MCHP wheel: cash-secured put & covered-call yields
Microchip Technology Inc · Technology · $78.78 close on Sep 29, 2026
What the Sep 29, 2026 close says about MCHP
At 50.7% implied volatility, the options market is pricing a one-standard-deviation move of about $11.65 (14.8%) in MCHP by Oct 30, 2026, 31 days out.
Selling the $75 put (−0.32Δ) for $2.40 means assignment would leave a cost basis of $72.60, 7.8% below the $78.78 close.
The 80-day 0.30Δ put pays 1.9× the premium of the 31-day one for 2.6× the time — more premium per day on the 31-day contract ($0.077 vs $0.057).
At 0.30Δ on the Oct 30 expiry the put yields 3.20% on its strike and the call 2.28% on spot: puts pay 1.4× what calls do on MCHP this session.
Moving down to the $70 put (−0.19Δ) buys 6.3% more room below spot and keeps 53% of the 0.30Δ premium.
Open interest in the stored window totals 23,203 contracts; the largest single line is the $85 call expiring Dec 18 with 4,081 (17.6% of the window).
By options volume MCHP ranks #131 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 MCHP
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $75 | −0.32 | $2.40 Sep 29 | $240.00 | $7,500 | 3.20% | 37.7% | $72.60 | 4 | 1 |
| 0.20Δ | $70 | −0.19 | $1.27 Sep 29 | $127.00 | $7,000 | 1.81% | 21.4% | $68.73 | 36 | 12 |
Snapshot #431 · session 2026-09-29 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 31
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $72.50 | −0.32 | $4.54 Sep 29 | $454.00 | $7,250 | 6.26% | 28.6% | $67.96 | 2,594 | 20 |
| 0.20Δ | $65 | −0.19 | $2.27 Sep 29 | $227.00 | $6,500 | 3.49% | 15.9% | $62.73 | 1,373 | 5 |
Snapshot #431 · session 2026-09-29 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 80
Covered calls on MCHP
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $87 | 0.27 | $1.80 Sep 29 | $180.00 | 2.28% | 26.9% | 12.72% | 149.8% | 0 | 20 |
| 0.20Δ | $90 | 0.20 | $1.40 Sep 29 | $140.00 | 1.78% | 20.9% | 16.02% | 188.6% | 50 | 2 |
Snapshot #431 · session 2026-09-29 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 31
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $90 | 0.33 | $4.04 Sep 29 | $404.00 | 5.13% | 23.4% | 19.37% | 88.4% | 2,309 | 11 |
| 0.20Δ | $100 | 0.20 | $2.10 Sep 29 | $210.00 | 2.67% | 12.2% | 29.60% | 135.1% | 808 | 1 |
Snapshot #431 · session 2026-09-29 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 80
MCHP volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 50.7%session 2026-09-29
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 23,203 contractssession 2026-09-29
- Largest open-interest line
- $85 call · Dec 18 · 4,081
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #131 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 (2 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.