SNDK wheel: cash-secured put & covered-call yields
Sandisk Corporation Common Stock · Technology · $1,712.89 close on Sep 28, 2026
What the Sep 28, 2026 close says about SNDK
At 69.0% implied volatility, the options market is pricing a one-standard-deviation move of about $349.88 (20.4%) in SNDK by Oct 30, 2026, 32 days out.
Selling the $1550 put (−0.27Δ) for $65.00 means assignment would leave a cost basis of $1,485.00, 13.3% below the $1,712.89 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 ($2.031 vs $1.576).
At 0.30Δ on the Oct 30 expiry the put yields 4.19% on its strike and the call 3.38% on spot: puts pay 1.2× what calls do on SNDK this session.
Moving down to the $1465 put (−0.19Δ) buys 5.0% more room below spot and keeps 68% of the 0.30Δ premium.
Open interest in the stored window totals 32,865 contracts; the largest single line is the $1000 put expiring Dec 18 with 1,264 (3.8% of the window).
By options volume SNDK ranks #86 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 SNDK
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $1550 | −0.27 | $65.00 Sep 28 | $6,500.00 | $155,000 | 4.19% | 47.8% | $1,485.00 | 131 | 48 |
| 0.20Δ | $1465 | −0.19 | $44.50 Sep 28 | $4,450.00 | $146,500 | 3.04% | 34.6% | $1,420.50 | 14 | 1 |
Snapshot #234 · 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 | $1530 | −0.30 | $127.68 Sep 28 | $12,768.00 | $153,000 | 8.35% | 37.6% | $1,402.32 | 33 | 2 |
| 0.20Δ | $1380 | −0.20 | $76.00 Sep 28 | $7,600.00 | $138,000 | 5.51% | 24.8% | $1,304.00 | 275 | 2 |
Snapshot #234 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on SNDK
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $1980 | 0.29 | $57.95 Sep 28 | $5,795.00 | 3.38% | 38.6% | 18.98% | 216.5% | 10 | 10 |
| 0.20Δ | $2100 | 0.21 | $42.00 Sep 28 | $4,200.00 | 2.45% | 28.0% | 25.05% | 285.7% | 83 | 13 |
Snapshot #234 · 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 | $2250 | 0.28 | $87.45 Sep 28 | $8,745.00 | 5.11% | 23.0% | 36.46% | 164.3% | 363 | 2 |
| 0.20Δ | $2500 | 0.19 | $54.85 Sep 28 | $5,485.00 | 3.20% | 14.4% | 49.15% | 221.5% | 439 | 17 |
Snapshot #234 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
SNDK volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 69.0%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 32,865 contractssession 2026-09-28
- Largest open-interest line
- $1000 put · Dec 18 · 1,264
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #86 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.