GLW wheel: cash-secured put & covered-call yields
Corning Incorporated · Materials · $151.59 close on Sep 28, 2026
What the Sep 28, 2026 close says about GLW
At 59.8% implied volatility, the options market is pricing a one-standard-deviation move of about $26.82 (17.7%) in GLW by Oct 30, 2026, 32 days out.
Selling the $140 put (−0.30Δ) for $5.65 means assignment would leave a cost basis of $134.35, 11.4% below the $151.59 close.
The 81-day 0.30Δ put pays 1.4× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.177 vs $0.100).
At 0.30Δ on the Oct 30 expiry the put yields 4.04% on its strike and the call 3.40% on spot: puts pay 1.2× what calls do on GLW this session.
Moving down to the $130 put (−0.17Δ) buys 6.6% more room below spot and keeps 50% of the 0.30Δ premium.
Open interest in the stored window totals 33,298 contracts; the largest single line is the $120 put expiring Dec 18 with 3,556 (10.7% of the window).
By options volume GLW ranks #140 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 GLW
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $140 | −0.30 | $5.65 Sep 28 | $565.00 | $14,000 | 4.04% | 46.0% | $134.35 | 456 | 101 |
| 0.20Δ | $130 | −0.17 | $2.81 Sep 28 | $281.00 | $13,000 | 2.16% | 24.7% | $127.19 | 391 | 97 |
Snapshot #133 · 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 | $135 | −0.28 | $8.10 Sep 28 | $810.00 | $13,500 | 6.00% | 27.0% | $126.90 | 603 | 2 |
| 0.20Δ | $125 | −0.20 | $5.00 Sep 28 | $500.00 | $12,500 | 4.00% | 18.0% | $120.00 | 1,432 | 9 |
Snapshot #133 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on GLW
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $170 | 0.30 | $5.15 Sep 28 | $515.00 | 3.40% | 38.8% | 15.54% | 177.3% | 162 | 47 |
| 0.20Δ | $180 | 0.21 | $3.36 Sep 28 | $336.00 | 2.22% | 25.3% | 20.96% | 239.1% | 128 | 48 |
Snapshot #133 · 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 | $185 | 0.29 | $7.00 Sep 28 | $700.00 | 4.62% | 20.8% | 26.66% | 120.1% | 740 | 5 |
| 0.20Δ | $200 | 0.21 | $4.65 Sep 28 | $465.00 | 3.07% | 13.8% | 35.00% | 157.7% | 1,318 | 28 |
Snapshot #133 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
GLW volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 59.8%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 33,298 contractssession 2026-09-28
- Largest open-interest line
- $120 put · Dec 18 · 3,556
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #140 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.