ORCL wheel: cash-secured put & covered-call yields
Oracle Corp · Technology · $132.60 close on Sep 28, 2026
What the Sep 28, 2026 close says about ORCL
At 52.6% implied volatility, the options market is pricing a one-standard-deviation move of about $20.65 (15.6%) in ORCL by Oct 30, 2026, 32 days out.
Selling the $125 put (−0.32Δ) for $4.60 means assignment would leave a cost basis of $120.40, 9.2% below the $132.60 close.
The 81-day 0.30Δ put pays 1.7× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.144 vs $0.094).
At 0.30Δ on the Oct 30 expiry the put yields 3.68% on its strike and the call 3.00% on spot: puts pay 1.2× what calls do on ORCL this session.
Moving down to the $120 put (−0.23Δ) buys 3.8% more room below spot and keeps 66% of the 0.30Δ premium.
Open interest in the stored window totals 203,293 contracts; the largest single line is the $120 put expiring Dec 18 with 19,637 (9.7% of the window).
ORCL goes ex-dividend on Oct 9, 2026 ($0.50 declared), inside the Oct 30 covered-call window. A short call that is in the money before an ex-date can be assigned early.
By options volume ORCL ranks #27 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 ORCL
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $125 | −0.32 | $4.60 Sep 28 | $460.00 | $12,500 | 3.68% | 42.0% | $120.40 | 1,730 | 777 |
| 0.20Δ | $120 | −0.23 | $3.05 Sep 28 | $305.00 | $12,000 | 2.54% | 29.0% | $116.95 | 4,971 | 1,093 |
Snapshot #204 · session 2026-09-28 · captured 22:41 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 | $120 | −0.30 | $7.60 Sep 28 | $760.00 | $12,000 | 6.33% | 28.5% | $112.40 | 19,637 | 918 |
| 0.20Δ | $110 | −0.20 | $4.30 Sep 28 | $430.00 | $11,000 | 3.91% | 17.6% | $105.70 | 8,821 | 154 |
Snapshot #204 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on ORCL
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $146 | 0.30 | $3.98 Sep 28 | $398.00 | 3.00% | 34.2% | 13.11% | 149.5% | 392 | 116 |
| 0.20Δ | $155 | 0.20 | $2.27 Sep 28 | $227.00 | 1.71% | 19.5% | 18.60% | 212.2% | 413 | 290 |
Snapshot #204 · session 2026-09-28 · captured 22:41 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 | $160 | 0.30 | $6.10 Sep 28 | $610.00 | 4.60% | 20.7% | 25.26% | 113.8% | 9,905 | 370 |
| 0.20Δ | $175 | 0.20 | $3.86 Sep 28 | $386.00 | 2.91% | 13.1% | 34.89% | 157.2% | 3,421 | 175 |
Snapshot #204 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
ORCL volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 52.6%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- Ex-div Oct 9, 2026 · $0.50 declaredchecked Sep 28, 2026
- Open interest, stored window
- 203,293 contractssession 2026-09-28
- Largest open-interest line
- $120 put · Dec 18 · 19,637
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #27 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.
- 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.