ORCL wheel: cash-secured put & covered-call yields
Oracle Corp · Technology · $127.11 close on Nov 12, 2026
What the Nov 12, 2026 close says about ORCL
At 69.6% implied volatility, the options market is pricing a one-standard-deviation move of about $27.80 (21.9%) in ORCL by Dec 18, 2026, 36 days out.
Selling the $115 put (−0.28Δ) for $5.57 means assignment would leave a cost basis of $109.43, 13.9% below the $127.11 close.
The 64-day 0.30Δ put pays 1.4× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.155 vs $0.121).
At 0.30Δ on the Dec 18 expiry the put yields 4.84% on its strike and the call 3.70% on spot: puts pay 1.3× what calls do on ORCL this session.
Moving down to the $110 put (−0.22Δ) buys 3.9% more room below spot and keeps 73% of the 0.30Δ premium.
Open interest in the stored window totals 472,187 contracts; the largest single line is the $150 call expiring Dec 18 with 35,262 (7.5% of the window).
By options volume ORCL ranks #32 of 679 names in our universe.
Near-the-money options volume (6.7k) is 124% 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 ORCL
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $115 | −0.28 | $5.57 Nov 12 | $557.00 | $11,500 | 4.84% | 49.1% | $109.43 | 7,502 | 933 |
| 0.20Δ | $110 | −0.22 | $4.05 Nov 12 | $405.00 | $11,000 | 3.68% | 37.3% | $105.95 | 14,905 | 228 |
Snapshot #9466 · 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 | $115 | −0.30 | $7.75 Nov 12 | $775.00 | $11,500 | 6.74% | 38.4% | $107.25 | 15,961 | 255 |
| 0.20Δ | $105 | −0.20 | $4.70 Nov 12 | $470.00 | $10,500 | 4.48% | 25.5% | $100.30 | 5,733 | 69 |
Snapshot #9466 · session 2026-11-12 · captured 22:12 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on ORCL
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $145 | 0.31 | $4.70 Nov 12 | $470.00 | 3.70% | 37.5% | 17.77% | 180.2% | 5,698 | 255 |
| 0.20Δ | $155 | 0.21 | $2.95 Nov 12 | $295.00 | 2.32% | 23.5% | 24.26% | 246.0% | 9,514 | 2,389 |
Snapshot #9466 · 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 | $150 | 0.31 | $5.90 Nov 12 | $590.00 | 4.64% | 26.5% | 22.65% | 129.2% | 19,581 | 443 |
| 0.20Δ | $165 | 0.19 | $3.08 Nov 12 | $308.00 | 2.42% | 13.8% | 32.23% | 183.8% | 5,371 | 106 |
Snapshot #9466 · session 2026-11-12 · captured 22:12 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
ORCL volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 69.6%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 472,187 contractssession 2026-11-12
- Largest open-interest line
- $150 call · Dec 18 · 35,262
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #32 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 (34 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.