NCLH wheel: cash-secured put & covered-call yields
Norwegian Cruise Line Holdings Ltd. Ordinary Shares · Industrials · $17.94 close on Nov 2, 2026
What the Nov 2, 2026 close says about NCLH
At 46.6% implied volatility, the options market is pricing a one-standard-deviation move of about $2.47 (13.8%) in NCLH by Dec 4, 2026, 32 days out.
Selling the $17 put (−0.33Δ) for $0.64 means assignment would leave a cost basis of $16.36, 8.8% below the $17.94 close.
At 0.30Δ on the Dec 4 expiry the put yields 3.76% on its strike and the call 2.06% on spot: puts pay 1.8× what calls do on NCLH this session.
Moving down to the $16 put (−0.19Δ) buys 5.6% more room below spot and keeps 47% of the 0.30Δ premium.
Open interest in the stored window totals 66,146 contracts; the largest single line is the $15 put expiring Jan 15 with 20,579 (31.1% of the window).
By options volume NCLH ranks #149 of 661 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 NCLH
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $17 | −0.33 | $0.64 Nov 2 | $64.00 | $1,700 | 3.76% | 42.9% | $16.36 | 2 | 5 |
| 0.20Δ | $16 | −0.19 | $0.30 Nov 2 | $30.00 | $1,600 | 1.88% | 21.4% | $15.70 | 25 | 11 |
Snapshot #7136 · session 2026-11-02 · captured 22:30 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 | Unavailable1 | |||||||||
| 0.20Δ | $15 | −0.18 | $0.40 Nov 2 | $40.00 | $1,500 | 2.67% | 13.2% | $14.60 | 20,579 | 65 |
Snapshot #7136 · session 2026-11-02 · captured 22:30 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 74
Covered calls on NCLH
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $20 | 0.26 | $0.37 Nov 2 | $37.00 | 2.06% | 23.5% | 13.55% | 154.5% | 244 | 11 |
| 0.20Δ | $21 | 0.16 | $0.21 Nov 2 | $21.00 | 1.17% | 13.4% | 18.23% | 207.9% | 0 | 103 |
Snapshot #7136 · session 2026-11-02 · captured 22:30 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 | Unavailable1 | |||||||||
| 0.20Δ | $22 | 0.21 | $0.39 Nov 2 | $39.00 | 2.17% | 10.7% | 24.80% | 122.3% | 3,141 | 80 |
Snapshot #7136 · session 2026-11-02 · captured 22:30 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 74
NCLH volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 46.6%session 2026-11-02
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Nov 2, 2026
- Open interest, stored window
- 66,146 contractssession 2026-11-02
- Largest open-interest line
- $15 put · Jan 15 · 20,579
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #149 of 661 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.
- No contract near 0.30Δ traded this session
- 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.