SMCI wheel: cash-secured put & covered-call yields
Super Micro Computer, Inc. Common Stock · Technology · $26.99 close on Nov 12, 2026
What the Nov 12, 2026 close says about SMCI
At 91.6% implied volatility, the options market is pricing a one-standard-deviation move of about $7.77 (28.8%) in SMCI by Dec 18, 2026, 36 days out.
Selling the $25 put (−0.32Δ) for $1.99 means assignment would leave a cost basis of $23.01, 14.7% below the $26.99 close.
The 64-day 0.30Δ put pays 1.1× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.055 vs $0.034).
At 0.30Δ on the Dec 18 expiry the put yields 7.96% on its strike and the call 4.19% on spot: puts pay 1.9× what calls do on SMCI this session.
Moving down to the $22 put (−0.19Δ) buys 11.1% more room below spot and keeps 51% of the 0.30Δ premium.
Open interest in the stored window totals 286,040 contracts; the largest single line is the $15 put expiring Jan 15 with 43,334 (15.1% of the window).
By options volume SMCI ranks #88 of 679 names in our universe.
Near-the-money options volume (14k) is 1413% 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 SMCI
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $25 | −0.32 | $1.99 Nov 12 | $199.00 | $2,500 | 7.96% | 80.7% | $23.01 | 8,244 | 1,229 |
| 0.20Δ | $22 | −0.19 | $1.02 Nov 12 | $102.00 | $2,200 | 4.64% | 47.0% | $20.98 | 3,546 | 2,452 |
Snapshot #9502 · 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 | $24 | −0.29 | $2.18 Nov 12 | $218.00 | $2,400 | 9.08% | 51.8% | $21.82 | 6,997 | 1,667 |
| 0.20Δ | $22 | −0.22 | $1.47 Nov 12 | $147.00 | $2,200 | 6.68% | 38.1% | $20.53 | 501 | 46 |
Snapshot #9502 · session 2026-11-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on SMCI
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $33 | 0.28 | $1.13 Nov 12 | $113.00 | 4.19% | 42.4% | 26.45% | 268.2% | 2,891 | 2,233 |
| 0.20Δ | $35 | 0.21 | $0.75 Nov 12 | $75.00 | 2.78% | 28.2% | 32.46% | 329.1% | 5,888 | 1,363 |
Snapshot #9502 · 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 | $35 | 0.29 | $1.40 Nov 12 | $140.00 | 5.19% | 29.6% | 34.86% | 198.8% | 25,844 | 6,018 |
| 0.20Δ | $40 | 0.18 | $0.74 Nov 12 | $74.00 | 2.74% | 15.6% | 50.94% | 290.5% | 21,729 | 2,834 |
Snapshot #9502 · session 2026-11-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
SMCI volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 91.6%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 286,040 contractssession 2026-11-12
- Largest open-interest line
- $15 put · Jan 15 · 43,334
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #88 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.