IREN wheel: cash-secured put & covered-call yields
IREN Limited Ordinary Shares · Financials · $19.48 close on Nov 12, 2026
What the Nov 12, 2026 close says about IREN
At 111.3% implied volatility, the options market is pricing a one-standard-deviation move of about $6.81 (34.9%) in IREN by Dec 18, 2026, 36 days out.
Selling the $17 put (−0.28Δ) for $1.52 means assignment would leave a cost basis of $15.48, 20.5% below the $19.48 close.
The 64-day 0.30Δ put pays 1.5× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.042 vs $0.035).
At 0.30Δ on the Dec 18 expiry the put yields 8.94% on its strike and the call 5.29% on spot: puts pay 1.7× what calls do on IREN this session.
Moving down to the $15 put (−0.18Δ) buys 10.3% more room below spot and keeps 57% of the 0.30Δ premium.
Open interest in the stored window totals 239,816 contracts; the largest single line is the $20 call expiring Jan 15 with 32,705 (13.6% of the window).
By options volume IREN ranks #64 of 679 names in our universe.
Near-the-money options volume (8.2k) is 628% above its 5-session average.
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 | $17 | −0.28 | $1.52 Nov 12 | $152.00 | $1,700 | 8.94% | 90.7% | $15.48 | 5,195 | 1,344 |
| 0.20Δ | $15 | −0.18 | $0.86 Nov 12 | $86.00 | $1,500 | 5.73% | 58.1% | $14.14 | 9,081 | 1,944 |
Snapshot #9404 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $17 | −0.29 | $2.21 Nov 12 | $221.00 | $1,700 | 13.00% | 74.1% | $14.79 | 12,330 | 162 |
| 0.20Δ | $15 | −0.21 | $1.48 Nov 12 | $148.00 | $1,500 | 9.87% | 56.3% | $13.52 | 18,959 | 457 |
Snapshot #9404 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on IREN
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $25 | 0.29 | $1.03 Nov 12 | $103.00 | 5.29% | 53.6% | 33.62% | 340.9% | 13,920 | 2,683 |
| 0.20Δ | $28 | 0.19 | $0.63 Nov 12 | $63.00 | 3.23% | 32.8% | 46.97% | 476.2% | 4,096 | 244 |
Snapshot #9404 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $27 | 0.30 | $1.35 Nov 12 | $135.00 | 6.93% | 39.5% | 45.53% | 259.7% | 6,049 | 370 |
| 0.20Δ | $29 | 0.25 | $1.02 Nov 12 | $102.00 | 5.24% | 29.9% | 54.11% | 308.6% | 553 | 30 |
Snapshot #9404 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
IREN volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 111.3%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 239,816 contractssession 2026-11-12
- Largest open-interest line
- $20 call · Jan 15 · 32,705
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #64 of 679 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 (34 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.