MS wheel: cash-secured put & covered-call yields
Morgan Stanley · Financials · $190.61 close on Nov 11, 2026
What the Nov 11, 2026 close says about MS
At 29.5% implied volatility, the options market is pricing a one-standard-deviation move of about $16.13 (8.5%) in MS by Dec 11, 2026, 30 days out.
Open interest in the stored window totals 40,273 contracts; the largest single line is the $200 call expiring Jan 15 with 6,154 (15.3% of the window).
By options volume MS ranks #271 of 679 names in our universe.
Near-the-money options volume (534) is 137% 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 MS
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $175 | −0.17 | $1.64 Nov 11 | $164.00 | $17,500 | 0.94% | 11.4% | $173.36 | 10 | 10 |
Snapshot #9157 · session 2026-11-11 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 30
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $180 | −0.30 | $5.15 Nov 11 | $515.00 | $18,000 | 2.86% | 16.1% | $174.85 | 3,624 | 28 |
| 0.20Δ | $170 | −0.18 | $2.82 Nov 11 | $282.00 | $17,000 | 1.66% | 9.3% | $167.18 | 2,734 | 11 |
Snapshot #9157 · session 2026-11-11 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 65
Covered calls on MS
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $200 | 0.30 | $2.80 Nov 11 | $280.00 | 1.47% | 17.9% | 6.40% | 77.8% | 101 | 3 |
| 0.20Δ | $205 | 0.20 | $1.75 Nov 11 | $175.00 | 0.92% | 11.2% | 8.47% | 103.0% | 35 | 124 |
Snapshot #9157 · session 2026-11-11 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 30
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $210 | 0.24 | $3.30 Nov 11 | $330.00 | 1.73% | 9.7% | 11.90% | 66.8% | 3,587 | 57 |
Snapshot #9157 · session 2026-11-11 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 65
MS volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 29.5%session 2026-11-11
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 40,273 contractssession 2026-11-11
- Largest open-interest line
- $200 call · Jan 15 · 6,154
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #271 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 0.30Δ traded this session
- 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.