NTAP wheel: cash-secured put & covered-call yields
NetApp, Inc · Technology · $186.08 close on Nov 12, 2026
What the Nov 12, 2026 close says about NTAP
At 67.5% implied volatility, the options market is pricing a one-standard-deviation move of about $39.46 (21.2%) in NTAP by Dec 18, 2026, 36 days out.
Selling the $170 put (−0.29Δ) for $7.96 means assignment would leave a cost basis of $162.04, 12.9% below the $186.08 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 ($0.221 vs $0.163).
At 0.30Δ on the Dec 18 expiry the put yields 4.68% on its strike and the call 3.98% on spot: puts pay 1.2× what calls do on NTAP this session.
Moving down to the $160 put (−0.21Δ) buys 5.4% more room below spot and keeps 68% of the 0.30Δ premium.
Open interest in the stored window totals 12,135 contracts; the largest single line is the $125 put expiring Jan 15 with 2,104 (17.3% of the window).
By options volume NTAP ranks #328 of 679 names in our universe.
Near-the-money options volume (77) is in line with 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 NTAP
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $170 | −0.29 | $7.96 Nov 12 | $796.00 | $17,000 | 4.68% | 47.5% | $162.04 | 322 | 9 |
| 0.20Δ | $160 | −0.21 | $5.40 Nov 12 | $540.00 | $16,000 | 3.38% | 34.2% | $154.60 | 228 | 5 |
Snapshot #9456 · 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 | $165 | −0.27 | $10.45 Nov 12 | $1,045.00 | $16,500 | 6.33% | 36.1% | $154.55 | 83 | 7 |
| 0.20Δ | $150 | −0.18 | $5.50 Nov 12 | $550.00 | $15,000 | 3.67% | 20.9% | $144.50 | 65 | 22 |
Snapshot #9456 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on NTAP
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $210 | 0.32 | $7.40 Nov 12 | $740.00 | 3.98% | 40.3% | 16.83% | 170.7% | 639 | 6 |
| 0.20Δ | $230 | 0.18 | $3.39 Nov 12 | $339.00 | 1.82% | 18.5% | 25.42% | 257.8% | 225 | 17 |
Snapshot #9456 · 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 | $220 | 0.29 | $7.41 Nov 12 | $741.00 | 3.98% | 22.7% | 22.21% | 126.7% | 287 | 10 |
| 0.20Δ | $240 | 0.18 | $3.94 Nov 12 | $394.00 | 2.12% | 12.1% | 31.09% | 177.3% | 272 | 4 |
Snapshot #9456 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
NTAP volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 67.5%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 12,135 contractssession 2026-11-12
- Largest open-interest line
- $125 put · Jan 15 · 2,104
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #328 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 (24 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.