NTRA wheel: cash-secured put & covered-call yields
Natera, Inc. Common Stock · Healthcare · $411.77 close on Sep 28, 2026
What the Sep 28, 2026 close says about NTRA
At 60.5% implied volatility, the options market is pricing a one-standard-deviation move of about $94.88 (23.0%) in NTRA by Nov 20, 2026, 53 days out.
Selling the $380 put (−0.32Δ) for $22.53 means assignment would leave a cost basis of $357.47, 13.2% below the $411.77 close.
The 81-day 0.30Δ put pays 1.1× the premium of the 53-day one for 1.5× the time — more premium per day on the 53-day contract ($0.425 vs $0.313).
At 0.30Δ on the Nov 20 expiry the put yields 5.93% on its strike and the call 3.99% on spot: puts pay 1.5× what calls do on NTRA this session.
Moving down to the $350 put (−0.21Δ) buys 7.3% more room below spot and keeps 54% of the 0.30Δ premium.
Open interest in the stored window totals 2,720 contracts; the largest single line is the $400 put expiring Nov 20 with 920 (33.8% of the window).
By options volume NTRA ranks #81 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 NTRA
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $380 | −0.32 | $22.53 Sep 28 | $2,253.00 | $38,000 | 5.93% | 40.8% | $357.47 | 3 | 1 |
| 0.20Δ | $350 | −0.21 | $12.10 Sep 28 | $1,210.00 | $35,000 | 3.46% | 23.8% | $337.90 | 87 | 1 |
Snapshot #197 · 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 | $380 | −0.32 | $25.38 Sep 28 | $2,538.00 | $38,000 | 6.68% | 30.1% | $354.62 | 5 | 4 |
| 0.20Δ | $350 | −0.22 | $15.60 Sep 28 | $1,560.00 | $35,000 | 4.46% | 20.1% | $334.40 | 27 | 1 |
Snapshot #197 · session 2026-09-28 · captured 22:40 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on NTRA
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $480 | 0.30 | $16.44 Sep 28 | $1,644.00 | 3.99% | 27.5% | 20.56% | 141.6% | 2 | 2 |
| 0.20Δ | $510 | 0.21 | $10.80 Sep 28 | $1,080.00 | 2.62% | 18.1% | 26.48% | 182.4% | 5 | 1 |
Snapshot #197 · 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 | Unavailable1 | |||||||||
| 0.20Δ | $540 | 0.19 | $11.25 Sep 28 | $1,125.00 | 2.73% | 12.3% | 33.87% | 152.6% | 0 | 2 |
Snapshot #197 · session 2026-09-28 · captured 22:40 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
NTRA volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 60.5%session 2026-09-28
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 2,720 contractssession 2026-09-28
- Largest open-interest line
- $400 put · Nov 20 · 920
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #81 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 0.30Δ 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.