NTAP wheel: cash-secured put & covered-call yields
NetApp, Inc · Technology · $204.41 close on Sep 28, 2026
What the Sep 28, 2026 close says about NTAP
At 46.5% implied volatility, the options market is pricing a one-standard-deviation move of about $36.25 (17.7%) in NTAP by Nov 20, 2026, 53 days out.
Selling the $190 put (−0.30Δ) for $8.30 means assignment would leave a cost basis of $181.70, 11.1% below the $204.41 close.
The 81-day 0.30Δ put pays 1.6× the premium of the 53-day one for 1.5× the time — about the same premium per day either way.
At 0.30Δ on the Nov 20 expiry the put yields 4.37% on its strike and the call 2.88% on spot: puts pay 1.5× what calls do on NTAP this session.
Moving down to the $180 put (−0.21Δ) buys 4.9% more room below spot and keeps 60% of the 0.30Δ premium.
Open interest in the stored window totals 5,947 contracts; the largest single line is the $220 call expiring Nov 20 with 619 (10.4% of the window).
NTAP goes ex-dividend on Oct 9, 2026 ($0.52 declared), inside the Nov 20 covered-call window. A short call that is in the money before an ex-date can be assigned early.
By options volume NTAP ranks #185 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 NTAP
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $190 | −0.30 | $8.30 Sep 28 | $830.00 | $19,000 | 4.37% | 30.1% | $181.70 | 179 | 7 |
| 0.20Δ | $180 | −0.21 | $5.00 Sep 28 | $500.00 | $18,000 | 2.78% | 19.1% | $175.00 | 69 | 33 |
Snapshot #196 · session 2026-09-28 · captured 22:40 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 53
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $190 | −0.33 | $12.90 Sep 28 | $1,290.00 | $19,000 | 6.79% | 30.6% | $177.10 | 85 | 3 |
| 0.20Δ | $165 | −0.16 | $5.05 Sep 28 | $505.00 | $16,500 | 3.06% | 13.8% | $159.95 | 170 | 1 |
Snapshot #196 · session 2026-09-28 · captured 22:40 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on NTAP
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $230 | 0.29 | $5.88 Sep 28 | $588.00 | 2.88% | 19.8% | 15.40% | 106.0% | 237 | 37 |
| 0.20Δ | $240 | 0.22 | $3.95 Sep 28 | $395.00 | 1.93% | 13.3% | 19.34% | 133.2% | 118 | 6 |
Snapshot #196 · session 2026-09-28 · captured 22:40 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 53
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $240 | 0.31 | $9.00 Sep 28 | $900.00 | 4.40% | 19.8% | 21.81% | 98.3% | 229 | 18 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #196 · session 2026-09-28 · captured 22:40 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
NTAP volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 46.5%session 2026-09-28
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- Ex-div Oct 9, 2026 · $0.52 declaredchecked Sep 28, 2026
- Open interest, stored window
- 5,947 contractssession 2026-09-28
- Largest open-interest line
- $220 call · Nov 20 · 619
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #185 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.
- No contract near 0.20Δ traded this session
- 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.