GLW wheel: cash-secured put & covered-call yields
Corning Incorporated · Materials · $119.50 close on Nov 12, 2026
What the Nov 12, 2026 close says about GLW
At 64.0% implied volatility, the options market is pricing a one-standard-deviation move of about $24.00 (20.1%) in GLW by Dec 18, 2026, 36 days out.
Selling the $110 put (−0.29Δ) for $5.00 means assignment would leave a cost basis of $105.00, 12.1% below the $119.50 close.
The 64-day 0.30Δ put pays 1.5× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.139 vs $0.114).
At 0.30Δ on the Dec 18 expiry the put yields 4.55% on its strike and the call 3.05% on spot: puts pay 1.5× what calls do on GLW this session.
Moving down to the $105 put (−0.22Δ) buys 4.2% more room below spot and keeps 72% of the 0.30Δ premium.
Open interest in the stored window totals 84,414 contracts; the largest single line is the $105 put expiring Dec 18 with 6,981 (8.3% of the window).
GLW goes ex-dividend on Nov 13, 2026 ($0.28 declared), inside the Dec 18 covered-call window. A short call that is in the money before an ex-date can be assigned early.
By options volume GLW ranks #173 of 679 names in our universe.
Near-the-money options volume (1.1k) is 213% 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 GLW
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $110 | −0.29 | $5.00 Nov 12 | $500.00 | $11,000 | 4.55% | 46.1% | $105.00 | 4,955 | 92 |
| 0.20Δ | $105 | −0.22 | $3.58 Nov 12 | $358.00 | $10,500 | 3.41% | 34.6% | $101.42 | 6,981 | 171 |
Snapshot #9383 · 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 | $110 | −0.31 | $7.30 Nov 12 | $730.00 | $11,000 | 6.64% | 37.8% | $102.70 | 4,937 | 40 |
| 0.20Δ | $100 | −0.20 | $4.05 Nov 12 | $405.00 | $10,000 | 4.05% | 23.1% | $95.95 | 2,273 | 46 |
Snapshot #9383 · session 2026-11-12 · captured 22:10 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on GLW
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $135 | 0.30 | $3.64 Nov 12 | $364.00 | 3.05% | 30.9% | 16.02% | 162.4% | 1,785 | 17 |
| 0.20Δ | $145 | 0.18 | $1.88 Nov 12 | $188.00 | 1.57% | 16.0% | 22.91% | 232.3% | 1,285 | 53 |
Snapshot #9383 · 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 | $140 | 0.31 | $4.92 Nov 12 | $492.00 | 4.12% | 23.5% | 21.27% | 121.3% | 1,280 | 143 |
| 0.20Δ | $150 | 0.21 | $3.05 Nov 12 | $305.00 | 2.55% | 14.6% | 28.08% | 160.1% | 2,584 | 113 |
Snapshot #9383 · session 2026-11-12 · captured 22:10 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
GLW volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 64.0%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- Ex-div Nov 13, 2026 · $0.28 declaredchecked Nov 9, 2026
- Open interest, stored window
- 84,414 contractssession 2026-11-12
- Largest open-interest line
- $105 put · Dec 18 · 6,981
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #173 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.