
Covered calls on DKNG
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $22 | 0.31 | $0.96 Oct 5 | $96.00 | 4.90% | 55.9% | 17.14% | 195.5% | 39 | 10 |
| 0.20Δ | $24 | 0.20 | $0.40 Oct 5 | $40.00 | 2.04% | 23.3% | 24.49% | 279.3% | 122 | 143 |
Snapshot #1378 · session 2026-10-05 · captured 22:12 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 | $25 | 0.26 | $0.82 Oct 5 | $82.00 | 4.18% | 20.6% | 31.73% | 156.5% | 5,266 | 214 |
| 0.20Δ | $28 | 0.15 | $0.42 Oct 5 | $42.00 | 2.14% | 10.6% | 45.00% | 222.0% | 1,484 | 35 |
Snapshot #1378 · session 2026-10-05 · captured 22:12 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 74
DKNG volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 71.4%session 2026-10-05
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Oct 5, 2026
- Open interest, stored window
- 12,038 contractssession 2026-10-05
- Largest open-interest line
- $25 call · Dec 18 · 5,266
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #196 of 514 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 0.20Δ traded this session
- 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.