LITE wheel: cash-secured put & covered-call yields
Lumentum Holdings Inc. Common Stock · Technology · $624.65 close on Nov 12, 2026
What the Nov 12, 2026 close says about LITE
At 75.8% implied volatility, the options market is pricing a one-standard-deviation move of about $148.80 (23.8%) in LITE by Dec 18, 2026, 36 days out.
Selling the $570 put (−0.30Δ) for $34.10 means assignment would leave a cost basis of $535.90, 14.2% below the $624.65 close.
The 64-day 0.30Δ put pays 1.2× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.947 vs $0.620).
At 0.30Δ on the Dec 18 expiry the put yields 5.98% on its strike and the call 4.60% on spot: puts pay 1.3× what calls do on LITE this session.
Moving down to the $530 put (−0.21Δ) buys 6.4% more room below spot and keeps 58% of the 0.30Δ premium.
Open interest in the stored window totals 34,973 contracts; the largest single line is the $600 put expiring Dec 18 with 4,940 (14.1% of the window).
By options volume LITE ranks #282 of 679 names in our universe.
Near-the-money options volume (226) is in line with 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 LITE
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $570 | −0.30 | $34.10 Nov 12 | $3,410.00 | $57,000 | 5.98% | 60.7% | $535.90 | 78 | 2 |
| 0.20Δ | $530 | −0.21 | $19.90 Nov 12 | $1,990.00 | $53,000 | 3.75% | 38.1% | $510.10 | 69 | 10 |
Snapshot #9417 · 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 | $550 | −0.27 | $39.70 Nov 12 | $3,970.00 | $55,000 | 7.22% | 41.2% | $510.30 | 1,641 | 102 |
| 0.20Δ | $510 | −0.20 | $29.33 Nov 12 | $2,933.00 | $51,000 | 5.75% | 32.8% | $480.67 | 133 | 20 |
Snapshot #9417 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on LITE
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $720 | 0.31 | $28.72 Nov 12 | $2,872.00 | 4.60% | 46.6% | 19.86% | 201.4% | 350 | 3 |
| 0.20Δ | $790 | 0.20 | $14.90 Nov 12 | $1,490.00 | 2.39% | 24.2% | 28.86% | 292.6% | 599 | 4 |
Snapshot #9417 · 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 | $800 | 0.28 | $26.00 Nov 12 | $2,600.00 | 4.16% | 23.7% | 32.23% | 183.8% | 608 | 22 |
| 0.20Δ | $850 | 0.21 | $21.80 Nov 12 | $2,180.00 | 3.49% | 19.9% | 39.57% | 225.7% | 171 | 20 |
Snapshot #9417 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
LITE volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 75.8%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 34,973 contractssession 2026-11-12
- Largest open-interest line
- $600 put · Dec 18 · 4,940
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #282 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.