SNAP wheel: cash-secured put & covered-call yields
Snap Inc. · Technology · $6.49 close on Oct 13, 2026
What the Oct 13, 2026 close says about SNAP
At 83.2% implied volatility, the options market is pricing a one-standard-deviation move of about $1.57 (24.3%) in SNAP by Nov 13, 2026, 31 days out.
Selling the $6 put (−0.33Δ) for $0.38 means assignment would leave a cost basis of $5.62, 13.4% below the $6.49 close.
The 66-day 0.30Δ put pays 1.4× the premium of the 31-day one for 2.1× the time — more premium per day on the 31-day contract ($0.012 vs $0.008).
At 0.30Δ on the Nov 13 expiry the put yields 6.33% on its strike and the call 5.70% on spot: puts pay 1.1× what calls do on SNAP this session.
Moving down to the $5.50 put (−0.21Δ) buys 7.7% more room below spot and keeps 53% of the 0.30Δ premium.
Open interest in the stored window totals 59,738 contracts; the largest single line is the $8 call expiring Dec 18 with 38,393 (64.3% of the window).
By options volume SNAP ranks #116 of 572 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 SNAP
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $6 | −0.33 | $0.38 Oct 13 | $38.00 | $600 | 6.33% | 74.6% | $5.62 | 77 | 21 |
| 0.20Δ | $5.50 | −0.21 | $0.20 Oct 13 | $20.00 | $550 | 3.64% | 42.8% | $5.30 | 198 | 6 |
Snapshot #3230 · session 2026-10-13 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 31
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $6 | −0.34 | $0.52 Oct 13 | $52.00 | $600 | 8.67% | 47.9% | $5.48 | 1,681 | 282 |
| 0.20Δ | $5 | −0.16 | $0.18 Oct 13 | $18.00 | $500 | 3.60% | 19.9% | $4.82 | 2,026 | 248 |
Snapshot #3230 · session 2026-10-13 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 66
Covered calls on SNAP
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $7.50 | 0.34 | $0.37 Oct 13 | $37.00 | 5.70% | 67.1% | 21.26% | 250.4% | 381 | 507 |
| 0.20Δ | $8.50 | 0.18 | $0.18 Oct 13 | $18.00 | 2.77% | 32.7% | 33.74% | 397.3% | 137 | 335 |
Snapshot #3230 · session 2026-10-13 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 31
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $8 | 0.32 | $0.36 Oct 13 | $36.00 | 5.55% | 30.7% | 28.81% | 159.3% | 38,393 | 18,828 |
| 0.20Δ | $9 | 0.20 | $0.24 Oct 13 | $24.00 | 3.70% | 20.5% | 42.37% | 234.3% | 640 | 546 |
Snapshot #3230 · session 2026-10-13 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 66
SNAP volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 83.2%session 2026-10-13
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Oct 12, 2026
- Open interest, stored window
- 59,738 contractssession 2026-10-13
- Largest open-interest line
- $8 call · Dec 18 · 38,393
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #116 of 572 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 (2 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.