SPOT wheel: cash-secured put & covered-call yields
Spotify Technology S.A. · $497.51 close on Sep 28, 2026
What the Sep 28, 2026 close says about SPOT
At 55.6% implied volatility, the options market is pricing a one-standard-deviation move of about $81.96 (16.5%) in SPOT by Oct 30, 2026, 32 days out.
Selling the $470 put (−0.33Δ) for $16.35 means assignment would leave a cost basis of $453.65, 8.8% below the $497.51 close.
The 81-day 0.30Δ put pays 1.1× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.511 vs $0.228).
At 0.30Δ on the Oct 30 expiry the put yields 3.48% on its strike and the call 2.71% on spot: puts pay 1.3× what calls do on SPOT this session.
Moving down to the $445 put (−0.21Δ) buys 5.0% more room below spot and keeps 52% of the 0.30Δ premium.
Open interest in the stored window totals 10,290 contracts; the largest single line is the $575 call expiring Oct 30 with 939 (9.1% of the window).
By options volume SPOT ranks #77 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 SPOT
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $470 | −0.33 | $16.35 Sep 28 | $1,635.00 | $47,000 | 3.48% | 39.7% | $453.65 | 107 | 2 |
| 0.20Δ | $445 | −0.21 | $8.45 Sep 28 | $845.00 | $44,500 | 1.90% | 21.7% | $436.55 | 41 | 2 |
Snapshot #244 · 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 | $450 | −0.26 | $18.45 Sep 28 | $1,845.00 | $45,000 | 4.10% | 18.5% | $431.55 | 445 | 2 |
| 0.20Δ | $420 | −0.17 | $10.45 Sep 28 | $1,045.00 | $42,000 | 2.49% | 11.2% | $409.55 | 226 | 3 |
Snapshot #244 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on SPOT
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $550 | 0.29 | $13.49 Sep 28 | $1,349.00 | 2.71% | 30.9% | 13.26% | 151.3% | 63 | 3 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #244 · 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 | $560 | 0.34 | $22.00 Sep 28 | $2,200.00 | 4.42% | 19.9% | 16.98% | 76.5% | 72 | 1 |
| 0.20Δ | $610 | 0.20 | $11.74 Sep 28 | $1,174.00 | 2.36% | 10.6% | 24.97% | 112.5% | 326 | 2 |
Snapshot #244 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
SPOT volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 55.6%session 2026-09-28
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 10,290 contractssession 2026-09-28
- Largest open-interest line
- $575 call · Oct 30 · 939
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #77 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.
- No contract near 0.20Δ traded this session
- 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.