FTNT wheel: cash-secured put & covered-call yields
Fortinet, Inc. · Technology · $176.33 close on Sep 28, 2026
What the Sep 28, 2026 close says about FTNT
At 54.6% implied volatility, the options market is pricing a one-standard-deviation move of about $28.49 (16.2%) in FTNT by Oct 30, 2026, 32 days out.
Selling the $165 put (−0.29Δ) for $5.13 means assignment would leave a cost basis of $159.87, 9.3% below the $176.33 close.
Moving down to the $160 put (−0.22Δ) buys 2.8% more room below spot and keeps 79% of the 0.30Δ premium.
Open interest in the stored window totals 10,691 contracts; the largest single line is the $180 call expiring Dec 18 with 938 (8.8% of the window).
By options volume FTNT ranks #63 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 FTNT
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $165 | −0.29 | $5.13 Sep 28 | $513.00 | $16,500 | 3.11% | 35.5% | $159.87 | 28 | 10 |
| 0.20Δ | $160 | −0.22 | $4.03 Sep 28 | $403.00 | $16,000 | 2.52% | 28.7% | $155.97 | 58 | 18 |
Snapshot #125 · 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 | Unavailable1 | |||||||||
| 0.20Δ | $150 | −0.22 | $6.36 Sep 28 | $636.00 | $15,000 | 4.24% | 19.1% | $143.64 | 343 | 19 |
Snapshot #125 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on FTNT
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $205 | 0.20 | $2.82 Sep 28 | $282.00 | 1.60% | 18.2% | 17.86% | 203.7% | 34 | 14 |
Snapshot #125 · 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 | 0.30 | $5.65 Sep 28 | $565.00 | 3.20% | 14.4% | 22.30% | 100.5% | 673 | 2 |
| 0.20Δ | $230 | 0.19 | $4.24 Sep 28 | $424.00 | 2.40% | 10.8% | 32.84% | 148.0% | 79 | 3 |
Snapshot #125 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
FTNT volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 54.6%session 2026-09-28
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 10,691 contractssession 2026-09-28
- Largest open-interest line
- $180 call · Dec 18 · 938
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #63 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.
- No contract near 0.30Δ 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.