PANW wheel: cash-secured put & covered-call yields
Palo Alto Networks, Inc. Common Stock · Technology · $322.66 close on Nov 12, 2026
What the Nov 12, 2026 close says about PANW
At 65.9% implied volatility, the options market is pricing a one-standard-deviation move of about $66.80 (20.7%) in PANW by Dec 18, 2026, 36 days out.
Selling the $295 put (−0.29Δ) for $14.50 means assignment would leave a cost basis of $280.50, 13.1% below the $322.66 close.
The 64-day 0.30Δ put pays 1.3× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.403 vs $0.293).
At 0.30Δ on the Dec 18 expiry the put yields 4.92% on its strike and the call 3.39% on spot: puts pay 1.5× what calls do on PANW this session.
Moving down to the $280 put (−0.21Δ) buys 4.6% more room below spot and keeps 63% of the 0.30Δ premium.
Open interest in the stored window totals 75,983 contracts; the largest single line is the $200 put expiring Jan 15 with 6,027 (7.9% of the window).
By options volume PANW ranks #312 of 679 names in our universe.
Near-the-money options volume (885) is 340% 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 PANW
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $295 | −0.29 | $14.50 Nov 12 | $1,450.00 | $29,500 | 4.92% | 49.8% | $280.50 | 699 | 65 |
| 0.20Δ | $280 | −0.21 | $9.20 Nov 12 | $920.00 | $28,000 | 3.29% | 33.3% | $270.80 | 765 | 52 |
Snapshot #9470 · 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 | $295 | −0.30 | $18.77 Nov 12 | $1,877.00 | $29,500 | 6.36% | 36.3% | $276.23 | 655 | 6 |
| 0.20Δ | $270 | −0.20 | $10.61 Nov 12 | $1,061.00 | $27,000 | 3.93% | 22.4% | $259.39 | 1,964 | 209 |
Snapshot #9470 · session 2026-11-12 · captured 22:12 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on PANW
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $370 | 0.29 | $10.93 Nov 12 | $1,093.00 | 3.39% | 34.3% | 18.06% | 183.1% | 482 | 32 |
| 0.20Δ | $390 | 0.21 | $7.00 Nov 12 | $700.00 | 2.17% | 22.0% | 23.04% | 233.6% | 1,136 | 130 |
Snapshot #9470 · 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 | $380 | 0.30 | $13.85 Nov 12 | $1,385.00 | 4.29% | 24.5% | 22.06% | 125.8% | 1,364 | 102 |
| 0.20Δ | $410 | 0.21 | $7.85 Nov 12 | $785.00 | 2.43% | 13.9% | 29.50% | 168.3% | 925 | 25 |
Snapshot #9470 · session 2026-11-12 · captured 22:12 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
PANW volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 65.9%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 75,983 contractssession 2026-11-12
- Largest open-interest line
- $200 put · Jan 15 · 6,027
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #312 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.