GPN wheel: cash-secured put & covered-call yields
Global Payments, Inc. · Industrials · $94.98 close on Nov 5, 2026
What the Nov 5, 2026 close says about GPN
At 43.5% implied volatility, the options market is pricing a one-standard-deviation move of about $14.19 (14.9%) in GPN by Dec 18, 2026, 43 days out.
Selling the $90 put (−0.32Δ) for $2.82 means assignment would leave a cost basis of $87.18, 8.2% below the $94.98 close.
The 71-day 0.30Δ put pays 1.2× the premium of the 43-day one for 1.7× the time — more premium per day on the 43-day contract ($0.066 vs $0.049).
Moving down to the $87.50 put (−0.25Δ) buys 2.6% more room below spot and keeps 66% of the 0.30Δ premium.
Open interest in the stored window totals 27,228 contracts; the largest single line is the $100 call expiring Jan 15 with 7,974 (29.3% of the window).
By options volume GPN ranks #106 of 661 names in our universe.
Near-the-money options volume (294) is in line with its 3-session average.
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on GPN
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $90 | −0.32 | $2.82 Nov 5 | $282.00 | $9,000 | 3.13% | 26.6% | $87.18 | 347 | 20 |
| 0.20Δ | $87.50 | −0.25 | $1.85 Nov 5 | $185.00 | $8,750 | 2.11% | 17.9% | $85.65 | 156 | 19 |
Snapshot #7944 · session 2026-11-05 · captured 22:10 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 43
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $90 | −0.33 | $3.50 Nov 5 | $350.00 | $9,000 | 3.89% | 20.0% | $86.50 | 44 | 3 |
| 0.20Δ | $85 | −0.22 | $2.30 Nov 5 | $230.00 | $8,500 | 2.71% | 13.9% | $82.70 | 1,370 | 57 |
Snapshot #7944 · session 2026-11-05 · captured 22:10 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 71
Covered calls on GPN
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $105 | 0.22 | $1.77 Nov 5 | $177.00 | 1.86% | 15.8% | 12.41% | 105.4% | 974 | 186 |
Snapshot #7944 · session 2026-11-05 · captured 22:10 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 43
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $105 | 0.29 | $2.95 Nov 5 | $295.00 | 3.11% | 16.0% | 13.66% | 70.2% | 676 | 20 |
| 0.20Δ | $110 | 0.18 | $1.82 Nov 5 | $182.00 | 1.92% | 9.9% | 17.73% | 91.1% | 1,748 | 9 |
Snapshot #7944 · session 2026-11-05 · captured 22:10 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 71
GPN volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 43.5%session 2026-11-05
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Nov 2, 2026
- Open interest, stored window
- 27,228 contractssession 2026-11-05
- Largest open-interest line
- $100 call · Jan 15 · 7,974
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #106 of 661 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 (3 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.