SMCI wheel: cash-secured put & covered-call yields
Super Micro Computer, Inc. Common Stock · Technology · $41.78 close on Sep 28, 2026
What the Sep 28, 2026 close says about SMCI
At 72.0% implied volatility, the options market is pricing a one-standard-deviation move of about $8.90 (21.3%) in SMCI by Oct 30, 2026, 32 days out.
Selling the $38 put (−0.29Δ) for $1.75 means assignment would leave a cost basis of $36.25, 13.2% below the $41.78 close.
The 81-day 0.30Δ put pays 2.0× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.055 vs $0.043).
At 0.30Δ on the Oct 30 expiry the put yields 4.61% on its strike and the call 4.16% on spot: puts pay 1.1× what calls do on SMCI this session.
Moving down to the $36 put (−0.20Δ) buys 4.8% more room below spot and keeps 65% of the 0.30Δ premium.
Open interest in the stored window totals 119,455 contracts; the largest single line is the $30 put expiring Dec 18 with 8,383 (7.0% of the window).
By options volume SMCI ranks #67 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 SMCI
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $38 | −0.29 | $1.75 Sep 28 | $175.00 | $3,800 | 4.61% | 52.5% | $36.25 | 249 | 123 |
| 0.20Δ | $36 | −0.20 | $1.13 Sep 28 | $113.00 | $3,600 | 3.14% | 35.8% | $34.87 | 209 | 74 |
Snapshot #232 · 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 | $37 | −0.30 | $3.45 Sep 28 | $345.00 | $3,700 | 9.32% | 42.0% | $33.55 | 1,677 | 1 |
| 0.20Δ | $33 | −0.20 | $2.01 Sep 28 | $201.00 | $3,300 | 6.09% | 27.4% | $30.99 | 2,063 | 30 |
Snapshot #232 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on SMCI
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $48 | 0.31 | $1.74 Sep 28 | $174.00 | 4.16% | 47.5% | 19.05% | 217.3% | 329 | 24 |
| 0.20Δ | $52 | 0.20 | $0.99 Sep 28 | $99.00 | 2.37% | 27.0% | 26.83% | 306.0% | 33 | 33 |
Snapshot #232 · 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 | $55 | 0.30 | $2.67 Sep 28 | $267.00 | 6.39% | 28.8% | 38.03% | 171.4% | 5,068 | 31 |
| 0.20Δ | $60 | 0.24 | $1.95 Sep 28 | $195.00 | 4.67% | 21.0% | 48.28% | 217.5% | 7,652 | 254 |
Snapshot #232 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
SMCI volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 72.0%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 119,455 contractssession 2026-09-28
- Largest open-interest line
- $30 put · Dec 18 · 8,383
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #67 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.
- 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.