FANG wheel: cash-secured put & covered-call yields
Diamondback Energy, Inc. · Energy · $198.18 close on Oct 13, 2026
What the Oct 13, 2026 close says about FANG
At 36.5% implied volatility, the options market is pricing a one-standard-deviation move of about $23.34 (11.8%) in FANG by Nov 20, 2026, 38 days out.
Selling the $185 put (−0.26Δ) for $3.90 means assignment would leave a cost basis of $181.10, 8.6% below the $198.18 close.
At 0.30Δ on the Nov 20 expiry the put yields 2.11% on its strike and the call 2.22% on spot: puts and calls pay within 10% of each other on FANG this session.
Moving down to the $180 put (−0.19Δ) buys 2.5% more room below spot and keeps 71% of the 0.30Δ premium.
Open interest in the stored window totals 6,922 contracts; the largest single line is the $155 put expiring Dec 18 with 1,046 (15.1% of the window).
By options volume FANG ranks #162 of 572 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 FANG
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $185 | −0.26 | $3.90 Oct 13 | $390.00 | $18,500 | 2.11% | 20.2% | $181.10 | 57 | 37 |
| 0.20Δ | $180 | −0.19 | $2.75 Oct 13 | $275.00 | $18,000 | 1.53% | 14.7% | $177.25 | 65 | 13 |
Snapshot #3094 · session 2026-10-13 · captured 22:02 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 38
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $180 | −0.24 | $4.70 Oct 13 | $470.00 | $18,000 | 2.61% | 14.4% | $175.30 | 157 | 1 |
Snapshot #3094 · session 2026-10-13 · captured 22:02 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 66
Covered calls on FANG
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $210 | 0.32 | $4.40 Oct 13 | $440.00 | 2.22% | 21.3% | 8.18% | 78.6% | 490 | 46 |
| 0.20Δ | $220 | 0.19 | $2.25 Oct 13 | $225.00 | 1.14% | 10.9% | 12.15% | 116.7% | 232 | 49 |
Snapshot #3094 · session 2026-10-13 · captured 22:02 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 38
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $220 | 0.26 | $4.46 Oct 13 | $446.00 | 2.25% | 12.4% | 13.26% | 73.3% | 1,031 | 25 |
| 0.20Δ | $230 | 0.17 | $2.55 Oct 13 | $255.00 | 1.29% | 7.1% | 17.34% | 95.9% | 558 | 4 |
Snapshot #3094 · session 2026-10-13 · captured 22:02 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 66
FANG volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 36.5%session 2026-10-13
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Oct 12, 2026
- Open interest, stored window
- 6,922 contractssession 2026-10-13
- Largest open-interest line
- $155 put · Dec 18 · 1,046
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #162 of 572 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 (2 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.