TSLA wheel: cash-secured put & covered-call yields
Tesla, Inc. Common Stock · Consumer discretionary · $372.11 close on Sep 25, 2026
What the Sep 25, 2026 close says about TSLA
At 44.7% implied volatility, the options market is pricing a one-standard-deviation move of about $51.48 (13.8%) in TSLA by Oct 30, 2026, 35 days out.
Selling the $350 put (−0.29Δ) for $9.90 means assignment would leave a cost basis of $340.10, 8.6% below the $372.11 close.
The 84-day 0.30Δ put pays 1.6× the premium of the 35-day one for 2.4× the time — more premium per day on the 35-day contract ($0.283 vs $0.190).
At 0.30Δ on the Oct 30 expiry the put yields 2.83% on its strike and the call 2.42% on spot: puts pay 1.2× what calls do on TSLA this session.
Moving down to the $335 put (−0.19Δ) buys 4.0% more room below spot and keeps 60% of the 0.30Δ premium.
Open interest in the stored window totals 223,912 contracts; the largest single line is the $300 put expiring Dec 18 with 14,285 (6.4% of the window).
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on TSLA
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $350 | −0.29 | $9.90 Sep 25 | $990.00 | $35,000 | 2.83% | 29.5% | $340.10 | 613 | 380 |
| 0.20Δ | $335 | −0.19 | $5.90 Sep 25 | $590.00 | $33,500 | 1.76% | 18.4% | $329.10 | 357 | 137 |
Snapshot #18 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 35
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $345 | −0.30 | $15.95 Sep 25 | $1,595.00 | $34,500 | 4.62% | 20.1% | $329.05 | 1,202 | 43 |
| 0.20Δ | $325 | −0.21 | $10.00 Sep 25 | $1,000.00 | $32,500 | 3.08% | 13.4% | $315.00 | 3,794 | 210 |
Snapshot #18 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 84
Covered calls on TSLA
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $405 | 0.30 | $9.02 Sep 25 | $902.00 | 2.42% | 25.3% | 11.26% | 117.5% | 217 | 82 |
| 0.20Δ | $425 | 0.19 | $5.32 Sep 25 | $532.00 | 1.43% | 14.9% | 15.64% | 163.1% | 431 | 337 |
Snapshot #18 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 35
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $425 | 0.31 | $13.50 Sep 25 | $1,350.00 | 3.63% | 15.8% | 17.84% | 77.5% | 1,380 | 128 |
| 0.20Δ | $455 | 0.21 | $8.20 Sep 25 | $820.00 | 2.20% | 9.6% | 24.48% | 106.4% | 970 | 72 |
Snapshot #18 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 84
TSLA volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 44.7%session 2026-09-25
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 27, 2026
- Open interest, stored window
- 223,912 contractssession 2026-09-25
- Largest open-interest line
- $300 put · Dec 18 · 14,285
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- Unavailable4
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.
- Not ranked yet — liquidity ranks are computed at the weekly re-rank of the whole universe.