MSTR wheel: cash-secured put & covered-call yields
Strategy Inc Common Stock Class A · Financials · $157.14 close on Sep 28, 2026
What the Sep 28, 2026 close says about MSTR
At 65.0% implied volatility, the options market is pricing a one-standard-deviation move of about $30.24 (19.2%) in MSTR by Oct 30, 2026, 32 days out.
Selling the $145 put (−0.30Δ) for $6.19 means assignment would leave a cost basis of $138.81, 11.7% below the $157.14 close.
The 81-day 0.30Δ put pays 1.8× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.193 vs $0.135).
At 0.30Δ on the Oct 30 expiry the put yields 4.27% on its strike and the call 3.63% on spot: puts pay 1.2× what calls do on MSTR this session.
Moving down to the $135 put (−0.19Δ) buys 6.4% more room below spot and keeps 56% of the 0.30Δ premium.
Open interest in the stored window totals 106,995 contracts; the largest single line is the $160 call expiring Dec 18 with 11,889 (11.1% of the window).
By options volume MSTR ranks #34 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 MSTR
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $145 | −0.30 | $6.19 Sep 28 | $619.00 | $14,500 | 4.27% | 48.7% | $138.81 | 532 | 327 |
| 0.20Δ | $135 | −0.19 | $3.45 Sep 28 | $345.00 | $13,500 | 2.56% | 29.1% | $131.55 | 336 | 173 |
Snapshot #186 · session 2026-09-28 · captured 22:32 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 | $140 | −0.30 | $10.95 Sep 28 | $1,095.00 | $14,000 | 7.82% | 35.2% | $129.05 | 2,742 | 67 |
| 0.20Δ | $125 | −0.19 | $6.20 Sep 28 | $620.00 | $12,500 | 4.96% | 22.4% | $118.80 | 3,219 | 208 |
Snapshot #186 · session 2026-09-28 · captured 22:32 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on MSTR
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $180 | 0.30 | $5.70 Sep 28 | $570.00 | 3.63% | 41.4% | 18.17% | 207.3% | 971 | 546 |
| 0.20Δ | $195 | 0.19 | $3.40 Sep 28 | $340.00 | 2.16% | 24.7% | 26.26% | 299.5% | 435 | 46 |
Snapshot #186 · session 2026-09-28 · captured 22:32 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 | $195 | 0.33 | $10.45 Sep 28 | $1,045.00 | 6.65% | 30.0% | 30.74% | 138.5% | 2,154 | 40 |
| 0.20Δ | $225 | 0.21 | $5.44 Sep 28 | $544.00 | 3.46% | 15.6% | 46.65% | 210.2% | 676 | 2 |
Snapshot #186 · session 2026-09-28 · captured 22:32 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
MSTR volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 65.0%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 106,995 contractssession 2026-09-28
- Largest open-interest line
- $160 call · Dec 18 · 11,889
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #34 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.
- 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.