MOD wheel: cash-secured put & covered-call yields
Modine Manufacturing Co · Consumer discretionary · $175.04 close on Sep 28, 2026
What the Sep 28, 2026 close says about MOD
At 81.0% implied volatility, the options market is pricing a one-standard-deviation move of about $54.00 (30.8%) in MOD by Nov 20, 2026, 53 days out.
Selling the $160 put (−0.32Δ) for $11.70 means assignment would leave a cost basis of $148.30, 15.3% below the $175.04 close.
The 109-day 0.30Δ put pays 1.1× the premium of the 53-day one for 2.1× the time — more premium per day on the 53-day contract ($0.221 vs $0.120).
At 0.30Δ on the Nov 20 expiry the put yields 7.31% on its strike and the call 6.68% on spot: puts and calls pay within 10% of each other on MOD this session.
Moving down to the $145 put (−0.21Δ) buys 8.6% more room below spot and keeps 64% of the 0.30Δ premium.
Open interest in the stored window totals 5,308 contracts; the largest single line is the $230 call expiring Nov 20 with 868 (16.4% of the window).
By options volume MOD ranks #166 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 MOD
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $160 | −0.32 | $11.70 Sep 28 | $1,170.00 | $16,000 | 7.31% | 50.4% | $148.30 | 108 | 2 |
| 0.20Δ | $145 | −0.21 | $7.50 Sep 28 | $750.00 | $14,500 | 5.17% | 35.6% | $137.50 | 257 | 24 |
Snapshot #180 · session 2026-09-28 · captured 22:32 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 53
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $150 | −0.26 | $13.10 Sep 28 | $1,310.00 | $15,000 | 8.73% | 29.2% | $136.90 | 141 | 9 |
| 0.20Δ | $140 | −0.21 | $9.00 Sep 28 | $900.00 | $14,000 | 6.43% | 21.5% | $131.00 | 57 | 1 |
Snapshot #180 · session 2026-09-28 · captured 22:32 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 109
Covered calls on MOD
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $210 | 0.33 | $11.70 Sep 28 | $1,170.00 | 6.68% | 46.0% | 26.66% | 183.6% | 52 | 2 |
| 0.20Δ | $240 | 0.20 | $6.00 Sep 28 | $600.00 | 3.43% | 23.6% | 40.54% | 279.2% | 150 | 117 |
Snapshot #180 · session 2026-09-28 · captured 22:32 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 53
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $250 | 0.24 | $8.83 Sep 28 | $883.00 | 5.04% | 16.9% | 47.87% | 160.3% | 52 | 7 |
Snapshot #180 · session 2026-09-28 · captured 22:32 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 109
MOD volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 81.0%session 2026-09-28
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 5,308 contractssession 2026-09-28
- Largest open-interest line
- $230 call · Nov 20 · 868
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #166 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.
- No contract near 0.30Δ 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.