MSTR wheel: cash-secured put & covered-call yields
Strategy Inc Common Stock Class A · Financials · $114.41 close on Nov 12, 2026
What the Nov 12, 2026 close says about MSTR
At 76.1% implied volatility, the options market is pricing a one-standard-deviation move of about $27.36 (23.9%) in MSTR by Dec 18, 2026, 36 days out.
Selling the $105 put (−0.31Δ) for $6.25 means assignment would leave a cost basis of $98.75, 13.7% below the $114.41 close.
The 64-day 0.30Δ put pays 1.4× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.174 vs $0.140).
At 0.30Δ on the Dec 18 expiry the put yields 5.95% on its strike and the call 3.64% on spot: puts pay 1.6× what calls do on MSTR this session.
Moving down to the $95 put (−0.19Δ) buys 8.7% more room below spot and keeps 57% of the 0.30Δ premium.
Open interest in the stored window totals 137,410 contracts; the largest single line is the $100 put expiring Jan 15 with 12,465 (9.1% of the window).
By options volume MSTR ranks #44 of 679 names in our universe.
Near-the-money options volume (5.6k) is 719% 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 MSTR
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $105 | −0.31 | $6.25 Nov 12 | $625.00 | $10,500 | 5.95% | 60.4% | $98.75 | 3,156 | 526 |
| 0.20Δ | $95 | −0.19 | $3.55 Nov 12 | $355.00 | $9,500 | 3.74% | 37.9% | $91.45 | 1,222 | 663 |
Snapshot #9442 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $105 | −0.33 | $8.97 Nov 12 | $897.00 | $10,500 | 8.54% | 48.7% | $96.03 | 1,700 | 491 |
| 0.20Δ | $90 | −0.18 | $4.45 Nov 12 | $445.00 | $9,000 | 4.94% | 28.2% | $85.55 | 3,506 | 417 |
Snapshot #9442 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on MSTR
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $135 | 0.28 | $4.16 Nov 12 | $416.00 | 3.64% | 36.9% | 21.63% | 219.3% | 1,693 | 404 |
| 0.20Δ | $145 | 0.19 | $2.67 Nov 12 | $267.00 | 2.33% | 23.7% | 29.07% | 294.7% | 2,669 | 297 |
Snapshot #9442 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $140 | 0.31 | $6.49 Nov 12 | $649.00 | 5.67% | 32.4% | 28.04% | 159.9% | 3,015 | 350 |
| 0.20Δ | $155 | 0.21 | $3.84 Nov 12 | $384.00 | 3.36% | 19.1% | 38.83% | 221.5% | 4,210 | 611 |
Snapshot #9442 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
MSTR volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 76.1%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 137,410 contractssession 2026-11-12
- Largest open-interest line
- $100 put · Jan 15 · 12,465
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #44 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.