LITE wheel: cash-secured put & covered-call yields
Lumentum Holdings Inc. Common Stock · Technology · $921.32 close on Sep 28, 2026
What the Sep 28, 2026 close says about LITE
At 69.1% implied volatility, the options market is pricing a one-standard-deviation move of about $188.41 (20.5%) in LITE by Oct 30, 2026, 32 days out.
Selling the $825 put (−0.26Δ) for $33.60 means assignment would leave a cost basis of $791.40, 14.1% below the $921.32 close.
The 81-day 0.30Δ put pays 2.6× the premium of the 32-day one for 2.5× the time — about the same premium per day either way.
At 0.30Δ on the Oct 30 expiry the put yields 4.07% on its strike and the call 3.03% on spot: puts pay 1.3× what calls do on LITE this session.
Moving down to the $810 put (−0.23Δ) buys 1.6% more room below spot and keeps 89% of the 0.30Δ premium.
Open interest in the stored window totals 18,836 contracts; the largest single line is the $600 put expiring Dec 18 with 4,384 (23.3% of the window).
By options volume LITE ranks #142 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 LITE
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $825 | −0.26 | $33.60 Sep 28 | $3,360.00 | $82,500 | 4.07% | 46.5% | $791.40 | 39 | 12 |
| 0.20Δ | $810 | −0.23 | $30.00 Sep 28 | $3,000.00 | $81,000 | 3.70% | 42.2% | $780.00 | 15 | 6 |
Snapshot #166 · 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 | $830 | −0.31 | $85.95 Sep 28 | $8,595.00 | $83,000 | 10.36% | 46.7% | $744.05 | 69 | 1 |
| 0.20Δ | $740 | −0.21 | $50.39 Sep 28 | $5,039.00 | $74,000 | 6.81% | 30.7% | $689.61 | 104 | 4 |
Snapshot #166 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on LITE
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $1045 | 0.31 | $27.90 Sep 28 | $2,790.00 | 3.03% | 34.5% | 16.45% | 187.7% | 0 | 2 |
| 0.20Δ | $1130 | 0.20 | $15.20 Sep 28 | $1,520.00 | 1.65% | 18.8% | 24.30% | 277.2% | 2 | 3 |
Snapshot #166 · 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 | $1180 | 0.31 | $48.51 Sep 28 | $4,851.00 | 5.27% | 23.7% | 33.34% | 150.2% | 28 | 2 |
| 0.20Δ | $1380 | 0.18 | $26.80 Sep 28 | $2,680.00 | 2.91% | 13.1% | 52.69% | 237.4% | 207 | 4 |
Snapshot #166 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
LITE volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 69.1%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 18,836 contractssession 2026-09-28
- Largest open-interest line
- $600 put · Dec 18 · 4,384
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #142 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.