GOOGL wheel: cash-secured put & covered-call yields
Alphabet Inc. Class A Common Stock · Technology · $342.75 close on Sep 28, 2026
What the Sep 28, 2026 close says about GOOGL
At 35.1% implied volatility, the options market is pricing a one-standard-deviation move of about $35.63 (10.4%) in GOOGL by Oct 30, 2026, 32 days out.
Selling the $325 put (−0.28Δ) for $6.70 means assignment would leave a cost basis of $318.30, 7.1% below the $342.75 close.
The 81-day 0.30Δ put pays 1.6× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.209 vs $0.136).
At 0.30Δ on the Oct 30 expiry the put yields 2.06% on its strike and the call 2.00% on spot: puts and calls pay within 10% of each other on GOOGL this session.
Moving down to the $315 put (−0.19Δ) buys 2.9% more room below spot and keeps 62% of the 0.30Δ premium.
Open interest in the stored window totals 173,735 contracts; the largest single line is the $400 call expiring Dec 18 with 14,410 (8.3% of the window).
By options volume GOOGL ranks #36 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 GOOGL
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $325 | −0.28 | $6.70 Sep 28 | $670.00 | $32,500 | 2.06% | 23.5% | $318.30 | 661 | 93 |
| 0.20Δ | $315 | −0.19 | $4.13 Sep 28 | $413.00 | $31,500 | 1.31% | 15.0% | $310.87 | 870 | 408 |
Snapshot #135 · 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 | −0.29 | $11.00 Sep 28 | $1,100.00 | $32,000 | 3.44% | 15.5% | $309.00 | 8,368 | 57 |
| 0.20Δ | $305 | −0.20 | $6.75 Sep 28 | $675.00 | $30,500 | 2.21% | 10.0% | $298.25 | 2,974 | 59 |
Snapshot #135 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on GOOGL
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $365 | 0.31 | $6.85 Sep 28 | $685.00 | 2.00% | 22.8% | 8.49% | 96.8% | 894 | 88 |
| 0.20Δ | $380 | 0.19 | $3.83 Sep 28 | $383.00 | 1.12% | 12.7% | 11.99% | 136.7% | 1,397 | 165 |
Snapshot #135 · 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 | $380 | 0.30 | $9.70 Sep 28 | $970.00 | 2.83% | 12.8% | 13.70% | 61.7% | 14,107 | 149 |
| 0.20Δ | $400 | 0.20 | $5.75 Sep 28 | $575.00 | 1.68% | 7.6% | 18.38% | 82.8% | 14,410 | 894 |
Snapshot #135 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
GOOGL volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 35.1%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 173,735 contractssession 2026-09-28
- Largest open-interest line
- $400 call · Dec 18 · 14,410
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #36 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.