PATH wheel: cash-secured put & covered-call yields
UiPath, Inc. · Technology · $12.19 close on Sep 28, 2026
What the Sep 28, 2026 close says about PATH
At 52.5% implied volatility, the options market is pricing a one-standard-deviation move of about $1.89 (15.5%) in PATH by Oct 30, 2026, 32 days out.
Selling the $11.50 put (−0.31Δ) for $0.45 means assignment would leave a cost basis of $11.05, 9.4% below the $12.19 close.
The 81-day 0.30Δ put pays 1.8× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.014 vs $0.010).
At 0.30Δ on the Oct 30 expiry the put yields 3.91% on its strike and the call 3.20% on spot: puts pay 1.2× what calls do on PATH this session.
Moving down to the $11 put (−0.22Δ) buys 4.1% more room below spot and keeps 60% of the 0.30Δ premium.
Open interest in the stored window totals 31,381 contracts; the largest single line is the $17 call expiring Dec 18 with 10,458 (33.3% of the window).
By options volume PATH ranks #223 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 PATH
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $11.50 | −0.31 | $0.45 Sep 28 | $45.00 | $1,150 | 3.91% | 44.6% | $11.05 | 66 | 46 |
| 0.20Δ | $11 | −0.22 | $0.27 Sep 28 | $27.00 | $1,100 | 2.45% | 28.0% | $10.73 | 95 | 23 |
Snapshot #208 · 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 | $11 | −0.30 | $0.83 Sep 28 | $83.00 | $1,100 | 7.55% | 34.0% | $10.17 | 955 | 16 |
| 0.20Δ | $10 | −0.21 | $0.48 Sep 28 | $48.00 | $1,000 | 4.80% | 21.6% | $9.52 | 2,446 | 193 |
Snapshot #208 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on PATH
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $13.50 | 0.30 | $0.39 Sep 28 | $39.00 | 3.20% | 36.5% | 13.95% | 159.1% | 81 | 5 |
| 0.20Δ | $14.50 | 0.19 | $0.24 Sep 28 | $24.00 | 1.97% | 22.5% | 20.92% | 238.6% | 64 | 11 |
Snapshot #208 · 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 | $15 | 0.32 | $0.68 Sep 28 | $68.00 | 5.58% | 25.1% | 28.63% | 129.0% | 2,730 | 104 |
| 0.20Δ | $18 | 0.19 | $0.28 Sep 28 | $28.00 | 2.30% | 10.4% | 49.96% | 225.1% | 5,025 | 17 |
Snapshot #208 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
PATH volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 52.5%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 31,381 contractssession 2026-09-28
- Largest open-interest line
- $17 call · Dec 18 · 10,458
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #223 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.