TT wheel: cash-secured put & covered-call yields
Trane Technologies plc · Technology · $452.06 close on Sep 28, 2026
What the Sep 28, 2026 close says about TT
At 34.4% implied volatility, the options market is pricing a one-standard-deviation move of about $59.29 (13.1%) in TT by Nov 20, 2026, 53 days out.
Selling the $430 put (−0.28Δ) for $12.00 means assignment would leave a cost basis of $418.00, 7.5% below the $452.06 close.
The 81-day 0.30Δ put pays 1.1× the premium of the 53-day one for 1.5× the time — more premium per day on the 53-day contract ($0.226 vs $0.156).
At 0.30Δ on the Nov 20 expiry the put yields 2.79% on its strike and the call 2.01% on spot: puts pay 1.4× what calls do on TT this session.
Moving down to the $410 put (−0.18Δ) buys 4.4% more room below spot and keeps 53% of the 0.30Δ premium.
Open interest in the stored window totals 2,705 contracts; the largest single line is the $500 call expiring Dec 18 with 497 (18.4% of the window).
By options volume TT ranks #152 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 TT
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $430 | −0.28 | $12.00 Sep 28 | $1,200.00 | $43,000 | 2.79% | 19.2% | $418.00 | 13 | 201 |
| 0.20Δ | $410 | −0.18 | $6.40 Sep 28 | $640.00 | $41,000 | 1.56% | 10.8% | $403.60 | 28 | 1 |
Snapshot #259 · session 2026-09-28 · captured 22:42 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 53
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $420 | −0.25 | $12.60 Sep 28 | $1,260.00 | $42,000 | 3.00% | 13.5% | $407.40 | 26 | 1 |
| 0.20Δ | $410 | −0.20 | $8.75 Sep 28 | $875.00 | $41,000 | 2.13% | 9.6% | $401.25 | 260 | 1 |
Snapshot #259 · session 2026-09-28 · captured 22:42 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on TT
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $490 | 0.30 | $9.10 Sep 28 | $910.00 | 2.01% | 13.9% | 10.41% | 71.7% | 46 | 1 |
| 0.20Δ | $510 | 0.18 | $5.20 Sep 28 | $520.00 | 1.15% | 7.9% | 13.97% | 96.2% | 1 | 1 |
Snapshot #259 · session 2026-09-28 · captured 22:42 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 53
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $500 | 0.28 | $9.50 Sep 28 | $950.00 | 2.10% | 9.5% | 12.71% | 57.3% | 497 | 1 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #259 · session 2026-09-28 · captured 22:42 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
TT volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 34.4%session 2026-09-28
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 2,705 contractssession 2026-09-28
- Largest open-interest line
- $500 call · Dec 18 · 497
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #152 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.