TTWO wheel: cash-secured put & covered-call yields
Take-Two Interactive Software Inc · Technology · $208.82 close on Oct 12, 2026
What the Oct 12, 2026 close says about TTWO
At 47.0% implied volatility, the options market is pricing a one-standard-deviation move of about $29.04 (13.9%) in TTWO by Nov 13, 2026, 32 days out.
Selling the $195 put (−0.28Δ) for $5.30 means assignment would leave a cost basis of $189.70, 9.2% below the $208.82 close.
The 67-day 0.30Δ put pays 1.9× the premium of the 32-day one for 2.1× the time — more premium per day on the 32-day contract ($0.166 vs $0.152).
At 0.30Δ on the Nov 13 expiry the put yields 2.72% on its strike and the call 2.77% on spot: puts and calls pay within 10% of each other on TTWO this session.
Moving down to the $190 put (−0.21Δ) buys 2.4% more room below spot and keeps 72% of the 0.30Δ premium.
Open interest in the stored window totals 31,253 contracts; the largest single line is the $170 put expiring Nov 13 with 5,809 (18.6% of the window).
By options volume TTWO ranks #14 of 572 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 TTWO
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $195 | −0.28 | $5.30 Oct 12 | $530.00 | $19,500 | 2.72% | 31.0% | $189.70 | 3 | 18 |
| 0.20Δ | $190 | −0.21 | $3.79 Oct 12 | $379.00 | $19,000 | 1.99% | 22.8% | $186.21 | 9 | 318 |
Snapshot #2963 · session 2026-10-12 · captured 22:32 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 | $195 | −0.32 | $10.20 Oct 12 | $1,020.00 | $19,500 | 5.23% | 28.5% | $184.80 | 667 | 41 |
| 0.20Δ | $180 | −0.20 | $5.20 Oct 12 | $520.00 | $18,000 | 2.89% | 15.7% | $174.80 | 709 | 37 |
Snapshot #2963 · session 2026-10-12 · captured 22:32 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 67
Covered calls on TTWO
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $230 | 0.29 | $5.79 Oct 12 | $579.00 | 2.77% | 31.6% | 12.92% | 147.3% | 1 | 27 |
| 0.20Δ | $240 | 0.20 | $4.40 Oct 12 | $440.00 | 2.11% | 24.0% | 17.04% | 194.3% | 14 | 25 |
Snapshot #2963 · session 2026-10-12 · captured 22:32 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 | $240 | 0.31 | $8.00 Oct 12 | $800.00 | 3.83% | 20.9% | 18.76% | 102.2% | 982 | 70 |
| 0.20Δ | $260 | 0.19 | $4.68 Oct 12 | $468.00 | 2.24% | 12.2% | 26.75% | 145.7% | 1,356 | 3 |
Snapshot #2963 · session 2026-10-12 · captured 22:32 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 67
TTWO volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 47.0%session 2026-10-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Oct 12, 2026
- Open interest, stored window
- 31,253 contractssession 2026-10-12
- Largest open-interest line
- $170 put · Nov 13 · 5,809
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #14 of 572 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 (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.