GOOG wheel: cash-secured put & covered-call yields
Alphabet Inc. Class C Capital Stock · Technology · $339.16 close on Sep 28, 2026
What the Sep 28, 2026 close says about GOOG
At 35.3% implied volatility, the options market is pricing a one-standard-deviation move of about $35.41 (10.4%) in GOOG by Oct 30, 2026, 32 days out.
Selling the $325 put (−0.31Δ) for $7.57 means assignment would leave a cost basis of $317.43, 6.4% below the $339.16 close.
The 81-day 0.30Δ put pays 1.5× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.237 vs $0.143).
At 0.30Δ on the Oct 30 expiry the put yields 2.33% on its strike and the call 2.11% on spot: puts pay 1.1× what calls do on GOOG this session.
Moving down to the $315 put (−0.22Δ) buys 2.9% more room below spot and keeps 63% of the 0.30Δ premium.
Open interest in the stored window totals 119,783 contracts; the largest single line is the $360 call expiring Dec 18 with 9,026 (7.5% of the window).
By options volume GOOG ranks #23 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 GOOG
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $325 | −0.31 | $7.57 Sep 28 | $757.00 | $32,500 | 2.33% | 26.6% | $317.43 | 629 | 154 |
| 0.20Δ | $315 | −0.22 | $4.80 Sep 28 | $480.00 | $31,500 | 1.52% | 17.4% | $310.20 | 1,375 | 2,080 |
Snapshot #134 · 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 | $320 | −0.31 | $11.60 Sep 28 | $1,160.00 | $32,000 | 3.62% | 16.3% | $308.40 | 2,395 | 93 |
| 0.20Δ | $305 | −0.21 | $7.15 Sep 28 | $715.00 | $30,500 | 2.34% | 10.6% | $297.85 | 1,984 | 16 |
Snapshot #134 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on GOOG
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $360 | 0.32 | $7.15 Sep 28 | $715.00 | 2.11% | 24.0% | 8.25% | 94.1% | 1,251 | 226 |
| 0.20Δ | $375 | 0.21 | $3.75 Sep 28 | $375.00 | 1.11% | 12.6% | 11.67% | 133.1% | 853 | 401 |
Snapshot #134 · 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 | $375 | 0.31 | $9.70 Sep 28 | $970.00 | 2.86% | 12.9% | 13.43% | 60.5% | 2,046 | 72 |
| 0.20Δ | $395 | 0.20 | $5.50 Sep 28 | $550.00 | 1.62% | 7.3% | 18.09% | 81.5% | 1,516 | 6 |
Snapshot #134 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
GOOG volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 35.3%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 119,783 contractssession 2026-09-28
- Largest open-interest line
- $360 call · Dec 18 · 9,026
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #23 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.