NVDA wheel: cash-secured put & covered-call yields
Nvidia Corp · Technology · $225.07 close on Sep 25, 2026
What the Sep 25, 2026 close says about NVDA
At 31.2% implied volatility, the options market is pricing a one-standard-deviation move of about $21.72 (9.7%) in NVDA by Oct 30, 2026, 35 days out.
Selling the $215 put (−0.29Δ) for $4.22 means assignment would leave a cost basis of $210.78, 6.3% below the $225.07 close.
The 84-day 0.30Δ put pays 2.0× the premium of the 35-day one for 2.4× the time — more premium per day on the 35-day contract ($0.121 vs $0.099).
At 0.30Δ on the Oct 30 expiry the put yields 1.96% on its strike and the call 1.47% on spot: puts pay 1.3× what calls do on NVDA this session.
Moving down to the $210 put (−0.22Δ) buys 2.2% more room below spot and keeps 70% of the 0.30Δ premium.
Open interest in the stored window totals 681,935 contracts; the largest single line is the $200 put expiring Dec 18 with 59,408 (8.7% of the window).
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on NVDA
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $215 | −0.29 | $4.22 Sep 25 | $422.00 | $21,500 | 1.96% | 20.5% | $210.78 | 3,150 | 434 |
| 0.20Δ | $210 | −0.22 | $2.97 Sep 25 | $297.00 | $21,000 | 1.41% | 14.7% | $207.03 | 3,210 | 305 |
Snapshot #7 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 35
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $210 | −0.30 | $8.34 Sep 25 | $834.00 | $21,000 | 3.97% | 17.3% | $201.66 | 25,069 | 514 |
| 0.20Δ | $200 | −0.22 | $5.47 Sep 25 | $547.00 | $20,000 | 2.73% | 11.9% | $194.53 | 59,408 | 306 |
Snapshot #7 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 84
Covered calls on NVDA
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $240 | 0.27 | $3.30 Sep 25 | $330.00 | 1.47% | 15.3% | 8.10% | 84.5% | 6,236 | 813 |
| 0.20Δ | $245 | 0.20 | $2.21 Sep 25 | $221.00 | 0.98% | 10.2% | 9.84% | 102.6% | 4,327 | 5,281 |
Snapshot #7 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 35
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $250 | 0.31 | $6.90 Sep 25 | $690.00 | 3.07% | 13.3% | 14.14% | 61.5% | 46,778 | 679 |
| 0.20Δ | $265 | 0.20 | $3.60 Sep 25 | $360.00 | 1.60% | 7.0% | 19.34% | 84.0% | 7,858 | 296 |
Snapshot #7 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 84
NVDA volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 31.2%session 2026-09-25
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 27, 2026
- Open interest, stored window
- 681,935 contractssession 2026-09-25
- Largest open-interest line
- $200 put · Dec 18 · 59,408
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- Unavailable4
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.
- Not ranked yet — liquidity ranks are computed at the weekly re-rank of the whole universe.