IREN wheel: cash-secured put & covered-call yields
IREN Limited Ordinary Shares · Financials · $41.72 close on Sep 28, 2026
What the Sep 28, 2026 close says about IREN
At 76.7% implied volatility, the options market is pricing a one-standard-deviation move of about $9.47 (22.7%) in IREN by Oct 30, 2026, 32 days out.
Selling the $38 put (−0.29Δ) for $1.91 means assignment would leave a cost basis of $36.09, 13.5% below the $41.72 close.
The 81-day 0.30Δ put pays 1.9× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.060 vs $0.046).
At 0.30Δ on the Oct 30 expiry the put yields 5.03% on its strike and the call 3.72% on spot: puts pay 1.4× what calls do on IREN this session.
Moving down to the $36 put (−0.21Δ) buys 4.8% more room below spot and keeps 66% of the 0.30Δ premium.
Open interest in the stored window totals 111,417 contracts; the largest single line is the $35 put expiring Dec 18 with 25,691 (23.1% of the window).
By options volume IREN ranks #49 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 IREN
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $38 | −0.29 | $1.91 Sep 28 | $191.00 | $3,800 | 5.03% | 57.3% | $36.09 | 989 | 308 |
| 0.20Δ | $36 | −0.21 | $1.26 Sep 28 | $126.00 | $3,600 | 3.50% | 39.9% | $34.74 | 738 | 286 |
Snapshot #153 · 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 | $37 | −0.30 | $3.70 Sep 28 | $370.00 | $3,700 | 10.00% | 45.1% | $33.30 | 634 | 11 |
| 0.20Δ | $33 | −0.20 | $2.30 Sep 28 | $230.00 | $3,300 | 6.97% | 31.4% | $30.70 | 2,353 | 82 |
Snapshot #153 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on IREN
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $49 | 0.30 | $1.55 Sep 28 | $155.00 | 3.72% | 42.4% | 21.16% | 241.4% | 136 | 103 |
| 0.20Δ | $53 | 0.19 | $0.97 Sep 28 | $97.00 | 2.33% | 26.5% | 29.36% | 334.9% | 428 | 111 |
Snapshot #153 · 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 | $55 | 0.32 | $2.85 Sep 28 | $285.00 | 6.83% | 30.8% | 38.66% | 174.2% | 4,833 | 76 |
| 0.20Δ | $60 | 0.25 | $2.10 Sep 28 | $210.00 | 5.03% | 22.7% | 48.85% | 220.1% | 16,236 | 134 |
Snapshot #153 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
IREN volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 76.7%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 111,417 contractssession 2026-09-28
- Largest open-interest line
- $35 put · Dec 18 · 25,691
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #49 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.