SHOP wheel: cash-secured put & covered-call yields
Shopify Inc. Class A subordinate voting shares · Technology · $144.01 close on Sep 28, 2026
What the Sep 28, 2026 close says about SHOP
At 58.6% implied volatility, the options market is pricing a one-standard-deviation move of about $25.00 (17.4%) in SHOP by Oct 30, 2026, 32 days out.
Selling the $133 put (−0.29Δ) for $5.86 means assignment would leave a cost basis of $127.14, 11.7% below the $144.01 close.
The 81-day 0.30Δ put pays 1.8× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.183 vs $0.130).
Moving down to the $130 put (−0.24Δ) buys 2.1% more room below spot and keeps 77% of the 0.30Δ premium.
Open interest in the stored window totals 73,773 contracts; the largest single line is the $145 call expiring Dec 18 with 44,103 (59.8% of the window).
By options volume SHOP ranks #246 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 SHOP
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $133 | −0.29 | $5.86 Sep 28 | $586.00 | $13,300 | 4.41% | 50.3% | $127.14 | 19 | 9 |
| 0.20Δ | $130 | −0.24 | $4.54 Sep 28 | $454.00 | $13,000 | 3.49% | 39.8% | $125.46 | 59 | 6 |
Snapshot #229 · 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 | $10.55 Sep 28 | $1,055.00 | $13,000 | 8.12% | 36.6% | $119.45 | 757 | 1 |
| 0.20Δ | $120 | −0.21 | $5.55 Sep 28 | $555.00 | $12,000 | 4.63% | 20.8% | $114.45 | 1,279 | 140 |
Snapshot #229 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on SHOP
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $170 | 0.18 | $2.40 Sep 28 | $240.00 | 1.67% | 19.0% | 19.71% | 224.9% | 112 | 31 |
Snapshot #229 · 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 | $175 | 0.30 | $6.10 Sep 28 | $610.00 | 4.24% | 19.1% | 25.76% | 116.1% | 2,331 | 10 |
| 0.20Δ | $195 | 0.19 | $2.75 Sep 28 | $275.00 | 1.91% | 8.6% | 37.32% | 168.2% | 165 | 30 |
Snapshot #229 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
SHOP volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 58.6%session 2026-09-28
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 73,773 contractssession 2026-09-28
- Largest open-interest line
- $145 call · Dec 18 · 44,103
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #246 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.
- No contract near 0.30Δ traded this session
- 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.