ILMN wheel: cash-secured put & covered-call yields
Illumina Inc · Technology · $271.90 close on Sep 28, 2026
What the Sep 28, 2026 close says about ILMN
At 63.7% implied volatility, the options market is pricing a one-standard-deviation move of about $66.04 (24.3%) in ILMN by Nov 20, 2026, 53 days out.
Selling the $240 put (−0.26Δ) for $11.95 means assignment would leave a cost basis of $228.05, 16.1% below the $271.90 close.
The 81-day 0.30Δ put pays 1.5× the premium of the 53-day one for 1.5× the time — more premium per day on the 53-day contract ($0.225 vs $0.214).
At 0.30Δ on the Nov 20 expiry the put yields 4.98% on its strike and the call 4.58% on spot: puts and calls pay within 10% of each other on ILMN this session.
Moving down to the $220 put (−0.15Δ) buys 7.4% more room below spot and keeps 49% of the 0.30Δ premium.
Open interest in the stored window totals 1,927 contracts; the largest single line is the $280 call expiring Nov 20 with 241 (12.5% of the window).
By options volume ILMN ranks #130 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 ILMN
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $240 | −0.26 | $11.95 Sep 28 | $1,195.00 | $24,000 | 4.98% | 34.3% | $228.05 | 233 | 5 |
| 0.20Δ | $220 | −0.15 | $5.90 Sep 28 | $590.00 | $22,000 | 2.68% | 18.5% | $214.10 | 36 | 8 |
Snapshot #149 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 53
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $240 | −0.27 | $17.34 Sep 28 | $1,734.00 | $24,000 | 7.22% | 32.6% | $222.66 | 21 | 1 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #149 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on ILMN
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $310 | 0.34 | $12.45 Sep 28 | $1,245.00 | 4.58% | 31.5% | 18.59% | 128.0% | 10 | 3 |
| 0.20Δ | $330 | 0.25 | $9.70 Sep 28 | $970.00 | 3.57% | 24.6% | 24.94% | 171.7% | 107 | 1 |
Snapshot #149 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 53
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $330 | 0.30 | $13.20 Sep 28 | $1,320.00 | 4.85% | 21.9% | 26.22% | 118.2% | 2 | 4 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #149 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
ILMN volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 63.7%session 2026-09-28
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 1,927 contractssession 2026-09-28
- Largest open-interest line
- $280 call · Nov 20 · 241
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #130 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.
- No contract near 0.20Δ traded this session
- 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.