ON wheel: cash-secured put & covered-call yields
ON Semiconductor Corp · Technology · $70.11 close on Nov 2, 2026
What the Nov 2, 2026 close says about ON
At 56.1% implied volatility, the options market is pricing a one-standard-deviation move of about $11.64 (16.6%) in ON by Dec 4, 2026, 32 days out.
Selling the $63 put (−0.29Δ) for $2.23 means assignment would leave a cost basis of $60.77, 13.3% below the $70.11 close.
The 74-day 0.30Δ put pays 1.3× the premium of the 32-day one for 2.3× the time — more premium per day on the 32-day contract ($0.070 vs $0.039).
Moving down to the $60 put (−0.21Δ) buys 4.3% more room below spot and keeps 56% of the 0.30Δ premium.
Open interest in the stored window totals 27,509 contracts; the largest single line is the $50 put expiring Jan 15 with 7,421 (27.0% of the window).
By options volume ON ranks #182 of 661 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 ON
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $63 | −0.29 | $2.23 Nov 2 | $223.00 | $6,300 | 3.54% | 40.4% | $60.77 | 1 | 2 |
| 0.20Δ | $60 | −0.21 | $1.25 Nov 2 | $125.00 | $6,000 | 2.08% | 23.8% | $58.75 | 2 | 2 |
Snapshot #7150 · session 2026-11-02 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $60 | −0.25 | $2.90 Nov 2 | $290.00 | $6,000 | 4.83% | 23.8% | $57.10 | 4,270 | 53 |
| 0.20Δ | $55 | −0.16 | $1.63 Nov 2 | $163.00 | $5,500 | 2.96% | 14.6% | $53.37 | 3,587 | 162 |
Snapshot #7150 · session 2026-11-02 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 74
Covered calls on ON
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $85 | 0.19 | $1.73 Nov 2 | $173.00 | 2.47% | 28.1% | 23.71% | 270.4% | 2 | 2 |
Snapshot #7150 · session 2026-11-02 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $85 | 0.28 | $2.98 Nov 2 | $298.00 | 4.25% | 21.0% | 25.49% | 125.7% | 1,210 | 10 |
| 0.20Δ | $90 | 0.22 | $2.08 Nov 2 | $208.00 | 2.97% | 14.6% | 31.34% | 154.6% | 1,815 | 54 |
Snapshot #7150 · session 2026-11-02 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 74
ON volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 56.1%session 2026-11-02
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Nov 2, 2026
- Open interest, stored window
- 27,509 contractssession 2026-11-02
- Largest open-interest line
- $50 put · Jan 15 · 7,421
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #182 of 661 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.