NFLX wheel: cash-secured put & covered-call yields
NetFlix Inc · Communication services · $62.69 close on Nov 12, 2026
What the Nov 12, 2026 close says about NFLX
At 34.9% implied volatility, the options market is pricing a one-standard-deviation move of about $6.86 (10.9%) in NFLX by Dec 18, 2026, 36 days out.
Selling the $60 put (−0.31Δ) for $1.43 means assignment would leave a cost basis of $58.57, 6.6% below the $62.69 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 ($0.040 vs $0.031).
At 0.30Δ on the Dec 18 expiry the put yields 2.38% on its strike and the call 1.82% on spot: puts pay 1.3× what calls do on NFLX this session.
Moving down to the $58 put (−0.21Δ) buys 3.2% more room below spot and keeps 62% of the 0.30Δ premium.
Open interest in the stored window totals 492,071 contracts; the largest single line is the $60 put expiring Dec 18 with 68,619 (13.9% of the window).
By options volume NFLX ranks #34 of 679 names in our universe.
Near-the-money options volume (16k) is 1610% 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 NFLX
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $60 | −0.31 | $1.43 Nov 12 | $143.00 | $6,000 | 2.38% | 24.2% | $58.57 | 68,619 | 1,025 |
| 0.20Δ | $58 | −0.21 | $0.88 Nov 12 | $88.00 | $5,800 | 1.52% | 15.4% | $57.12 | 5,822 | 316 |
Snapshot #9451 · 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 | $59 | −0.30 | $2.00 Nov 12 | $200.00 | $5,900 | 3.39% | 19.3% | $57.00 | 4,477 | 150 |
| 0.20Δ | $56 | −0.20 | $1.16 Nov 12 | $116.00 | $5,600 | 2.07% | 11.8% | $54.84 | 4,263 | 57 |
Snapshot #9451 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on NFLX
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $67 | 0.30 | $1.14 Nov 12 | $114.00 | 1.82% | 18.4% | 8.69% | 88.1% | 4,496 | 870 |
| 0.20Δ | $69 | 0.22 | $0.78 Nov 12 | $78.00 | 1.24% | 12.6% | 11.31% | 114.7% | 2,957 | 150 |
Snapshot #9451 · 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 | $69 | 0.30 | $1.65 Nov 12 | $165.00 | 2.63% | 15.0% | 12.70% | 72.4% | 3,330 | 164 |
| 0.20Δ | $72 | 0.21 | $1.00 Nov 12 | $100.00 | 1.60% | 9.1% | 16.45% | 93.8% | 5,151 | 72 |
Snapshot #9451 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
NFLX volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 34.9%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 492,071 contractssession 2026-11-12
- Largest open-interest line
- $60 put · Dec 18 · 68,619
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #34 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.