MARA wheel: cash-secured put & covered-call yields
MARA Holdings, Inc. Common Stock · Financials · $7.66 close on Nov 11, 2026
What the Nov 11, 2026 close says about MARA
At 93.7% implied volatility, the options market is pricing a one-standard-deviation move of about $2.06 (26.9%) in MARA by Dec 11, 2026, 30 days out.
Selling the $7 put (−0.32Δ) for $0.49 means assignment would leave a cost basis of $6.51, 15.0% below the $7.66 close.
The 65-day 0.30Δ put pays 1.7× the premium of the 30-day one for 2.2× the time — more premium per day on the 30-day contract ($0.016 vs $0.012).
At 0.30Δ on the Dec 11 expiry the put yields 7.00% on its strike and the call 5.22% on spot: puts pay 1.3× what calls do on MARA this session.
Moving down to the $6.50 put (−0.23Δ) buys 6.5% more room below spot and keeps 67% of the 0.30Δ premium.
Open interest in the stored window totals 155,316 contracts; the largest single line is the $5 put expiring Jan 15 with 56,195 (36.2% of the window).
By options volume MARA ranks #36 of 679 names in our universe.
Near-the-money options volume (2.7k) is 38% 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 MARA
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $7 | −0.32 | $0.49 Nov 11 | $49.00 | $700 | 7.00% | 85.2% | $6.51 | 2,073 | 256 |
| 0.20Δ | $6.50 | −0.23 | $0.33 Nov 11 | $33.00 | $650 | 5.08% | 61.8% | $6.17 | 569 | 112 |
Snapshot #9143 · session 2026-11-11 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 30
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $7 | −0.33 | $0.81 Nov 11 | $81.00 | $700 | 11.57% | 65.0% | $6.19 | 13,584 | 305 |
| 0.20Δ | $6 | −0.20 | $0.44 Nov 11 | $44.00 | $600 | 7.33% | 41.2% | $5.56 | 20,651 | 1,345 |
Snapshot #9143 · session 2026-11-11 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 65
Covered calls on MARA
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $9 | 0.32 | $0.40 Nov 11 | $40.00 | 5.22% | 63.5% | 22.72% | 276.4% | 1,303 | 54 |
| 0.20Δ | $10 | 0.19 | $0.20 Nov 11 | $20.00 | 2.61% | 31.8% | 33.16% | 403.4% | 421 | 50 |
Snapshot #9143 · session 2026-11-11 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 30
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $10 | 0.30 | $0.47 Nov 11 | $47.00 | 6.14% | 34.5% | 36.68% | 206.0% | 31,724 | 1,050 |
| 0.20Δ | $11 | 0.22 | $0.31 Nov 11 | $31.00 | 4.05% | 22.7% | 47.65% | 267.6% | 4,938 | 104 |
Snapshot #9143 · session 2026-11-11 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 65
MARA volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 93.7%session 2026-11-11
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 155,316 contractssession 2026-11-11
- Largest open-interest line
- $5 put · Jan 15 · 56,195
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #36 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.