MCHP wheel: cash-secured put & covered-call yields
Microchip Technology Inc · Technology · $61.68 close on Nov 13, 2026
What the Nov 13, 2026 close says about MCHP
At 50.9% implied volatility, the options market is pricing a one-standard-deviation move of about $9.72 (15.8%) in MCHP by Dec 18, 2026, 35 days out.
Selling the $57.50 put (−0.32Δ) for $2.60 means assignment would leave a cost basis of $54.90, 11.0% below the $61.68 close.
The 63-day 0.30Δ put pays 1.1× the premium of the 35-day one for 1.8× the time — more premium per day on the 35-day contract ($0.074 vs $0.044).
At 0.30Δ on the Dec 18 expiry the put yields 4.52% on its strike and the call 2.43% on spot: puts pay 1.9× what calls do on MCHP this session.
Moving down to the $52.50 put (−0.17Δ) buys 8.1% more room below spot and keeps 43% of the 0.30Δ premium.
Open interest in the stored window totals 186,842 contracts; the largest single line is the $70 call expiring Dec 18 with 96,913 (51.9% of the window).
MCHP goes ex-dividend on Nov 23, 2026 ($0.46 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 MCHP ranks #243 of 679 names in our universe.
Near-the-money options volume (909) is 641% 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 MCHP
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $57.50 | −0.32 | $2.60 Nov 13 | $260.00 | $5,750 | 4.52% | 47.2% | $54.90 | 733 | 64 |
| 0.20Δ | $52.50 | −0.17 | $1.13 Nov 13 | $113.00 | $5,250 | 2.15% | 22.4% | $51.37 | 1,867 | 82 |
Snapshot #9708 · session 2026-11-13 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 35
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $55 | −0.28 | $2.75 Nov 13 | $275.00 | $5,500 | 5.00% | 29.0% | $52.25 | 441 | 40 |
| 0.20Δ | $52.50 | −0.22 | $2.00 Nov 13 | $200.00 | $5,250 | 3.81% | 22.1% | $50.50 | 2,627 | 30 |
Snapshot #9708 · session 2026-11-13 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 63
Covered calls on MCHP
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $67.50 | 0.32 | $1.50 Nov 13 | $150.00 | 2.43% | 25.4% | 11.87% | 123.8% | 1,573 | 10 |
| 0.20Δ | $70 | 0.24 | $1.20 Nov 13 | $120.00 | 1.95% | 20.3% | 15.43% | 161.0% | 96,913 | 46 |
Snapshot #9708 · session 2026-11-13 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 35
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $70 | 0.31 | $2.25 Nov 13 | $225.00 | 3.65% | 21.1% | 17.14% | 99.3% | 3,242 | 19 |
| 0.20Δ | $75 | 0.20 | $1.29 Nov 13 | $129.00 | 2.09% | 12.1% | 23.69% | 137.2% | 2,640 | 231 |
Snapshot #9708 · session 2026-11-13 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 63
MCHP volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 50.9%session 2026-11-13
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- Ex-div Nov 23, 2026 · $0.46 declaredchecked Nov 9, 2026
- Open interest, stored window
- 186,842 contractssession 2026-11-13
- Largest open-interest line
- $70 call · Dec 18 · 96,913
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #243 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 (35 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.