TXN wheel: cash-secured put & covered-call yields
Texas Instruments Incorporated · Technology · $276.15 close on Oct 19, 2026
What the Oct 19, 2026 close says about TXN
At 47.3% implied volatility, the options market is pricing a one-standard-deviation move of about $38.66 (14.0%) in TXN by Nov 20, 2026, 32 days out.
Selling the $260 put (−0.30Δ) for $8.16 means assignment would leave a cost basis of $251.84, 8.8% below the $276.15 close.
The 60-day 0.30Δ put pays 1.2× the premium of the 32-day one for 1.9× the time — more premium per day on the 32-day contract ($0.255 vs $0.162).
At 0.30Δ on the Nov 20 expiry the put yields 3.14% on its strike and the call 2.57% on spot: puts pay 1.2× what calls do on TXN this session.
Moving down to the $245 put (−0.19Δ) buys 5.4% more room below spot and keeps 56% of the 0.30Δ premium.
Open interest in the stored window totals 35,055 contracts; the largest single line is the $240 put expiring Nov 20 with 5,484 (15.6% of the window).
TXN goes ex-dividend on Oct 30, 2026 ($1.52 declared), inside the Nov 20 covered-call window. A short call that is in the money before an ex-date can be assigned early.
By options volume TXN ranks #75 of 608 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 TXN
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $260 | −0.30 | $8.16 Oct 19 | $816.00 | $26,000 | 3.14% | 35.8% | $251.84 | 708 | 1,006 |
| 0.20Δ | $245 | −0.19 | $4.60 Oct 19 | $460.00 | $24,500 | 1.88% | 21.4% | $240.40 | 1,238 | 77 |
Snapshot #4402 · session 2026-10-19 · captured 22:40 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 | $255 | −0.29 | $9.72 Oct 19 | $972.00 | $25,500 | 3.81% | 23.2% | $245.28 | 62 | 124 |
| 0.20Δ | $240 | −0.19 | $5.75 Oct 19 | $575.00 | $24,000 | 2.40% | 14.6% | $234.25 | 860 | 24 |
Snapshot #4402 · session 2026-10-19 · captured 22:40 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 60
Covered calls on TXN
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $300 | 0.30 | $7.11 Oct 19 | $711.00 | 2.57% | 29.4% | 11.21% | 127.9% | 1,243 | 1,013 |
| 0.20Δ | $310 | 0.22 | $4.55 Oct 19 | $455.00 | 1.65% | 18.8% | 13.91% | 158.6% | 1,705 | 217 |
Snapshot #4402 · session 2026-10-19 · captured 22:40 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 | $310 | 0.28 | $7.50 Oct 19 | $750.00 | 2.72% | 16.5% | 14.97% | 91.1% | 813 | 74 |
| 0.20Δ | $325 | 0.20 | $4.75 Oct 19 | $475.00 | 1.72% | 10.5% | 19.41% | 118.1% | 161 | 229 |
Snapshot #4402 · session 2026-10-19 · captured 22:40 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 60
TXN volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 47.3%session 2026-10-19
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- Ex-div Oct 30, 2026 · $1.52 declaredchecked Oct 19, 2026
- Open interest, stored window
- 35,055 contractssession 2026-10-19
- Largest open-interest line
- $240 put · Nov 20 · 5,484
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #75 of 608 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.