RCL wheel: cash-secured put & covered-call yields
Royal Caribbean Group · Industrials · $281.97 close on Oct 19, 2026
What the Oct 19, 2026 close says about RCL
At 48.8% implied volatility, the options market is pricing a one-standard-deviation move of about $40.72 (14.4%) in RCL by Nov 20, 2026, 32 days out.
Selling the $267.50 put (−0.33Δ) for $10.10 means assignment would leave a cost basis of $257.40, 8.7% below the $281.97 close.
The 60-day 0.30Δ put pays 1.1× the premium of the 32-day one for 1.9× the time — more premium per day on the 32-day contract ($0.316 vs $0.193).
At 0.30Δ on the Nov 20 expiry the put yields 3.78% on its strike and the call 2.31% on spot: puts pay 1.6× what calls do on RCL this session.
Moving down to the $250 put (−0.18Δ) buys 6.2% more room below spot and keeps 50% of the 0.30Δ premium.
Open interest in the stored window totals 24,296 contracts; the largest single line is the $270 put expiring Dec 18 with 12,836 (52.8% of the window).
By options volume RCL ranks #249 of 608 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 RCL
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $267.50 | −0.33 | $10.10 Oct 19 | $1,010.00 | $26,750 | 3.78% | 43.1% | $257.40 | 0 | 1 |
| 0.20Δ | $250 | −0.18 | $5.00 Oct 19 | $500.00 | $25,000 | 2.00% | 22.8% | $245.00 | 456 | 291 |
Snapshot #4351 · session 2026-10-19 · 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 | $260 | −0.29 | $11.60 Oct 19 | $1,160.00 | $26,000 | 4.46% | 27.1% | $248.40 | 306 | 1 |
| 0.20Δ | $250 | −0.22 | $6.90 Oct 19 | $690.00 | $25,000 | 2.76% | 16.8% | $243.10 | 715 | 7 |
Snapshot #4351 · session 2026-10-19 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 60
Covered calls on RCL
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $310 | 0.28 | $6.50 Oct 19 | $650.00 | 2.31% | 26.3% | 12.25% | 139.7% | 95 | 2 |
| 0.20Δ | $320 | 0.20 | $4.40 Oct 19 | $440.00 | 1.56% | 17.8% | 15.05% | 171.6% | 208 | 9 |
Snapshot #4351 · session 2026-10-19 · 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 | $320 | 0.27 | $7.42 Oct 19 | $742.00 | 2.63% | 16.0% | 16.12% | 98.1% | 191 | 22 |
| 0.20Δ | $330 | 0.21 | $5.20 Oct 19 | $520.00 | 1.84% | 11.2% | 18.88% | 114.8% | 277 | 6 |
Snapshot #4351 · session 2026-10-19 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 60
RCL volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 48.8%session 2026-10-19
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Oct 19, 2026
- Open interest, stored window
- 24,296 contractssession 2026-10-19
- Largest open-interest line
- $270 put · Dec 18 · 12,836
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #249 of 608 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.