SBUX wheel: cash-secured put & covered-call yields
Starbucks Corp · Consumer discretionary · $95.27 close on Sep 28, 2026
What the Sep 28, 2026 close says about SBUX
At 32.9% implied volatility, the options market is pricing a one-standard-deviation move of about $9.29 (9.7%) in SBUX by Oct 30, 2026, 32 days out.
Selling the $91 put (−0.30Δ) for $1.84 means assignment would leave a cost basis of $89.16, 6.4% below the $95.27 close.
The 81-day 0.30Δ put pays 1.7× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.058 vs $0.038).
At 0.30Δ on the Oct 30 expiry the put yields 2.02% on its strike and the call 1.99% on spot: puts and calls pay within 10% of each other on SBUX this session.
Moving down to the $88 put (−0.20Δ) buys 3.1% more room below spot and keeps 61% of the 0.30Δ premium.
Open interest in the stored window totals 47,626 contracts; the largest single line is the $110 call expiring Dec 18 with 10,340 (21.7% of the window).
By options volume SBUX ranks #135 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 SBUX
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $91 | −0.30 | $1.84 Sep 28 | $184.00 | $9,100 | 2.02% | 23.1% | $89.16 | 424 | 5 |
| 0.20Δ | $88 | −0.20 | $1.13 Sep 28 | $113.00 | $8,800 | 1.28% | 14.6% | $86.87 | 27 | 6 |
Snapshot #227 · 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 | $90 | −0.32 | $3.10 Sep 28 | $310.00 | $9,000 | 3.44% | 15.5% | $86.90 | 3,548 | 40 |
| 0.20Δ | $85 | −0.20 | $1.79 Sep 28 | $179.00 | $8,500 | 2.11% | 9.5% | $83.21 | 5,373 | 113 |
Snapshot #227 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on SBUX
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $101 | 0.30 | $1.90 Sep 28 | $190.00 | 1.99% | 22.7% | 8.01% | 91.4% | 9 | 53 |
| 0.20Δ | $105 | 0.19 | $1.01 Sep 28 | $101.00 | 1.06% | 12.1% | 11.27% | 128.6% | 190 | 87 |
Snapshot #227 · 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 | $105 | 0.28 | $2.25 Sep 28 | $225.00 | 2.36% | 10.6% | 12.57% | 56.7% | 2,757 | 93 |
| 0.20Δ | $110 | 0.18 | $1.32 Sep 28 | $132.00 | 1.39% | 6.2% | 16.85% | 75.9% | 10,340 | 147 |
Snapshot #227 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
SBUX volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 32.9%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 47,626 contractssession 2026-09-28
- Largest open-interest line
- $110 call · Dec 18 · 10,340
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #135 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.