SPXL wheel: cash-secured put & covered-call yields
Direxion Daily S&P 500 Bull 3x ETF · ETFs · $264.01 close on Nov 9, 2026
What the Nov 9, 2026 close says about SPXL
At 48.2% implied volatility, the options market is pricing a one-standard-deviation move of about $37.69 (14.3%) in SPXL by Dec 11, 2026, 32 days out.
Selling the $245 put (−0.28Δ) for $8.40 means assignment would leave a cost basis of $236.60, 10.4% below the $264.01 close.
At 0.30Δ on the Dec 11 expiry the put yields 3.43% on its strike and the call 1.78% on spot: puts pay 1.9× what calls do on SPXL this session.
Moving down to the $230 put (−0.19Δ) buys 5.7% more room below spot and keeps 82% of the 0.30Δ premium.
Open interest in the stored window totals 8,928 contracts; the largest single line is the $330 call expiring Jan 15 with 1,502 (16.8% of the window).
By options volume SPXL ranks #161 of 679 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 SPXL
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $245 | −0.28 | $8.40 Nov 9 | $840.00 | $24,500 | 3.43% | 39.1% | $236.60 | 3 | 5 |
| 0.20Δ | $230 | −0.19 | $6.85 Nov 9 | $685.00 | $23,000 | 2.98% | 34.0% | $223.15 | 6 | 2 |
Snapshot #8651 · session 2026-11-09 · captured 22:31 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 | Unavailable1 | |||||||||
| 0.20Δ | $225 | −0.22 | $10.09 Nov 9 | $1,009.00 | $22,500 | 4.48% | 24.4% | $214.91 | 88 | 2 |
Snapshot #8651 · session 2026-11-09 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 67
Covered calls on SPXL
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $287.50 | 0.26 | $4.70 Nov 9 | $470.00 | 1.78% | 20.3% | 10.68% | 121.8% | 0 | 3 |
| 0.20Δ | $297.50 | 0.18 | $2.43 Nov 9 | $243.00 | 0.92% | 10.5% | 13.61% | 155.2% | 0 | 65 |
Snapshot #8651 · session 2026-11-09 · captured 22:31 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 | $295 | 0.30 | $7.20 Nov 9 | $720.00 | 2.73% | 14.9% | 14.47% | 78.8% | 142 | 5 |
| 0.20Δ | $305 | 0.22 | $4.40 Nov 9 | $440.00 | 1.67% | 9.1% | 17.19% | 93.7% | 84 | 1 |
Snapshot #8651 · session 2026-11-09 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 67
SPXL volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 48.2%session 2026-11-09
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 8,928 contractssession 2026-11-09
- Largest open-interest line
- $330 call · Jan 15 · 1,502
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #161 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.
- No contract near 0.30Δ 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.