LEN wheel: cash-secured put & covered-call yields
Lennar Corporation Class A · Industrials · $82.03 close on Sep 28, 2026
What the Sep 28, 2026 close says about LEN
At 38.6% implied volatility, the options market is pricing a one-standard-deviation move of about $9.37 (11.4%) in LEN by Oct 30, 2026, 32 days out.
Selling the $79 put (−0.34Δ) for $2.20 means assignment would leave a cost basis of $76.80, 6.4% below the $82.03 close.
The 81-day 0.30Δ put pays 1.3× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.069 vs $0.036).
At 0.30Δ on the Oct 30 expiry the put yields 2.78% on its strike and the call 2.10% on spot: puts pay 1.3× what calls do on LEN this session.
Moving down to the $75 put (−0.20Δ) buys 4.9% more room below spot and keeps 47% of the 0.30Δ premium.
Open interest in the stored window totals 6,583 contracts; the largest single line is the $80 put expiring Dec 18 with 2,505 (38.1% of the window).
LEN goes ex-dividend on Oct 7, 2026 ($0.50 declared), inside the Oct 30 covered-call window. A short call that is in the money before an ex-date can be assigned early.
By options volume LEN ranks #237 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 LEN
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $79 | −0.34 | $2.20 Sep 28 | $220.00 | $7,900 | 2.78% | 31.8% | $76.80 | 18 | 4 |
| 0.20Δ | $75 | −0.20 | $1.04 Sep 28 | $104.00 | $7,500 | 1.39% | 15.8% | $73.96 | 45 | 8 |
Snapshot #164 · 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 | $75 | −0.27 | $2.94 Sep 28 | $294.00 | $7,500 | 3.92% | 17.7% | $72.06 | 508 | 60 |
| 0.20Δ | $70 | −0.17 | $1.62 Sep 28 | $162.00 | $7,000 | 2.31% | 10.4% | $68.38 | 541 | 64 |
Snapshot #164 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on LEN
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $88 | 0.27 | $1.72 Sep 28 | $172.00 | 2.10% | 23.9% | 9.37% | 106.9% | 24 | 4 |
| 0.20Δ | $92 | 0.18 | $1.09 Sep 28 | $109.00 | 1.33% | 15.2% | 13.48% | 153.8% | 14 | 2 |
Snapshot #164 · 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 | $95 | 0.25 | $2.19 Sep 28 | $219.00 | 2.67% | 12.0% | 18.48% | 83.3% | 1,165 | 3 |
| 0.20Δ | $100 | 0.18 | $1.41 Sep 28 | $141.00 | 1.72% | 7.7% | 23.63% | 106.5% | 231 | 5 |
Snapshot #164 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
LEN volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 38.6%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- Ex-div Oct 7, 2026 · $0.50 declaredchecked Sep 28, 2026
- Open interest, stored window
- 6,583 contractssession 2026-09-28
- Largest open-interest line
- $80 put · Dec 18 · 2,505
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #237 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.