SHOP wheel: cash-secured put & covered-call yields
Shopify Inc. Class A subordinate voting shares · Technology · $146.78 close on Nov 12, 2026
What the Nov 12, 2026 close says about SHOP
At 52.7% implied volatility, the options market is pricing a one-standard-deviation move of about $24.29 (16.5%) in SHOP by Dec 18, 2026, 36 days out.
Selling the $135 put (−0.26Δ) for $3.90 means assignment would leave a cost basis of $131.10, 10.7% below the $146.78 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 ($0.108 vs $0.098).
At 0.30Δ on the Dec 18 expiry the put yields 2.89% on its strike and the call 2.96% on spot: puts and calls pay within 10% of each other on SHOP this session.
Moving down to the $130 put (−0.20Δ) buys 3.4% more room below spot and keeps 72% of the 0.30Δ premium.
Open interest in the stored window totals 81,990 contracts; the largest single line is the $115 put expiring Dec 18 with 6,179 (7.5% of the window).
By options volume SHOP ranks #227 of 679 names in our universe.
Near-the-money options volume (2.6k) is 529% 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 SHOP
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $135 | −0.26 | $3.90 Nov 12 | $390.00 | $13,500 | 2.89% | 29.3% | $131.10 | 1,252 | 4 |
| 0.20Δ | $130 | −0.20 | $2.80 Nov 12 | $280.00 | $13,000 | 2.15% | 21.8% | $127.20 | 2,416 | 23 |
Snapshot #9498 · session 2026-11-12 · captured 22:21 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 | $135 | −0.30 | $6.25 Nov 12 | $625.00 | $13,500 | 4.63% | 26.4% | $128.75 | 984 | 5 |
| 0.20Δ | $125 | −0.19 | $3.80 Nov 12 | $380.00 | $12,500 | 3.04% | 17.3% | $121.20 | 2,049 | 8 |
Snapshot #9498 · session 2026-11-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on SHOP
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $160 | 0.32 | $4.35 Nov 12 | $435.00 | 2.96% | 30.0% | 11.97% | 121.4% | 3,881 | 2,084 |
| 0.20Δ | $170 | 0.19 | $2.22 Nov 12 | $222.00 | 1.51% | 15.3% | 17.33% | 175.7% | 1,309 | 202 |
Snapshot #9498 · session 2026-11-12 · captured 22:21 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 | $170 | 0.28 | $4.80 Nov 12 | $480.00 | 3.27% | 18.7% | 19.09% | 108.9% | 1,490 | 156 |
| 0.20Δ | $180 | 0.19 | $2.65 Nov 12 | $265.00 | 1.81% | 10.3% | 24.44% | 139.4% | 1,598 | 30 |
Snapshot #9498 · session 2026-11-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
SHOP volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 52.7%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 81,990 contractssession 2026-11-12
- Largest open-interest line
- $115 put · Dec 18 · 6,179
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #227 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 (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.