MA wheel: cash-secured put & covered-call yields
Mastercard Incorporated · Industrials · $595.09 close on Oct 12, 2026
What the Oct 12, 2026 close says about MA
At 23.3% implied volatility, the options market is pricing a one-standard-deviation move of about $41.10 (6.9%) in MA by Nov 13, 2026, 32 days out.
Selling the $575 put (−0.30Δ) for $8.18 means assignment would leave a cost basis of $566.82, 4.8% below the $595.09 close.
The 67-day 0.30Δ put pays 1.4× the premium of the 32-day one for 2.1× the time — more premium per day on the 32-day contract ($0.256 vs $0.167).
At 0.30Δ on the Nov 13 expiry the put yields 1.42% on its strike and the call 1.14% on spot: puts pay 1.2× what calls do on MA this session.
Moving down to the $560 put (−0.19Δ) buys 2.5% more room below spot and keeps 61% of the 0.30Δ premium.
Open interest in the stored window totals 6,167 contracts; the largest single line is the $540 put expiring Dec 18 with 1,992 (32.3% of the window).
By options volume MA ranks #212 of 572 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 MA
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $575 | −0.30 | $8.18 Oct 12 | $818.00 | $57,500 | 1.42% | 16.2% | $566.82 | 11 | 1 |
| 0.20Δ | $560 | −0.19 | $5.00 Oct 12 | $500.00 | $56,000 | 0.89% | 10.2% | $555.00 | 15 | 1 |
Snapshot #2854 · session 2026-10-12 · captured 22:21 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 | $565 | −0.27 | $11.17 Oct 12 | $1,117.00 | $56,500 | 1.98% | 10.8% | $553.83 | 25 | 2 |
| 0.20Δ | $550 | −0.19 | $6.75 Oct 12 | $675.00 | $55,000 | 1.23% | 6.7% | $543.25 | 60 | 25 |
Snapshot #2854 · session 2026-10-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 67
Covered calls on MA
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $625 | 0.27 | $6.80 Oct 12 | $680.00 | 1.14% | 13.0% | 6.17% | 70.4% | 1 | 2 |
| 0.20Δ | $630 | 0.24 | $5.80 Oct 12 | $580.00 | 0.97% | 11.1% | 6.84% | 78.0% | 6 | 17 |
Snapshot #2854 · session 2026-10-12 · captured 22:21 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 | $630 | 0.31 | $11.95 Oct 12 | $1,195.00 | 2.01% | 10.9% | 7.87% | 42.9% | 80 | 7 |
| 0.20Δ | $650 | 0.21 | $6.80 Oct 12 | $680.00 | 1.14% | 6.2% | 10.37% | 56.5% | 6 | 24 |
Snapshot #2854 · session 2026-10-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 67
MA volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 23.3%session 2026-10-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Oct 12, 2026
- Open interest, stored window
- 6,167 contractssession 2026-10-12
- Largest open-interest line
- $540 put · Dec 18 · 1,992
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #212 of 572 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.