NVDL wheel: cash-secured put & covered-call yields
GraniteShares ETF Trust GraniteShares 2x Long NVDA Daily ETF · ETFs · $18.57 close on Nov 12, 2026
What the Nov 12, 2026 close says about NVDL
At 128.4% implied volatility, the options market is pricing a one-standard-deviation move of about $7.49 (40.3%) in NVDL by Dec 18, 2026, 36 days out.
Selling the $16.67 put (−0.30Δ) for $1.85 means assignment would leave a cost basis of $14.82, 20.2% below the $18.57 close.
The 64-day 0.30Δ put pays 1.1× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.051 vs $0.032).
At 0.30Δ on the Dec 18 expiry the put yields 11.10% on its strike and the call 6.46% on spot: puts pay 1.7× what calls do on NVDL this session.
Moving down to the $15 put (−0.21Δ) buys 9.0% more room below spot and keeps 59% of the 0.30Δ premium.
Open interest in the stored window totals 66,381 contracts; the largest single line is the $26.67 call expiring Jan 15 with 21,798 (32.8% of the window).
By options volume NVDL ranks #93 of 679 names in our universe.
Near-the-money options volume (2.0k) is 283% 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 NVDL
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $16.67 | −0.30 | $1.85 Nov 12 | $185.00 | $1,667 | 11.10% | 112.5% | $14.82 | 742 | 25 |
| 0.20Δ | $15 | −0.21 | $1.10 Nov 12 | $110.00 | $1,500 | 7.33% | 74.4% | $13.90 | 516 | 430 |
Snapshot #9460 · session 2026-11-12 · captured 22:12 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 | $16 | −0.28 | $2.07 Nov 12 | $207.00 | $1,600 | 12.94% | 73.8% | $13.93 | 480 | 74 |
| 0.20Δ | $14.33 | −0.20 | $1.24 Nov 12 | $124.00 | $1,433 | 8.65% | 49.4% | $13.09 | 336 | 2 |
Snapshot #9460 · session 2026-11-12 · captured 22:12 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on NVDL
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $23 | 0.33 | $1.20 Nov 12 | $120.00 | 6.46% | 65.5% | 30.32% | 307.4% | 19 | 11 |
| 0.20Δ | $26 | 0.20 | $0.61 Nov 12 | $61.00 | 3.28% | 33.3% | 43.30% | 439.0% | 76 | 1 |
Snapshot #9460 · session 2026-11-12 · captured 22:12 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 | $24.67 | 0.31 | $1.34 Nov 12 | $134.00 | 7.22% | 41.2% | 40.06% | 228.5% | 164 | 16 |
| 0.20Δ | $27.33 | 0.25 | $0.86 Nov 12 | $86.00 | 4.63% | 26.4% | 51.80% | 295.4% | 422 | 27 |
Snapshot #9460 · session 2026-11-12 · captured 22:12 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
NVDL volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 128.4%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 66,381 contractssession 2026-11-12
- Largest open-interest line
- $26.67 call · Jan 15 · 21,798
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #93 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 (19 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.