SE wheel: cash-secured put & covered-call yields
Sea Limited American Depositary Shares, each representing one Class A Ordinary Share · $88.47 close on Oct 19, 2026
What the Oct 19, 2026 close says about SE
At 59.7% implied volatility, the options market is pricing a one-standard-deviation move of about $15.64 (17.7%) in SE by Nov 20, 2026, 32 days out.
Selling the $82.50 put (−0.31Δ) for $3.51 means assignment would leave a cost basis of $78.99, 10.7% below the $88.47 close.
The 60-day 0.30Δ put pays 1.3× the premium of the 32-day one for 1.9× the time — more premium per day on the 32-day contract ($0.110 vs $0.076).
At 0.30Δ on the Nov 20 expiry the put yields 4.25% on its strike and the call 2.74% on spot: puts pay 1.6× what calls do on SE this session.
Moving down to the $77.50 put (−0.20Δ) buys 5.7% more room below spot and keeps 60% of the 0.30Δ premium.
Open interest in the stored window totals 15,927 contracts; the largest single line is the $110 call expiring Nov 20 with 4,599 (28.9% of the window).
By options volume SE ranks #242 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 SE
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $82.50 | −0.31 | $3.51 Oct 19 | $351.00 | $8,250 | 4.25% | 48.5% | $78.99 | 136 | 16 |
| 0.20Δ | $77.50 | −0.20 | $2.10 Oct 19 | $210.00 | $7,750 | 2.71% | 30.9% | $75.40 | 413 | 17 |
Snapshot #4363 · 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 | $82.50 | −0.33 | $4.57 Oct 19 | $457.00 | $8,250 | 5.54% | 33.7% | $77.93 | 53 | 1 |
| 0.20Δ | $75 | −0.19 | $2.21 Oct 19 | $221.00 | $7,500 | 2.95% | 17.9% | $72.79 | 1,086 | 98 |
Snapshot #4363 · session 2026-10-19 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 60
Covered calls on SE
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $101 | 0.28 | $2.42 Oct 19 | $242.00 | 2.74% | 31.2% | 16.90% | 192.7% | 0 | 5 |
| 0.20Δ | $105 | 0.20 | $1.73 Oct 19 | $173.00 | 1.96% | 22.3% | 20.64% | 235.4% | 434 | 29 |
Snapshot #4363 · 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 | $105 | 0.26 | $2.66 Oct 19 | $266.00 | 3.01% | 18.3% | 21.69% | 132.0% | 598 | 125 |
| 0.20Δ | $110 | 0.19 | $2.02 Oct 19 | $202.00 | 2.28% | 13.9% | 26.62% | 161.9% | 699 | 47 |
Snapshot #4363 · session 2026-10-19 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 60
SE volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 59.7%session 2026-10-19
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Oct 19, 2026
- Open interest, stored window
- 15,927 contractssession 2026-10-19
- Largest open-interest line
- $110 call · Nov 20 · 4,599
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #242 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.