NOK wheel: cash-secured put & covered-call yields
Nokia Corporation · $10.12 close on Sep 28, 2026
What the Sep 28, 2026 close says about NOK
At 63.9% implied volatility, the options market is pricing a one-standard-deviation move of about $1.91 (18.9%) in NOK by Oct 30, 2026, 32 days out.
Selling the $9.50 put (−0.33Δ) for $0.45 means assignment would leave a cost basis of $9.05, 10.6% below the $10.12 close.
The 81-day 0.30Δ put pays 1.2× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.014 vs $0.007).
At 0.30Δ on the Oct 30 expiry the put yields 4.74% on its strike and the call 3.26% on spot: puts pay 1.5× what calls do on NOK this session.
Moving down to the $9 put (−0.23Δ) buys 4.9% more room below spot and keeps 62% of the 0.30Δ premium.
Open interest in the stored window totals 174,013 contracts; the largest single line is the $12 call expiring Dec 18 with 40,437 (23.2% of the window).
By options volume NOK ranks #37 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 NOK
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $9.50 | −0.33 | $0.45 Sep 28 | $45.00 | $950 | 4.74% | 54.0% | $9.05 | 487 | 156 |
| 0.20Δ | $9 | −0.23 | $0.28 Sep 28 | $28.00 | $900 | 3.11% | 35.5% | $8.72 | 798 | 123 |
Snapshot #194 · 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 | $9 | −0.28 | $0.54 Sep 28 | $54.00 | $900 | 6.00% | 27.0% | $8.46 | 32,513 | 56 |
| 0.20Δ | $8 | −0.16 | $0.27 Sep 28 | $27.00 | $800 | 3.38% | 15.2% | $7.73 | 13,258 | 80 |
Snapshot #194 · session 2026-09-28 · captured 22:40 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on NOK
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $11.50 | 0.29 | $0.33 Sep 28 | $33.00 | 3.26% | 37.2% | 16.90% | 192.7% | 225 | 170 |
| 0.20Δ | $12 | 0.22 | $0.24 Sep 28 | $24.00 | 2.37% | 27.1% | 20.95% | 238.9% | 1,616 | 90 |
Snapshot #194 · 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 | $12 | 0.33 | $0.56 Sep 28 | $56.00 | 5.53% | 24.9% | 24.11% | 108.6% | 40,437 | 510 |
| 0.20Δ | $14 | 0.18 | $0.27 Sep 28 | $27.00 | 2.67% | 12.0% | 41.01% | 184.8% | 10,250 | 271 |
Snapshot #194 · session 2026-09-28 · captured 22:40 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
NOK volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 63.9%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 174,013 contractssession 2026-09-28
- Largest open-interest line
- $12 call · Dec 18 · 40,437
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #37 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.