RDDT wheel: cash-secured put & covered-call yields
Reddit, Inc. · Technology · $143.08 close on Sep 28, 2026
What the Sep 28, 2026 close says about RDDT
At 68.7% implied volatility, the options market is pricing a one-standard-deviation move of about $29.11 (20.3%) in RDDT by Oct 30, 2026, 32 days out.
Selling the $135 put (−0.33Δ) for $7.25 means assignment would leave a cost basis of $127.75, 10.7% below the $143.08 close.
The 81-day 0.30Δ put pays 1.4× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.227 vs $0.127).
At 0.30Δ on the Oct 30 expiry the put yields 5.37% on its strike and the call 3.65% on spot: puts pay 1.5× what calls do on RDDT this session.
Moving down to the $125 put (−0.20Δ) buys 7.0% more room below spot and keeps 53% of the 0.30Δ premium.
Open interest in the stored window totals 17,168 contracts; the largest single line is the $175 call expiring Dec 18 with 1,789 (10.4% of the window).
By options volume RDDT ranks #102 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 RDDT
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $135 | −0.33 | $7.25 Sep 28 | $725.00 | $13,500 | 5.37% | 61.3% | $127.75 | 442 | 110 |
| 0.20Δ | $125 | −0.20 | $3.82 Sep 28 | $382.00 | $12,500 | 3.06% | 34.9% | $121.18 | 152 | 161 |
Snapshot #222 · 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 | $130 | −0.30 | $10.25 Sep 28 | $1,025.00 | $13,000 | 7.88% | 35.5% | $119.75 | 750 | 21 |
| 0.20Δ | $115 | −0.18 | $5.15 Sep 28 | $515.00 | $11,500 | 4.48% | 20.2% | $109.85 | 559 | 8 |
Snapshot #222 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on RDDT
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $165 | 0.30 | $5.22 Sep 28 | $522.00 | 3.65% | 41.6% | 18.97% | 216.4% | 99 | 51 |
| 0.20Δ | $175 | 0.20 | $3.20 Sep 28 | $320.00 | 2.24% | 25.5% | 24.55% | 280.0% | 369 | 100 |
Snapshot #222 · 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 | $180 | 0.29 | $6.84 Sep 28 | $684.00 | 4.78% | 21.5% | 30.58% | 137.8% | 427 | 36 |
| 0.20Δ | $195 | 0.20 | $5.15 Sep 28 | $515.00 | 3.60% | 16.2% | 39.89% | 179.7% | 244 | 1 |
Snapshot #222 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
RDDT volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 68.7%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 17,168 contractssession 2026-09-28
- Largest open-interest line
- $175 call · Dec 18 · 1,789
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #102 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.