RDDT wheel: cash-secured put & covered-call yields
Reddit, Inc. · Technology · $99.55 close on Nov 12, 2026
What the Nov 12, 2026 close says about RDDT
At 61.5% implied volatility, the options market is pricing a one-standard-deviation move of about $19.23 (19.3%) in RDDT by Dec 18, 2026, 36 days out.
Selling the $90 put (−0.26Δ) for $3.45 means assignment would leave a cost basis of $86.55, 13.1% below the $99.55 close.
The 64-day 0.30Δ put pays 1.6× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.096 vs $0.084).
At 0.30Δ on the Dec 18 expiry the put yields 3.83% on its strike and the call 2.95% on spot: puts pay 1.3× what calls do on RDDT this session.
Moving down to the $85 put (−0.18Δ) buys 5.0% more room below spot and keeps 65% of the 0.30Δ premium.
Open interest in the stored window totals 39,265 contracts; the largest single line is the $115 call expiring Jan 15 with 4,243 (10.8% of the window).
By options volume RDDT ranks #291 of 679 names in our universe.
Near-the-money options volume (1.2k) is 186% 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 RDDT
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $90 | −0.26 | $3.45 Nov 12 | $345.00 | $9,000 | 3.83% | 38.9% | $86.55 | 2,092 | 76 |
| 0.20Δ | $85 | −0.18 | $2.23 Nov 12 | $223.00 | $8,500 | 2.62% | 26.6% | $82.77 | 925 | 69 |
Snapshot #9490 · 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 | $90 | −0.29 | $5.35 Nov 12 | $535.00 | $9,000 | 5.94% | 33.9% | $84.65 | 838 | 107 |
| 0.20Δ | $82.50 | −0.19 | $3.35 Nov 12 | $335.00 | $8,250 | 4.06% | 23.2% | $79.15 | 619 | 1 |
Snapshot #9490 · session 2026-11-12 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on RDDT
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $115 | 0.26 | $2.94 Nov 12 | $294.00 | 2.95% | 29.9% | 18.47% | 187.3% | 1,429 | 34 |
| 0.20Δ | $120 | 0.20 | $1.95 Nov 12 | $195.00 | 1.96% | 19.9% | 22.50% | 228.1% | 2,336 | 254 |
Snapshot #9490 · 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 | $120 | 0.28 | $3.89 Nov 12 | $389.00 | 3.91% | 22.3% | 24.45% | 139.4% | 1,467 | 118 |
| 0.20Δ | $130 | 0.19 | $2.35 Nov 12 | $235.00 | 2.36% | 13.5% | 32.95% | 187.9% | 911 | 56 |
Snapshot #9490 · session 2026-11-12 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
RDDT volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 61.5%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 39,265 contractssession 2026-11-12
- Largest open-interest line
- $115 call · Jan 15 · 4,243
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #291 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 (33 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.