SBUX wheel: cash-secured put & covered-call yields
Starbucks Corp · Consumer discretionary · $109.89 close on Nov 11, 2026
What the Nov 11, 2026 close says about SBUX
At 27.0% implied volatility, the options market is pricing a one-standard-deviation move of about $8.51 (7.7%) in SBUX by Dec 11, 2026, 30 days out.
Selling the $106 put (−0.31Δ) for $2.18 means assignment would leave a cost basis of $103.82, 5.5% below the $109.89 close.
The 65-day 0.30Δ put pays 1.3× the premium of the 30-day one for 2.2× the time — more premium per day on the 30-day contract ($0.073 vs $0.042).
At 0.30Δ on the Dec 11 expiry the put yields 2.06% on its strike and the call 1.04% on spot: puts pay 2.0× what calls do on SBUX this session.
Moving down to the $103 put (−0.20Δ) buys 2.7% more room below spot and keeps 53% of the 0.30Δ premium.
Open interest in the stored window totals 48,772 contracts; the largest single line is the $110 call expiring Jan 15 with 14,362 (29.4% of the window).
SBUX goes ex-dividend on Nov 13, 2026 ($0.63 declared), inside the Dec 11 covered-call window. A short call that is in the money before an ex-date can be assigned early.
By options volume SBUX ranks #169 of 679 names in our universe.
Near-the-money options volume (765) is 52% 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 SBUX
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $106 | −0.31 | $2.18 Nov 11 | $218.00 | $10,600 | 2.06% | 25.0% | $103.82 | 54 | 9 |
| 0.20Δ | $103 | −0.20 | $1.15 Nov 11 | $115.00 | $10,300 | 1.12% | 13.6% | $101.85 | 4 | 4 |
Snapshot #9213 · session 2026-11-11 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 30
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $105 | −0.32 | $2.76 Nov 11 | $276.00 | $10,500 | 2.63% | 14.8% | $102.24 | 1,995 | 159 |
| 0.20Δ | $100 | −0.19 | $1.41 Nov 11 | $141.00 | $10,000 | 1.41% | 7.9% | $98.59 | 9,075 | 319 |
Snapshot #9213 · session 2026-11-11 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 65
Covered calls on SBUX
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $115 | 0.27 | $1.14 Nov 11 | $114.00 | 1.04% | 12.6% | 5.69% | 69.2% | 340 | 22 |
| 0.20Δ | $119 | 0.16 | $0.67 Nov 11 | $67.00 | 0.61% | 7.4% | 8.90% | 108.3% | 0 | 15 |
Snapshot #9213 · session 2026-11-11 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 30
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $120 | 0.23 | $1.48 Nov 11 | $148.00 | 1.35% | 7.6% | 10.55% | 59.2% | 8,683 | 117 |
Snapshot #9213 · session 2026-11-11 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 65
SBUX volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 27.0%session 2026-11-11
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- Ex-div Nov 13, 2026 · $0.63 declaredchecked Nov 9, 2026
- Open interest, stored window
- 48,772 contractssession 2026-11-11
- Largest open-interest line
- $110 call · Jan 15 · 14,362
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #169 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.
- No contract near 0.30Δ traded this session
- 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.