NFLX wheel: cash-secured put & covered-call yields
NetFlix Inc · Communication services · $69.23 close on Sep 28, 2026
What the Sep 28, 2026 close says about NFLX
At 43.4% implied volatility, the options market is pricing a one-standard-deviation move of about $8.89 (12.8%) in NFLX by Oct 30, 2026, 32 days out.
Selling the $65 put (−0.28Δ) for $1.65 means assignment would leave a cost basis of $63.35, 8.5% below the $69.23 close.
The 81-day 0.30Δ put pays 1.7× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.052 vs $0.034).
At 0.30Δ on the Oct 30 expiry the put yields 2.54% on its strike and the call 2.34% on spot: puts and calls pay within 10% of each other on NFLX this session.
Moving down to the $63 put (−0.20Δ) buys 2.9% more room below spot and keeps 68% of the 0.30Δ premium.
Open interest in the stored window totals 150,003 contracts; the largest single line is the $60 put expiring Dec 18 with 17,285 (11.5% of the window).
By options volume NFLX ranks #19 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 NFLX
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $65 | −0.28 | $1.65 Sep 28 | $165.00 | $6,500 | 2.54% | 29.0% | $63.35 | 1,350 | 2,103 |
| 0.20Δ | $63 | −0.20 | $1.13 Sep 28 | $113.00 | $6,300 | 1.79% | 20.5% | $61.87 | 22 | 247 |
Snapshot #192 · session 2026-09-28 · captured 22:40 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 | $65 | −0.32 | $2.75 Sep 28 | $275.00 | $6,500 | 4.23% | 19.1% | $62.25 | 5,581 | 1,133 |
| 0.20Δ | $61 | −0.20 | $1.64 Sep 28 | $164.00 | $6,100 | 2.69% | 12.1% | $59.36 | 1,718 | 311 |
Snapshot #192 · session 2026-09-28 · captured 22:40 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on NFLX
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $75 | 0.30 | $1.62 Sep 28 | $162.00 | 2.34% | 26.7% | 10.67% | 121.8% | 1,123 | 454 |
| 0.20Δ | $78 | 0.21 | $1.02 Sep 28 | $102.00 | 1.47% | 16.8% | 14.14% | 161.3% | 416 | 710 |
Snapshot #192 · session 2026-09-28 · captured 22:40 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 | $78 | 0.30 | $2.20 Sep 28 | $220.00 | 3.18% | 14.3% | 15.85% | 71.4% | 2,768 | 173 |
| 0.20Δ | $83 | 0.19 | $1.35 Sep 28 | $135.00 | 1.95% | 8.8% | 21.84% | 98.4% | 2,880 | 47 |
Snapshot #192 · session 2026-09-28 · captured 22:40 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
NFLX volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 43.4%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 150,003 contractssession 2026-09-28
- Largest open-interest line
- $60 put · Dec 18 · 17,285
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #19 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.