SNOW wheel: cash-secured put & covered-call yields
Snowflake Inc. · Technology · $298.70 close on Nov 12, 2026
What the Nov 12, 2026 close says about SNOW
At 73.5% implied volatility, the options market is pricing a one-standard-deviation move of about $68.96 (23.1%) in SNOW by Dec 18, 2026, 36 days out.
Selling the $270 put (−0.29Δ) for $14.40 means assignment would leave a cost basis of $255.60, 14.4% below the $298.70 close.
The 64-day 0.30Δ put pays 1.2× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.400 vs $0.267).
At 0.30Δ on the Dec 18 expiry the put yields 5.33% on its strike and the call 3.26% on spot: puts pay 1.6× what calls do on SNOW this session.
Moving down to the $250 put (−0.19Δ) buys 6.7% more room below spot and keeps 61% of the 0.30Δ premium.
Open interest in the stored window totals 94,934 contracts; the largest single line is the $340 call expiring Jan 15 with 5,431 (5.7% of the window).
By options volume SNOW ranks #264 of 679 names in our universe.
Near-the-money options volume (726) is 486% 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 SNOW
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $270 | −0.29 | $14.40 Nov 12 | $1,440.00 | $27,000 | 5.33% | 54.1% | $255.60 | 1,225 | 110 |
| 0.20Δ | $250 | −0.19 | $8.82 Nov 12 | $882.00 | $25,000 | 3.53% | 35.8% | $241.18 | 1,509 | 116 |
Snapshot #9506 · 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 | $270 | −0.30 | $17.10 Nov 12 | $1,710.00 | $27,000 | 6.33% | 36.1% | $252.90 | 1,025 | 17 |
| 0.20Δ | $250 | −0.22 | $12.30 Nov 12 | $1,230.00 | $25,000 | 4.92% | 28.1% | $237.70 | 2,839 | 2 |
Snapshot #9506 · session 2026-11-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on SNOW
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $350 | 0.27 | $9.75 Nov 12 | $975.00 | 3.26% | 33.1% | 20.44% | 207.2% | 1,950 | 13 |
| 0.20Δ | $370 | 0.20 | $6.35 Nov 12 | $635.00 | 2.13% | 21.6% | 26.00% | 263.6% | 798 | 15 |
Snapshot #9506 · 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 | $360 | 0.28 | $12.05 Nov 12 | $1,205.00 | 4.03% | 23.0% | 24.56% | 140.0% | 2,867 | 4 |
| 0.20Δ | $390 | 0.19 | $6.80 Nov 12 | $680.00 | 2.28% | 13.0% | 32.84% | 187.3% | 1,048 | 14 |
Snapshot #9506 · session 2026-11-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
SNOW volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 73.5%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 94,934 contractssession 2026-11-12
- Largest open-interest line
- $340 call · Jan 15 · 5,431
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #264 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.