NET wheel: cash-secured put & covered-call yields
Cloudflare, Inc. Class A common stock, par value $0.001 per share · Technology · $293.75 close on Nov 9, 2026
What the Nov 9, 2026 close says about NET
At 65.7% implied volatility, the options market is pricing a one-standard-deviation move of about $57.11 (19.4%) in NET by Dec 11, 2026, 32 days out.
Selling the $275 put (−0.31Δ) for $13.57 means assignment would leave a cost basis of $261.43, 11.0% below the $293.75 close.
The 67-day 0.30Δ put pays 1.4× the premium of the 32-day one for 2.1× the time — more premium per day on the 32-day contract ($0.424 vs $0.280).
At 0.30Δ on the Dec 11 expiry the put yields 4.93% on its strike and the call 3.69% on spot: puts pay 1.3× what calls do on NET this session.
Moving down to the $255 put (−0.20Δ) buys 6.8% more room below spot and keeps 59% of the 0.30Δ premium.
Open interest in the stored window totals 23,691 contracts; the largest single line is the $200 put expiring Jan 15 with 3,307 (14.0% of the window).
By options volume NET ranks #116 of 679 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 NET
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $275 | −0.31 | $13.57 Nov 9 | $1,357.00 | $27,500 | 4.93% | 56.3% | $261.43 | 10 | 42 |
| 0.20Δ | $255 | −0.20 | $7.98 Nov 9 | $798.00 | $25,500 | 3.13% | 35.7% | $247.02 | 36 | 43 |
Snapshot #8587 · session 2026-11-09 · captured 22:22 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 | $270 | −0.31 | $18.75 Nov 9 | $1,875.00 | $27,000 | 6.94% | 37.8% | $251.25 | 991 | 32 |
| 0.20Δ | $240 | −0.19 | $9.80 Nov 9 | $980.00 | $24,000 | 4.08% | 22.2% | $230.20 | 558 | 71 |
Snapshot #8587 · session 2026-11-09 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 67
Covered calls on NET
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $330 | 0.31 | $10.83 Nov 9 | $1,083.00 | 3.69% | 42.1% | 16.03% | 182.8% | 75 | 1 |
| 0.20Δ | $350 | 0.20 | $5.88 Nov 9 | $588.00 | 2.00% | 22.8% | 21.15% | 241.2% | 2 | 3 |
Snapshot #8587 · session 2026-11-09 · captured 22:22 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 | $350 | 0.30 | $13.10 Nov 9 | $1,310.00 | 4.46% | 24.3% | 23.61% | 128.6% | 670 | 115 |
| 0.20Δ | $380 | 0.20 | $7.65 Nov 9 | $765.00 | 2.60% | 14.2% | 31.97% | 174.1% | 830 | 31 |
Snapshot #8587 · session 2026-11-09 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 67
NET volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 65.7%session 2026-11-09
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 23,691 contractssession 2026-11-09
- Largest open-interest line
- $200 put · Jan 15 · 3,307
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #116 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 (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.