MU wheel: cash-secured put & covered-call yields
Micron Technology, Inc. · Technology · $798.44 close on Nov 12, 2026
What the Nov 12, 2026 close says about MU
At 68.0% implied volatility, the options market is pricing a one-standard-deviation move of about $170.63 (21.4%) in MU by Dec 18, 2026, 36 days out.
Selling the $740 put (−0.31Δ) for $39.35 means assignment would leave a cost basis of $700.65, 12.2% below the $798.44 close.
The 64-day 0.30Δ put pays 1.3× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($1.093 vs $0.788).
At 0.30Δ on the Dec 18 expiry the put yields 5.32% on its strike and the call 3.50% on spot: puts pay 1.5× what calls do on MU this session.
Moving down to the $690 put (−0.21Δ) buys 6.3% more room below spot and keeps 60% of the 0.30Δ premium.
Open interest in the stored window totals 346,044 contracts; the largest single line is the $900 call expiring Jan 15 with 21,970 (6.3% of the window).
By options volume MU ranks #24 of 679 names in our universe.
Near-the-money options volume (12k) is 360% 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 MU
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $740 | −0.31 | $39.35 Nov 12 | $3,935.00 | $74,000 | 5.32% | 53.9% | $700.65 | 3,029 | 205 |
| 0.20Δ | $690 | −0.21 | $23.71 Nov 12 | $2,371.00 | $69,000 | 3.44% | 34.8% | $666.29 | 1,584 | 64 |
Snapshot #9444 · 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 | $720 | −0.29 | $50.40 Nov 12 | $5,040.00 | $72,000 | 7.00% | 39.9% | $669.60 | 1,681 | 12 |
| 0.20Δ | $660 | −0.20 | $29.54 Nov 12 | $2,954.00 | $66,000 | 4.48% | 25.5% | $630.46 | 3,002 | 11 |
Snapshot #9444 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on MU
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $910 | 0.31 | $27.97 Nov 12 | $2,797.00 | 3.50% | 35.5% | 17.48% | 177.2% | 5,931 | 517 |
| 0.20Δ | $970 | 0.21 | $16.68 Nov 12 | $1,668.00 | 2.09% | 21.2% | 23.58% | 239.0% | 1,221 | 477 |
Snapshot #9444 · 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 | $960 | 0.30 | $36.18 Nov 12 | $3,618.00 | 4.53% | 25.8% | 24.77% | 141.2% | 1,793 | 67 |
| 0.20Δ | $1050 | 0.20 | $21.10 Nov 12 | $2,110.00 | 2.64% | 15.1% | 34.15% | 194.8% | 7,200 | 154 |
Snapshot #9444 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
MU volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 68.0%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 346,044 contractssession 2026-11-12
- Largest open-interest line
- $900 call · Jan 15 · 21,970
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #24 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.