MU wheel: cash-secured put & covered-call yields
Micron Technology, Inc. · Technology · $1,053.98 close on Sep 28, 2026
What the Sep 28, 2026 close says about MU
At 61.0% implied volatility, the options market is pricing a one-standard-deviation move of about $190.39 (18.1%) in MU by Oct 30, 2026, 32 days out.
Selling the $980 put (−0.30Δ) for $39.84 means assignment would leave a cost basis of $940.16, 10.8% below the $1,053.98 close.
The 81-day 0.30Δ put pays 1.6× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($1.245 vs $0.794).
At 0.30Δ on the Oct 30 expiry the put yields 4.07% on its strike and the call 3.36% on spot: puts pay 1.2× what calls do on MU this session.
Moving down to the $925 put (−0.20Δ) buys 5.2% more room below spot and keeps 56% of the 0.30Δ premium.
Open interest in the stored window totals 91,991 contracts; the largest single line is the $800 put expiring Dec 18 with 5,018 (5.5% of the window).
By options volume MU ranks #52 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 MU
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $980 | −0.30 | $39.84 Sep 28 | $3,984.00 | $98,000 | 4.07% | 46.4% | $940.16 | 181 | 40 |
| 0.20Δ | $925 | −0.20 | $22.50 Sep 28 | $2,250.00 | $92,500 | 2.43% | 27.7% | $902.50 | 81 | 11 |
Snapshot #187 · 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 | $960 | −0.30 | $64.31 Sep 28 | $6,431.00 | $96,000 | 6.70% | 30.2% | $895.69 | 807 | 30 |
| 0.20Δ | $880 | −0.20 | $35.50 Sep 28 | $3,550.00 | $88,000 | 4.03% | 18.2% | $844.50 | 1,177 | 43 |
Snapshot #187 · session 2026-09-28 · captured 22:32 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on MU
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $1180 | 0.30 | $35.45 Sep 28 | $3,545.00 | 3.36% | 38.4% | 15.32% | 174.7% | 39 | 43 |
| 0.20Δ | $1260 | 0.21 | $21.05 Sep 28 | $2,105.00 | 2.00% | 22.8% | 21.54% | 245.7% | 121 | 19 |
Snapshot #187 · 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 | $1270 | 0.31 | $52.60 Sep 28 | $5,260.00 | 4.99% | 22.5% | 25.49% | 114.8% | 658 | 99 |
| 0.20Δ | $1410 | 0.20 | $30.62 Sep 28 | $3,062.00 | 2.91% | 13.1% | 36.68% | 165.3% | 222 | 16 |
Snapshot #187 · session 2026-09-28 · captured 22:32 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
MU volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 61.0%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 91,991 contractssession 2026-09-28
- Largest open-interest line
- $800 put · Dec 18 · 5,018
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #52 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.