MSFT wheel: cash-secured put & covered-call yields
Microsoft Corp · Technology · $521.13 close on Nov 11, 2026
What the Nov 11, 2026 close says about MSFT
At 27.3% implied volatility, the options market is pricing a one-standard-deviation move of about $40.79 (7.8%) in MSFT by Dec 11, 2026, 30 days out.
Selling the $500 put (−0.29Δ) for $8.34 means assignment would leave a cost basis of $491.66, 5.7% below the $521.13 close.
The 65-day 0.30Δ put pays 1.5× the premium of the 30-day one for 2.2× the time — more premium per day on the 30-day contract ($0.278 vs $0.199).
At 0.30Δ on the Dec 11 expiry the put yields 1.67% on its strike and the call 1.34% on spot: puts pay 1.2× what calls do on MSFT this session.
Moving down to the $485 put (−0.19Δ) buys 2.9% more room below spot and keeps 62% of the 0.30Δ premium.
Open interest in the stored window totals 263,150 contracts; the largest single line is the $585 call expiring Jan 15 with 44,532 (16.9% of the window).
MSFT goes ex-dividend on Nov 19, 2026 ($0.98 declared), inside the Dec 11 covered-call window. A short call that is in the money before an ex-date can be assigned early.
By options volume MSFT ranks #15 of 679 names in our universe.
Near-the-money options volume (3.0k) is 19% below 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 MSFT
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $500 | −0.29 | $8.34 Nov 11 | $834.00 | $50,000 | 1.67% | 20.3% | $491.66 | 155 | 82 |
| 0.20Δ | $485 | −0.19 | $5.13 Nov 11 | $513.00 | $48,500 | 1.06% | 12.9% | $479.87 | 80 | 78 |
Snapshot #9158 · 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 | $495 | −0.31 | $12.91 Nov 11 | $1,291.00 | $49,500 | 2.61% | 14.6% | $482.09 | 3,674 | 90 |
| 0.20Δ | $475 | −0.20 | $8.05 Nov 11 | $805.00 | $47,500 | 1.69% | 9.5% | $466.95 | 4,341 | 117 |
Snapshot #9158 · session 2026-11-11 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 65
Covered calls on MSFT
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $545 | 0.29 | $7.00 Nov 11 | $700.00 | 1.34% | 16.3% | 5.92% | 72.1% | 490 | 51 |
| 0.20Δ | $555 | 0.21 | $4.20 Nov 11 | $420.00 | 0.81% | 9.8% | 7.31% | 88.9% | 127 | 95 |
Snapshot #9158 · 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 | $560 | 0.29 | $9.99 Nov 11 | $999.00 | 1.92% | 10.8% | 9.38% | 52.7% | 5,379 | 1,110 |
| 0.20Δ | $575 | 0.21 | $6.30 Nov 11 | $630.00 | 1.21% | 6.8% | 11.55% | 64.8% | 27,968 | 422 |
Snapshot #9158 · session 2026-11-11 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 65
MSFT volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 27.3%session 2026-11-11
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- Ex-div Nov 19, 2026 · $0.98 declaredchecked Nov 9, 2026
- Open interest, stored window
- 263,150 contractssession 2026-11-11
- Largest open-interest line
- $585 call · Jan 15 · 44,532
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #15 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.
- We are building our own daily implied-volatility history (34 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.