PANW wheel: cash-secured put & covered-call yields
Palo Alto Networks, Inc. Common Stock · Technology · $392.09 close on Sep 28, 2026
What the Sep 28, 2026 close says about PANW
At 53.7% implied volatility, the options market is pricing a one-standard-deviation move of about $62.32 (15.9%) in PANW by Oct 30, 2026, 32 days out.
Selling the $360 put (−0.26Δ) for $10.53 means assignment would leave a cost basis of $349.47, 10.9% below the $392.09 close.
The 81-day 0.30Δ put pays 2.3× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.329 vs $0.303).
At 0.30Δ on the Oct 30 expiry the put yields 2.92% on its strike and the call 2.96% on spot: puts and calls pay within 10% of each other on PANW this session.
Moving down to the $350 put (−0.21Δ) buys 2.6% more room below spot and keeps 73% of the 0.30Δ premium.
Open interest in the stored window totals 30,388 contracts; the largest single line is the $310 put expiring Dec 18 with 3,647 (12.0% of the window).
By options volume PANW ranks #134 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 PANW
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $360 | −0.26 | $10.53 Sep 28 | $1,053.00 | $36,000 | 2.92% | 33.4% | $349.47 | 32 | 28 |
| 0.20Δ | $350 | −0.21 | $7.70 Sep 28 | $770.00 | $35,000 | 2.20% | 25.1% | $342.30 | 258 | 17 |
Snapshot #207 · 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 | $360 | −0.32 | $24.55 Sep 28 | $2,455.00 | $36,000 | 6.82% | 30.7% | $335.45 | 363 | 111 |
| 0.20Δ | $325 | −0.19 | $12.40 Sep 28 | $1,240.00 | $32,500 | 3.82% | 17.2% | $312.60 | 199 | 44 |
Snapshot #207 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on PANW
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $430 | 0.30 | $11.60 Sep 28 | $1,160.00 | 2.96% | 33.7% | 12.63% | 144.0% | 631 | 115 |
| 0.20Δ | $455 | 0.19 | $6.64 Sep 28 | $664.00 | 1.69% | 19.3% | 17.74% | 202.3% | 27 | 6 |
Snapshot #207 · 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 | $470 | 0.31 | $18.25 Sep 28 | $1,825.00 | 4.65% | 21.0% | 24.52% | 110.5% | 123 | 7 |
| 0.20Δ | $510 | 0.21 | $11.90 Sep 28 | $1,190.00 | 3.04% | 13.7% | 33.11% | 149.2% | 333 | 14 |
Snapshot #207 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
PANW volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 53.7%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 30,388 contractssession 2026-09-28
- Largest open-interest line
- $310 put · Dec 18 · 3,647
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #134 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.