NOW wheel: cash-secured put & covered-call yields
SERVICENOW, INC. · Technology · $131.45 close on Sep 28, 2026
What the Sep 28, 2026 close says about NOW
At 59.1% implied volatility, the options market is pricing a one-standard-deviation move of about $23.02 (17.5%) in NOW by Oct 30, 2026, 32 days out.
Selling the $122 put (−0.30Δ) for $4.80 means assignment would leave a cost basis of $117.20, 10.8% below the $131.45 close.
The 81-day 0.30Δ put pays 1.6× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.150 vs $0.095).
At 0.30Δ on the Oct 30 expiry the put yields 3.93% on its strike and the call 3.08% on spot: puts pay 1.3× what calls do on NOW this session.
Moving down to the $115 put (−0.20Δ) buys 5.3% more room below spot and keeps 59% of the 0.30Δ premium.
Open interest in the stored window totals 70,655 contracts; the largest single line is the $164 call expiring Dec 18 with 6,341 (9.0% of the window).
By options volume NOW ranks #71 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 NOW
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $122 | −0.30 | $4.80 Sep 28 | $480.00 | $12,200 | 3.93% | 44.9% | $117.20 | 37 | 60 |
| 0.20Δ | $115 | −0.20 | $2.85 Sep 28 | $285.00 | $11,500 | 2.48% | 28.3% | $112.15 | 643 | 225 |
Snapshot #195 · 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 | $120 | −0.31 | $7.67 Sep 28 | $767.00 | $12,000 | 6.39% | 28.8% | $112.33 | 4,202 | 18 |
| 0.20Δ | $110 | −0.20 | $4.47 Sep 28 | $447.00 | $11,000 | 4.06% | 18.3% | $105.53 | 3,199 | 15 |
Snapshot #195 · session 2026-09-28 · captured 22:40 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on NOW
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $147 | 0.30 | $4.05 Sep 28 | $405.00 | 3.08% | 35.1% | 14.91% | 170.1% | 8 | 6 |
| 0.20Δ | $155 | 0.20 | $2.53 Sep 28 | $253.00 | 1.92% | 22.0% | 19.84% | 226.3% | 149 | 27 |
Snapshot #195 · 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 | $156 | 0.31 | $6.10 Sep 28 | $610.00 | 4.64% | 20.9% | 23.32% | 105.1% | 397 | 13 |
| 0.20Δ | $170 | 0.20 | $3.59 Sep 28 | $359.00 | 2.73% | 12.3% | 32.06% | 144.5% | 1,271 | 68 |
Snapshot #195 · session 2026-09-28 · captured 22:40 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
NOW volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 59.1%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 70,655 contractssession 2026-09-28
- Largest open-interest line
- $164 call · Dec 18 · 6,341
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #71 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.