STM wheel: cash-secured put & covered-call yields
STMicroelectronics N.V. · $52.74 close on Sep 28, 2026
What the Sep 28, 2026 close says about STM
At 64.9% implied volatility, the options market is pricing a one-standard-deviation move of about $10.14 (19.2%) in STM by Oct 30, 2026, 32 days out.
Selling the $49 put (−0.31Δ) for $2.20 means assignment would leave a cost basis of $46.80, 11.3% below the $52.74 close.
The 109-day 0.30Δ put pays 1.6× the premium of the 32-day one for 3.4× the time — more premium per day on the 32-day contract ($0.069 vs $0.033).
At 0.30Δ on the Oct 30 expiry the put yields 4.49% on its strike and the call 3.13% on spot: puts pay 1.4× what calls do on STM this session.
Moving down to the $45 put (−0.17Δ) buys 7.6% more room below spot and keeps 55% of the 0.30Δ premium.
Open interest in the stored window totals 45,758 contracts; the largest single line is the $60 call expiring Jan 15 with 9,277 (20.3% of the window).
By options volume STM ranks #157 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 STM
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $49 | −0.31 | $2.20 Sep 28 | $220.00 | $4,900 | 4.49% | 51.2% | $46.80 | 5 | 2 |
| 0.20Δ | $45 | −0.17 | $1.20 Sep 28 | $120.00 | $4,500 | 2.67% | 30.4% | $43.80 | 168 | 13 |
Snapshot #249 · 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 | $48 | −0.31 | $3.60 Sep 28 | $360.00 | $4,800 | 7.50% | 25.1% | $44.40 | 589 | 2 |
| 0.20Δ | $43 | −0.19 | $1.91 Sep 28 | $191.00 | $4,300 | 4.44% | 14.9% | $41.09 | 654 | 14 |
Snapshot #249 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 109
Covered calls on STM
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $60 | 0.29 | $1.65 Sep 28 | $165.00 | 3.13% | 35.7% | 16.89% | 192.7% | 168 | 178 |
| 0.20Δ | $64 | 0.19 | $1.08 Sep 28 | $108.00 | 2.05% | 23.4% | 23.40% | 266.9% | 2 | 1 |
Snapshot #249 · 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 | $65 | 0.31 | $2.75 Sep 28 | $275.00 | 5.21% | 17.5% | 28.46% | 95.3% | 2,077 | 9 |
| 0.20Δ | $70 | 0.23 | $1.90 Sep 28 | $190.00 | 3.60% | 12.1% | 36.33% | 121.7% | 1,899 | 14 |
Snapshot #249 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 109
STM volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 64.9%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- Ex-div Dec 15, 2026 · $0.09 declaredchecked Sep 28, 2026
- Open interest, stored window
- 45,758 contractssession 2026-09-28
- Largest open-interest line
- $60 call · Jan 15 · 9,277
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #157 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.