MLM wheel: cash-secured put & covered-call yields
Martin Marietta Materials · Materials · $530.97 close on Nov 9, 2026
What the Nov 9, 2026 close says about MLM
At 32.5% implied volatility, the options market is pricing a one-standard-deviation move of about $56.33 (10.6%) in MLM by Dec 18, 2026, 39 days out.
Selling the $510 put (−0.33Δ) for $14.20 means assignment would leave a cost basis of $495.80, 6.6% below the $530.97 close.
The 67-day 0.30Δ put pays 1.2× the premium of the 39-day one for 1.7× the time — more premium per day on the 39-day contract ($0.364 vs $0.254).
At 0.30Δ on the Dec 18 expiry the put yields 2.78% on its strike and the call 1.85% on spot: puts pay 1.5× what calls do on MLM this session.
Open interest in the stored window totals 3,135 contracts; the largest single line is the $540 call expiring Jan 15 with 1,056 (33.7% of the window).
By options volume MLM ranks #163 of 679 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 MLM
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $510 | −0.33 | $14.20 Nov 9 | $1,420.00 | $51,000 | 2.78% | 26.1% | $495.80 | 1 | 25 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #8568 · session 2026-11-09 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 39
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $510 | −0.34 | $17.00 Nov 9 | $1,700.00 | $51,000 | 3.33% | 18.2% | $493.00 | 112 | 3 |
| 0.20Δ | $490 | −0.25 | $13.20 Nov 9 | $1,320.00 | $49,000 | 2.69% | 14.7% | $476.80 | 29 | 1 |
Snapshot #8568 · session 2026-11-09 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 67
Covered calls on MLM
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $570 | 0.29 | $9.81 Nov 9 | $981.00 | 1.85% | 17.3% | 9.20% | 86.1% | 0 | 1 |
| 0.20Δ | $590 | 0.18 | $6.35 Nov 9 | $635.00 | 1.20% | 11.2% | 12.31% | 115.2% | 3 | 340 |
Snapshot #8568 · session 2026-11-09 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 39
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $570 | 0.34 | $13.95 Nov 9 | $1,395.00 | 2.63% | 14.3% | 9.98% | 54.4% | 21 | 2 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #8568 · session 2026-11-09 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 67
MLM volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 32.5%session 2026-11-09
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 3,135 contractssession 2026-11-09
- Largest open-interest line
- $540 call · Jan 15 · 1,056
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #163 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.
- No contract near 0.20Δ traded this session
- 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.