TSLL wheel: cash-secured put & covered-call yields
Direxion Shares ETF Trust Direxion Daily TSLA Bull 2X ETF · ETFs · $10.77 close on Nov 12, 2026
What the Nov 12, 2026 close says about TSLL
At 85.6% implied volatility, the options market is pricing a one-standard-deviation move of about $2.90 (26.9%) in TSLL by Dec 18, 2026, 36 days out.
Selling the $10 put (−0.35Δ) for $0.80 means assignment would leave a cost basis of $9.20, 14.6% below the $10.77 close.
The 64-day 0.30Δ put pays 0.9× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.022 vs $0.011).
At 0.30Δ on the Dec 18 expiry the put yields 8.00% on its strike and the call 4.18% on spot: puts pay 1.9× what calls do on TSLL this session.
Moving down to the $9 put (−0.22Δ) buys 9.3% more room below spot and keeps 57% of the 0.30Δ premium.
Open interest in the stored window totals 129,345 contracts; the largest single line is the $15 call expiring Jan 15 with 12,788 (9.9% of the window).
By options volume TSLL ranks #113 of 679 names in our universe.
Near-the-money options volume (1.5k) is 200% 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 TSLL
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $10 | −0.35 | $0.80 Nov 12 | $80.00 | $1,000 | 8.00% | 81.1% | $9.20 | 11,196 | 99 |
| 0.20Δ | $9 | −0.22 | $0.46 Nov 12 | $46.00 | $900 | 5.11% | 51.8% | $8.54 | 6,545 | 127 |
Snapshot #9527 · 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 | $9 | −0.26 | $0.72 Nov 12 | $72.00 | $900 | 8.00% | 45.6% | $8.28 | 3,633 | 18 |
| 0.20Δ | $8 | −0.18 | $0.44 Nov 12 | $44.00 | $800 | 5.50% | 31.4% | $7.56 | 2,745 | 27 |
Snapshot #9527 · session 2026-11-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on TSLL
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $13 | 0.27 | $0.45 Nov 12 | $45.00 | 4.18% | 42.4% | 24.88% | 252.3% | 4,547 | 352 |
| 0.20Δ | $14 | 0.20 | $0.27 Nov 12 | $27.00 | 2.51% | 25.4% | 32.50% | 329.5% | 8,019 | 830 |
Snapshot #9527 · 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 | $14 | 0.27 | $0.55 Nov 12 | $55.00 | 5.11% | 29.1% | 35.10% | 200.2% | 5,734 | 74 |
| 0.20Δ | $15 | 0.21 | $0.39 Nov 12 | $39.00 | 3.62% | 20.7% | 42.90% | 244.6% | 12,788 | 284 |
Snapshot #9527 · session 2026-11-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
TSLL volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 85.6%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 129,345 contractssession 2026-11-12
- Largest open-interest line
- $15 call · Jan 15 · 12,788
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #113 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 (34 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.