NOK wheel: cash-secured put & covered-call yields
Nokia Corporation · $7.66 close on Nov 6, 2026
What the Nov 6, 2026 close says about NOK
At 56.9% implied volatility, the options market is pricing a one-standard-deviation move of about $1.35 (17.6%) in NOK by Dec 11, 2026, 35 days out.
Selling the $7 put (−0.28Δ) for $0.30 means assignment would leave a cost basis of $6.70, 12.5% below the $7.66 close.
The 70-day 0.30Δ put pays 1.4× the premium of the 35-day one for 2.0× the time — more premium per day on the 35-day contract ($0.009 vs $0.006).
At 0.30Δ on the Dec 11 expiry the put yields 4.29% on its strike and the call 3.52% on spot: puts pay 1.2× what calls do on NOK this session.
Moving down to the $6.50 put (−0.17Δ) buys 6.5% more room below spot and keeps 47% of the 0.30Δ premium.
Open interest in the stored window totals 125,565 contracts; the largest single line is the $10 call expiring Jan 15 with 75,215 (59.9% of the window).
By options volume NOK ranks #201 of 679 names in our universe.
Near-the-money options volume (1.2k) is 310% 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 NOK
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $7 | −0.28 | $0.30 Nov 6 | $30.00 | $700 | 4.29% | 44.7% | $6.70 | 1,185 | 6 |
| 0.20Δ | $6.50 | −0.17 | $0.14 Nov 6 | $14.00 | $650 | 2.15% | 22.5% | $6.36 | 8 | 8 |
Snapshot #8302 · session 2026-11-06 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 35
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $7 | −0.31 | $0.43 Nov 6 | $43.00 | $700 | 6.14% | 32.0% | $6.57 | 22,555 | 702 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #8302 · session 2026-11-06 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 70
Covered calls on NOK
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $8.50 | 0.32 | $0.27 Nov 6 | $27.00 | 3.52% | 36.8% | 14.49% | 151.1% | 42 | 138 |
| 0.20Δ | $9 | 0.22 | $0.17 Nov 6 | $17.00 | 2.22% | 23.1% | 19.71% | 205.6% | 84 | 8 |
Snapshot #8302 · session 2026-11-06 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 35
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $9 | 0.31 | $0.33 Nov 6 | $33.00 | 4.31% | 22.5% | 21.80% | 113.7% | 5,942 | 342 |
| 0.20Δ | $10 | 0.18 | $0.17 Nov 6 | $17.00 | 2.22% | 11.6% | 32.77% | 170.9% | 75,215 | 764 |
Snapshot #8302 · session 2026-11-06 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 70
NOK volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 56.9%session 2026-11-06
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- Unavailable4checked Nov 2, 2026
- Open interest, stored window
- 125,565 contractssession 2026-11-06
- Largest open-interest line
- $10 call · Jan 15 · 75,215
- Bid/ask spread
- Unavailable5
- Options liquidity rank
- #201 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.
- No contract near 0.20Δ traded this session
- 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.
- The last dividend check is 10 days old — too old to rule out a newer declaration.
- Our data feed carries last trades, not live bid/ask quotes, so we cannot show a spread.