PDD wheel: cash-secured put & covered-call yields
PDD Holdings Inc. American Depositary Shares · $77.90 close on Oct 5, 2026
What the Oct 5, 2026 close says about PDD
At 28.6% implied volatility, the options market is pricing a one-standard-deviation move of about $6.60 (8.5%) in PDD by Nov 6, 2026, 32 days out.
Selling the $75 put (−0.31Δ) for $1.54 means assignment would leave a cost basis of $73.46, 5.7% below the $77.90 close.
At 0.30Δ on the Nov 6 expiry the put yields 2.05% on its strike and the call 1.72% on spot: puts pay 1.2× what calls do on PDD this session.
Moving down to the $73 put (−0.21Δ) buys 2.6% more room below spot and keeps 62% of the 0.30Δ premium.
Open interest in the stored window totals 58,628 contracts; the largest single line is the $65 put expiring Dec 18 with 15,999 (27.3% of the window).
By options volume PDD ranks #191 of 514 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 PDD
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $75 | −0.31 | $1.54 Oct 5 | $154.00 | $7,500 | 2.05% | 23.4% | $73.46 | 260 | 2 |
| 0.20Δ | $73 | −0.21 | $0.96 Oct 5 | $96.00 | $7,300 | 1.32% | 15.0% | $72.04 | 111 | 1 |
Snapshot #1496 · session 2026-10-05 · captured 22:31 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 | Unavailable1 | |||||||||
| 0.20Δ | $70 | −0.23 | $1.86 Oct 5 | $186.00 | $7,000 | 2.66% | 13.1% | $68.14 | 4,841 | 65 |
Snapshot #1496 · session 2026-10-05 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 74
Covered calls on PDD
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $82 | 0.30 | $1.34 Oct 5 | $134.00 | 1.72% | 19.6% | 6.98% | 79.7% | 14 | 19 |
| 0.20Δ | $85 | 0.19 | $0.67 Oct 5 | $67.00 | 0.86% | 9.8% | 9.97% | 113.8% | 99 | 13 |
Snapshot #1496 · session 2026-10-05 · captured 22:31 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 | $85 | 0.33 | $2.72 Oct 5 | $272.00 | 3.49% | 17.2% | 12.61% | 62.2% | 4,565 | 340 |
| 0.20Δ | $90 | 0.23 | $1.55 Oct 5 | $155.00 | 1.99% | 9.8% | 17.52% | 86.4% | 9,418 | 41 |
Snapshot #1496 · session 2026-10-05 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 74
PDD volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 28.6%session 2026-10-05
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Oct 5, 2026
- Open interest, stored window
- 58,628 contractssession 2026-10-05
- Largest open-interest line
- $65 put · Dec 18 · 15,999
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #191 of 514 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.
- No contract near 0.30Δ traded this session
- 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.