MP wheel: cash-secured put & covered-call yields
MP Materials Corp. · Materials · $43.36 close on Oct 12, 2026
What the Oct 12, 2026 close says about MP
At 60.9% implied volatility, the options market is pricing a one-standard-deviation move of about $7.82 (18.0%) in MP by Nov 13, 2026, 32 days out.
Selling the $40 put (−0.28Δ) for $1.48 means assignment would leave a cost basis of $38.52, 11.2% below the $43.36 close.
The 67-day 0.30Δ put pays 1.5× the premium of the 32-day one for 2.1× the time — more premium per day on the 32-day contract ($0.046 vs $0.034).
At 0.30Δ on the Nov 13 expiry the put yields 3.70% on its strike and the call 3.39% on spot: puts and calls pay within 10% of each other on MP this session.
Moving down to the $38 put (−0.17Δ) buys 4.6% more room below spot and keeps 51% of the 0.30Δ premium.
Open interest in the stored window totals 26,406 contracts; the largest single line is the $50 call expiring Dec 18 with 11,496 (43.5% of the window).
By options volume MP ranks #218 of 572 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 MP
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $40 | −0.28 | $1.48 Oct 12 | $148.00 | $4,000 | 3.70% | 42.2% | $38.52 | 25 | 24 |
| 0.20Δ | $38 | −0.17 | $0.75 Oct 12 | $75.00 | $3,800 | 1.97% | 22.5% | $37.25 | 10 | 7 |
Snapshot #2869 · session 2026-10-12 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $40 | −0.31 | $2.25 Oct 12 | $225.00 | $4,000 | 5.63% | 30.6% | $37.75 | 3,434 | 226 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #2869 · session 2026-10-12 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 67
Covered calls on MP
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $49 | 0.29 | $1.47 Oct 12 | $147.00 | 3.39% | 38.7% | 16.40% | 187.0% | 22 | 5 |
| 0.20Δ | $51 | 0.22 | $1.01 Oct 12 | $101.00 | 2.33% | 26.6% | 19.95% | 227.5% | 4 | 30 |
Snapshot #2869 · session 2026-10-12 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $50 | 0.34 | $2.15 Oct 12 | $215.00 | 4.96% | 27.0% | 20.27% | 110.4% | 11,496 | 371 |
| 0.20Δ | $55 | 0.22 | $1.27 Oct 12 | $127.00 | 2.93% | 16.0% | 29.77% | 162.2% | 4,880 | 363 |
Snapshot #2869 · session 2026-10-12 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 67
MP volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 60.9%session 2026-10-12
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Oct 12, 2026
- Open interest, stored window
- 26,406 contractssession 2026-10-12
- Largest open-interest line
- $50 call · Dec 18 · 11,496
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #218 of 572 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.