NOW wheel: cash-secured put & covered-call yields
SERVICENOW, INC. · Technology · $100.66 close on Nov 12, 2026
What the Nov 12, 2026 close says about NOW
At 48.0% implied volatility, the options market is pricing a one-standard-deviation move of about $15.18 (15.1%) in NOW by Dec 18, 2026, 36 days out.
Selling the $94 put (−0.29Δ) for $3.19 means assignment would leave a cost basis of $90.81, 9.8% below the $100.66 close.
The 64-day 0.30Δ put pays 1.3× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.089 vs $0.063).
At 0.30Δ on the Dec 18 expiry the put yields 3.39% on its strike and the call 2.68% on spot: puts pay 1.3× what calls do on NOW this session.
Moving down to the $90 put (−0.20Δ) buys 4.0% more room below spot and keeps 62% of the 0.30Δ premium.
Open interest in the stored window totals 163,356 contracts; the largest single line is the $80 put expiring Dec 18 with 17,024 (10.4% of the window).
By options volume NOW ranks #65 of 679 names in our universe.
Near-the-money options volume (7.7k) is 1024% 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 NOW
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $94 | −0.29 | $3.19 Nov 12 | $319.00 | $9,400 | 3.39% | 34.4% | $90.81 | 1,909 | 58 |
| 0.20Δ | $90 | −0.20 | $1.97 Nov 12 | $197.00 | $9,000 | 2.19% | 22.2% | $88.03 | 5,342 | 348 |
Snapshot #9455 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $92 | −0.28 | $4.05 Nov 12 | $405.00 | $9,200 | 4.40% | 25.1% | $87.95 | 13,421 | 465 |
| 0.20Δ | $86 | −0.19 | $2.43 Nov 12 | $243.00 | $8,600 | 2.83% | 16.1% | $83.57 | 1,301 | 66 |
Snapshot #9455 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on NOW
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $110 | 0.31 | $2.70 Nov 12 | $270.00 | 2.68% | 27.2% | 11.96% | 121.3% | 3,839 | 360 |
| 0.20Δ | $116 | 0.20 | $1.67 Nov 12 | $167.00 | 1.66% | 16.8% | 16.90% | 171.3% | 729 | 61 |
Snapshot #9455 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $115 | 0.29 | $3.28 Nov 12 | $328.00 | 3.26% | 18.6% | 17.50% | 99.8% | 2,434 | 126 |
| 0.20Δ | $124 | 0.18 | $1.78 Nov 12 | $178.00 | 1.77% | 10.1% | 24.96% | 142.3% | 924 | 114 |
Snapshot #9455 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
NOW volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 48.0%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 163,356 contractssession 2026-11-12
- Largest open-interest line
- $80 put · Dec 18 · 17,024
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #65 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.
- We are building our own daily implied-volatility history (33 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.