NOC wheel: cash-secured put & covered-call yields
Northrop Grumman Corp. · Industrials · $510.65 close on Oct 19, 2026
What the Oct 19, 2026 close says about NOC
At 34.3% implied volatility, the options market is pricing a one-standard-deviation move of about $51.79 (10.1%) in NOC by Nov 20, 2026, 32 days out.
Selling the $490 put (−0.32Δ) for $11.05 means assignment would leave a cost basis of $478.95, 6.2% below the $510.65 close.
The 60-day 0.30Δ put pays 1.1× the premium of the 32-day one for 1.9× the time — more premium per day on the 32-day contract ($0.345 vs $0.211).
At 0.30Δ on the Nov 20 expiry the put yields 2.26% on its strike and the call 1.88% on spot: puts pay 1.2× what calls do on NOC this session.
Open interest in the stored window totals 5,334 contracts; the largest single line is the $480 put expiring Nov 20 with 414 (7.8% of the window).
By options volume NOC ranks #216 of 608 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 NOC
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $490 | −0.32 | $11.05 Oct 19 | $1,105.00 | $49,000 | 2.26% | 25.7% | $478.95 | 79 | 8 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #4321 · session 2026-10-19 · 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 | $480 | −0.28 | $12.65 Oct 19 | $1,265.00 | $48,000 | 2.64% | 16.0% | $467.35 | 58 | 1 |
| 0.20Δ | $460 | −0.18 | $6.72 Oct 19 | $672.00 | $46,000 | 1.46% | 8.9% | $453.28 | 38 | 170 |
Snapshot #4321 · session 2026-10-19 · captured 22:30 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 60
Covered calls on NOC
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $540 | 0.31 | $9.62 Oct 19 | $962.00 | 1.88% | 21.5% | 7.63% | 87.0% | 94 | 13 |
| 0.20Δ | $555 | 0.20 | $6.40 Oct 19 | $640.00 | 1.25% | 14.3% | 9.94% | 113.4% | 6 | 14 |
Snapshot #4321 · session 2026-10-19 · 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 | $550 | 0.31 | $12.35 Oct 19 | $1,235.00 | 2.42% | 14.7% | 10.12% | 61.6% | 59 | 22 |
| 0.20Δ | $570 | 0.20 | $7.30 Oct 19 | $730.00 | 1.43% | 8.7% | 13.05% | 79.4% | 54 | 7 |
Snapshot #4321 · session 2026-10-19 · captured 22:30 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 60
NOC volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 34.3%session 2026-10-19
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Oct 19, 2026
- Open interest, stored window
- 5,334 contractssession 2026-10-19
- Largest open-interest line
- $480 put · Nov 20 · 414
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #216 of 608 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 0.20Δ 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.