LRCX wheel: cash-secured put & covered-call yields
Lam Research Corp · Industrials · $314.47 close on Sep 28, 2026
What the Sep 28, 2026 close says about LRCX
At 63.4% implied volatility, the options market is pricing a one-standard-deviation move of about $59.03 (18.8%) in LRCX by Oct 30, 2026, 32 days out.
Selling the $290 put (−0.30Δ) for $12.34 means assignment would leave a cost basis of $277.66, 11.7% below the $314.47 close.
The 81-day 0.30Δ put pays 1.5× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.386 vs $0.228).
At 0.30Δ on the Oct 30 expiry the put yields 4.26% on its strike and the call 3.78% on spot: puts pay 1.1× what calls do on LRCX this session.
Moving down to the $275 put (−0.21Δ) buys 4.8% more room below spot and keeps 64% of the 0.30Δ premium.
Open interest in the stored window totals 31,491 contracts; the largest single line is the $210 put expiring Dec 18 with 2,253 (7.2% of the window).
By options volume LRCX ranks #175 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 LRCX
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $290 | −0.30 | $12.34 Sep 28 | $1,234.00 | $29,000 | 4.26% | 48.5% | $277.66 | 45 | 11 |
| 0.20Δ | $275 | −0.21 | $7.85 Sep 28 | $785.00 | $27,500 | 2.85% | 32.6% | $267.15 | 82 | 35 |
Snapshot #170 · 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 | $280 | −0.28 | $18.50 Sep 28 | $1,850.00 | $28,000 | 6.61% | 29.8% | $261.50 | 1,771 | 15 |
| 0.20Δ | $260 | −0.20 | $12.00 Sep 28 | $1,200.00 | $26,000 | 4.62% | 20.8% | $248.00 | 1,057 | 9 |
Snapshot #170 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on LRCX
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $350 | 0.33 | $11.90 Sep 28 | $1,190.00 | 3.78% | 43.2% | 15.08% | 172.0% | 68 | 5 |
| 0.20Δ | $380 | 0.19 | $5.89 Sep 28 | $589.00 | 1.87% | 21.4% | 22.71% | 259.0% | 107 | 5 |
Snapshot #170 · 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 | $380 | 0.31 | $16.15 Sep 28 | $1,615.00 | 5.14% | 23.1% | 25.97% | 117.0% | 626 | 3 |
| 0.20Δ | $420 | 0.20 | $9.45 Sep 28 | $945.00 | 3.01% | 13.5% | 36.56% | 164.8% | 353 | 7 |
Snapshot #170 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
LRCX volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 63.4%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 31,491 contractssession 2026-09-28
- Largest open-interest line
- $210 put · Dec 18 · 2,253
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #175 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.