QCOM wheel: cash-secured put & covered-call yields
Qualcomm Inc · Technology · $177.14 close on Nov 12, 2026
What the Nov 12, 2026 close says about QCOM
At 51.1% implied volatility, the options market is pricing a one-standard-deviation move of about $28.43 (16.0%) in QCOM by Dec 18, 2026, 36 days out.
Selling the $165 put (−0.29Δ) for $5.65 means assignment would leave a cost basis of $159.35, 10.0% below the $177.14 close.
The 64-day 0.30Δ put pays 1.5× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.157 vs $0.129).
At 0.30Δ on the Dec 18 expiry the put yields 3.42% on its strike and the call 2.41% on spot: puts pay 1.4× what calls do on QCOM this session.
Moving down to the $155 put (−0.18Δ) buys 5.6% more room below spot and keeps 56% of the 0.30Δ premium.
Open interest in the stored window totals 191,694 contracts; the largest single line is the $200 call expiring Dec 18 with 17,755 (9.3% of the window).
QCOM goes ex-dividend on Dec 3, 2026 ($0.92 declared), inside the Dec 18 covered-call window. A short call that is in the money before an ex-date can be assigned early.
By options volume QCOM ranks #179 of 679 names in our universe.
Near-the-money options volume (1.8k) is 571% 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 QCOM
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $165 | −0.29 | $5.65 Nov 12 | $565.00 | $16,500 | 3.42% | 34.7% | $159.35 | 2,802 | 101 |
| 0.20Δ | $155 | −0.18 | $3.17 Nov 12 | $317.00 | $15,500 | 2.05% | 20.7% | $151.83 | 4,356 | 47 |
Snapshot #9483 · session 2026-11-12 · captured 22:20 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 | $165 | −0.31 | $8.25 Nov 12 | $825.00 | $16,500 | 5.00% | 28.5% | $156.75 | 3,197 | 57 |
| 0.20Δ | $155 | −0.22 | $4.45 Nov 12 | $445.00 | $15,500 | 2.87% | 16.4% | $150.55 | 2,662 | 49 |
Snapshot #9483 · session 2026-11-12 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on QCOM
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $195 | 0.29 | $4.27 Nov 12 | $427.00 | 2.41% | 24.4% | 12.49% | 126.7% | 1,683 | 184 |
| 0.20Δ | $200 | 0.23 | $3.25 Nov 12 | $325.00 | 1.83% | 18.6% | 14.74% | 149.4% | 17,755 | 427 |
Snapshot #9483 · session 2026-11-12 · captured 22:20 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 | $200 | 0.30 | $5.75 Nov 12 | $575.00 | 3.25% | 18.5% | 16.15% | 92.1% | 16,183 | 267 |
| 0.20Δ | $210 | 0.21 | $3.60 Nov 12 | $360.00 | 2.03% | 11.6% | 20.58% | 117.4% | 9,933 | 70 |
Snapshot #9483 · session 2026-11-12 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
QCOM volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 51.1%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- Ex-div Dec 3, 2026 · $0.92 declaredchecked Nov 9, 2026
- Open interest, stored window
- 191,694 contractssession 2026-11-12
- Largest open-interest line
- $200 call · Dec 18 · 17,755
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #179 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.