TEM wheel: cash-secured put & covered-call yields
Tempus AI, Inc. Class A Common Stock · Technology · $85.08 close on Sep 28, 2026
What the Sep 28, 2026 close says about TEM
At 81.6% implied volatility, the options market is pricing a one-standard-deviation move of about $20.55 (24.1%) in TEM by Oct 30, 2026, 32 days out.
Selling the $78 put (−0.32Δ) for $4.67 means assignment would leave a cost basis of $73.33, 13.8% below the $85.08 close.
The 81-day 0.30Δ put pays 1.6× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.146 vs $0.090).
At 0.30Δ on the Oct 30 expiry the put yields 5.99% on its strike and the call 4.00% on spot: puts pay 1.5× what calls do on TEM this session.
Moving down to the $72 put (−0.21Δ) buys 7.1% more room below spot and keeps 54% of the 0.30Δ premium.
Open interest in the stored window totals 13,543 contracts; the largest single line is the $90 call expiring Dec 18 with 6,547 (48.3% of the window).
By options volume TEM ranks #209 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 TEM
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $78 | −0.32 | $4.67 Sep 28 | $467.00 | $7,800 | 5.99% | 68.3% | $73.33 | 39 | 1 |
| 0.20Δ | $72 | −0.21 | $2.50 Sep 28 | $250.00 | $7,200 | 3.47% | 39.6% | $69.50 | 21 | 1 |
Snapshot #252 · 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 | $75 | −0.30 | $7.32 Sep 28 | $732.00 | $7,500 | 9.76% | 44.0% | $67.68 | 878 | 4 |
| 0.20Δ | $65 | −0.18 | $3.97 Sep 28 | $397.00 | $6,500 | 6.11% | 27.5% | $61.03 | 1,031 | 6 |
Snapshot #252 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on TEM
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $100 | 0.30 | $3.40 Sep 28 | $340.00 | 4.00% | 45.6% | 21.53% | 245.6% | 74 | 61 |
| 0.20Δ | $110 | 0.19 | $2.12 Sep 28 | $212.00 | 2.49% | 28.4% | 31.78% | 362.5% | 31 | 6 |
Snapshot #252 · 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 | $115 | 0.29 | $4.85 Sep 28 | $485.00 | 5.70% | 25.7% | 40.87% | 184.2% | 12 | 22 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #252 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
TEM volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 81.6%session 2026-09-28
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 13,543 contractssession 2026-09-28
- Largest open-interest line
- $90 call · Dec 18 · 6,547
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #209 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.