LRCX wheel: cash-secured put & covered-call yields
Lam Research Corp · Industrials · $233.78 close on Nov 12, 2026
What the Nov 12, 2026 close says about LRCX
At 61.0% implied volatility, the options market is pricing a one-standard-deviation move of about $44.82 (19.2%) in LRCX by Dec 18, 2026, 36 days out.
Selling the $210 put (−0.26Δ) for $8.72 means assignment would leave a cost basis of $201.28, 13.9% below the $233.78 close.
The 64-day 0.30Δ put pays 1.4× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.242 vs $0.195).
At 0.30Δ on the Dec 18 expiry the put yields 4.15% on its strike and the call 3.42% on spot: puts pay 1.2× what calls do on LRCX this session.
Moving down to the $200 put (−0.19Δ) buys 4.3% more room below spot and keeps 69% of the 0.30Δ premium.
Open interest in the stored window totals 104,389 contracts; the largest single line is the $180 put expiring Dec 18 with 14,416 (13.8% of the window).
LRCX goes ex-dividend on Dec 2, 2026 ($0.33 declared), inside the Dec 18 covered-call window. A short call that is in the money before an ex-date can be assigned early.
By options volume LRCX ranks #165 of 679 names in our universe.
Near-the-money options volume (1.2k) is 487% 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 LRCX
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $210 | −0.26 | $8.72 Nov 12 | $872.00 | $21,000 | 4.15% | 42.1% | $201.28 | 3,271 | 43 |
| 0.20Δ | $200 | −0.19 | $6.00 Nov 12 | $600.00 | $20,000 | 3.00% | 30.4% | $194.00 | 2,059 | 278 |
Snapshot #9419 · 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 | $210 | −0.29 | $12.50 Nov 12 | $1,250.00 | $21,000 | 5.95% | 33.9% | $197.50 | 2,718 | 24 |
| 0.20Δ | $195 | −0.20 | $7.95 Nov 12 | $795.00 | $19,500 | 4.08% | 23.3% | $187.05 | 695 | 5 |
Snapshot #9419 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on LRCX
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $260 | 0.32 | $8.00 Nov 12 | $800.00 | 3.42% | 34.7% | 14.64% | 148.4% | 1,696 | 51 |
| 0.20Δ | $280 | 0.19 | $4.08 Nov 12 | $408.00 | 1.75% | 17.7% | 21.52% | 218.1% | 2,356 | 70 |
Snapshot #9419 · 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 | $270 | 0.32 | $9.99 Nov 12 | $999.00 | 4.27% | 24.4% | 19.77% | 112.7% | 1,355 | 83 |
| 0.20Δ | $300 | 0.18 | $4.76 Nov 12 | $476.00 | 2.04% | 11.6% | 30.36% | 173.2% | 4,398 | 30 |
Snapshot #9419 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
LRCX volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 61.0%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- Ex-div Dec 2, 2026 · $0.33 declaredchecked Nov 9, 2026
- Open interest, stored window
- 104,389 contractssession 2026-11-12
- Largest open-interest line
- $180 put · Dec 18 · 14,416
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #165 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.