FSLR wheel: cash-secured put & covered-call yields
First Solar, Inc. · Technology · $172.30 close on Nov 12, 2026
What the Nov 12, 2026 close says about FSLR
At 49.4% implied volatility, the options market is pricing a one-standard-deviation move of about $26.72 (15.5%) in FSLR by Dec 18, 2026, 36 days out.
Selling the $160 put (−0.28Δ) for $5.40 means assignment would leave a cost basis of $154.60, 10.3% below the $172.30 close.
The 64-day 0.30Δ put pays 1.4× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.150 vs $0.116).
At 0.30Δ on the Dec 18 expiry the put yields 3.38% on its strike and the call 2.77% 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 72% of the 0.30Δ premium.
Open interest in the stored window totals 72,327 contracts; the largest single line is the $140 put expiring Jan 15 with 9,874 (13.7% of the window).
By options volume FSLR ranks #42 of 679 names in our universe.
Near-the-money options volume (579) is 501% 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 FSLR
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $160 | −0.28 | $5.40 Nov 12 | $540.00 | $16,000 | 3.38% | 34.2% | $154.60 | 1,135 | 118 |
| 0.20Δ | $155 | −0.22 | $3.90 Nov 12 | $390.00 | $15,500 | 2.52% | 25.5% | $151.10 | 298 | 81 |
Snapshot #9378 · session 2026-11-12 · captured 22:10 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 | $160 | −0.31 | $7.45 Nov 12 | $745.00 | $16,000 | 4.66% | 26.6% | $152.55 | 5,239 | 13 |
| 0.20Δ | $150 | −0.21 | $4.90 Nov 12 | $490.00 | $15,000 | 3.27% | 18.6% | $145.10 | 9,789 | 8 |
Snapshot #9378 · session 2026-11-12 · captured 22:10 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on FSLR
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $190 | 0.31 | $4.78 Nov 12 | $478.00 | 2.77% | 28.1% | 13.05% | 132.3% | 489 | 28 |
| 0.20Δ | $200 | 0.21 | $3.00 Nov 12 | $300.00 | 1.74% | 17.7% | 17.82% | 180.7% | 2,429 | 277 |
Snapshot #9378 · session 2026-11-12 · captured 22:10 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 | $200 | 0.28 | $5.45 Nov 12 | $545.00 | 3.16% | 18.0% | 19.24% | 109.7% | 1,829 | 303 |
| 0.20Δ | $210 | 0.21 | $3.82 Nov 12 | $382.00 | 2.22% | 12.6% | 24.10% | 137.4% | 4,737 | 109 |
Snapshot #9378 · session 2026-11-12 · captured 22:10 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
FSLR volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 49.4%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 72,327 contractssession 2026-11-12
- Largest open-interest line
- $140 put · Jan 15 · 9,874
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #42 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.