FSLR wheel: cash-secured put & covered-call yields
First Solar, Inc. · Technology · $172.97 close on Sep 28, 2026
What the Sep 28, 2026 close says about FSLR
At 53.9% implied volatility, the options market is pricing a one-standard-deviation move of about $27.61 (16.0%) in FSLR by Oct 30, 2026, 32 days out.
Selling the $160 put (−0.28Δ) for $5.50 means assignment would leave a cost basis of $154.50, 10.7% below the $172.97 close.
The 81-day 0.30Δ put pays 2.0× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.172 vs $0.137).
At 0.30Δ on the Oct 30 expiry the put yields 3.44% on its strike and the call 2.78% on spot: puts pay 1.2× what calls do on FSLR this session.
Moving down to the $155 put (−0.22Δ) buys 2.9% more room below spot and keeps 75% of the 0.30Δ premium.
Open interest in the stored window totals 8,660 contracts; the largest single line is the $240 call expiring Dec 18 with 1,188 (13.7% of the window).
By options volume FSLR ranks #233 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 FSLR
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $160 | −0.28 | $5.50 Sep 28 | $550.00 | $16,000 | 3.44% | 39.2% | $154.50 | 121 | 70 |
| 0.20Δ | $155 | −0.22 | $4.15 Sep 28 | $415.00 | $15,500 | 2.68% | 30.5% | $150.85 | 109 | 5 |
Snapshot #124 · session 2026-09-28 · captured 22:31 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 | $160 | −0.32 | $11.09 Sep 28 | $1,109.00 | $16,000 | 6.93% | 31.2% | $148.91 | 1,085 | 19 |
| 0.20Δ | $145 | −0.20 | $6.01 Sep 28 | $601.00 | $14,500 | 4.14% | 18.7% | $138.99 | 283 | 6 |
Snapshot #124 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on FSLR
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $195 | 0.27 | $4.80 Sep 28 | $480.00 | 2.78% | 31.7% | 15.51% | 176.9% | 13 | 1 |
| 0.20Δ | $205 | 0.19 | $3.10 Sep 28 | $310.00 | 1.79% | 20.4% | 20.31% | 231.7% | 25 | 5 |
Snapshot #124 · session 2026-09-28 · captured 22:31 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 | $210 | 0.29 | $8.00 Sep 28 | $800.00 | 4.63% | 20.8% | 26.03% | 117.3% | 160 | 3 |
| 0.20Δ | $230 | 0.19 | $4.20 Sep 28 | $420.00 | 2.43% | 10.9% | 35.40% | 159.5% | 623 | 94 |
Snapshot #124 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
FSLR volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 53.9%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 8,660 contractssession 2026-09-28
- Largest open-interest line
- $240 call · Dec 18 · 1,188
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #233 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.