TEM wheel: cash-secured put & covered-call yields
Tempus AI, Inc. Class A Common Stock · Technology · $75.89 close on Nov 12, 2026
What the Nov 12, 2026 close says about TEM
At 83.7% implied volatility, the options market is pricing a one-standard-deviation move of about $19.96 (26.3%) in TEM by Dec 18, 2026, 36 days out.
Selling the $70 put (−0.32Δ) for $4.95 means assignment would leave a cost basis of $65.05, 14.3% below the $75.89 close.
The 64-day 0.30Δ put pays 1.3× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.138 vs $0.098).
At 0.30Δ on the Dec 18 expiry the put yields 7.07% on its strike and the call 4.53% on spot: puts pay 1.6× what calls do on TEM this session.
Moving down to the $65 put (−0.23Δ) buys 6.6% more room below spot and keeps 64% of the 0.30Δ premium.
Open interest in the stored window totals 111,574 contracts; the largest single line is the $100 call expiring Jan 15 with 19,746 (17.7% of the window).
By options volume TEM ranks #274 of 679 names in our universe.
Near-the-money options volume (416) is 278% 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 TEM
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $70 | −0.32 | $4.95 Nov 12 | $495.00 | $7,000 | 7.07% | 71.7% | $65.05 | 422 | 75 |
| 0.20Δ | $65 | −0.23 | $3.18 Nov 12 | $318.00 | $6,500 | 4.89% | 49.6% | $61.82 | 1,896 | 78 |
Snapshot #9521 · 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 | $70 | −0.33 | $6.30 Nov 12 | $630.00 | $7,000 | 9.00% | 51.3% | $63.70 | 1,410 | 5 |
| 0.20Δ | $60 | −0.18 | $2.92 Nov 12 | $292.00 | $6,000 | 4.87% | 27.8% | $57.08 | 2,444 | 27 |
Snapshot #9521 · session 2026-11-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on TEM
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $90 | 0.31 | $3.44 Nov 12 | $344.00 | 4.53% | 46.0% | 23.13% | 234.5% | 6,987 | 239 |
| 0.20Δ | $100 | 0.19 | $1.82 Nov 12 | $182.00 | 2.40% | 24.3% | 34.17% | 346.4% | 1,781 | 68 |
Snapshot #9521 · 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 | $95 | 0.33 | $4.30 Nov 12 | $430.00 | 5.67% | 32.3% | 30.85% | 175.9% | 6,576 | 12 |
| 0.20Δ | $110 | 0.18 | $2.05 Nov 12 | $205.00 | 2.70% | 15.4% | 47.65% | 271.7% | 2,200 | 16 |
Snapshot #9521 · session 2026-11-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
TEM volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 83.7%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 111,574 contractssession 2026-11-12
- Largest open-interest line
- $100 call · Jan 15 · 19,746
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #274 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 (24 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.