U wheel: cash-secured put & covered-call yields
Unity Software Inc. · Technology · $39.86 close on Sep 28, 2026
What the Sep 28, 2026 close says about U
At 56.5% implied volatility, the options market is pricing a one-standard-deviation move of about $6.67 (16.7%) in U by Oct 30, 2026, 32 days out.
Selling the $37 put (−0.29Δ) for $1.45 means assignment would leave a cost basis of $35.55, 10.8% below the $39.86 close.
The 109-day 0.30Δ put pays 1.9× the premium of the 32-day one for 3.4× the time — more premium per day on the 32-day contract ($0.045 vs $0.025).
At 0.30Δ on the Oct 30 expiry the put yields 3.92% on its strike and the call 3.39% on spot: puts pay 1.2× what calls do on U this session.
Moving down to the $35 put (−0.19Δ) buys 5.0% more room below spot and keeps 50% of the 0.30Δ premium.
Open interest in the stored window totals 113,836 contracts; the largest single line is the $40 call expiring Jan 15 with 18,802 (16.5% of the window).
By options volume U ranks #173 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 U
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $37 | −0.29 | $1.45 Sep 28 | $145.00 | $3,700 | 3.92% | 44.7% | $35.55 | 103 | 11 |
| 0.20Δ | $35 | −0.19 | $0.72 Sep 28 | $72.00 | $3,500 | 2.06% | 23.5% | $34.28 | 59 | 26 |
Snapshot #260 · session 2026-09-28 · captured 22:42 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 | $35 | −0.28 | $2.77 Sep 28 | $277.00 | $3,500 | 7.91% | 26.5% | $32.23 | 1,513 | 9 |
| 0.20Δ | $33 | −0.22 | $1.92 Sep 28 | $192.00 | $3,300 | 5.82% | 19.5% | $31.08 | 187 | 13 |
Snapshot #260 · session 2026-09-28 · captured 22:42 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 109
Covered calls on U
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $44 | 0.31 | $1.35 Sep 28 | $135.00 | 3.39% | 38.6% | 13.77% | 157.1% | 234 | 35 |
| 0.20Δ | $47 | 0.20 | $0.76 Sep 28 | $76.00 | 1.91% | 21.7% | 19.82% | 226.1% | 72 | 8 |
Snapshot #260 · session 2026-09-28 · captured 22:42 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 | $50 | 0.31 | $2.32 Sep 28 | $232.00 | 5.82% | 19.5% | 31.26% | 104.7% | 7,683 | 482 |
| 0.20Δ | $55 | 0.23 | $1.53 Sep 28 | $153.00 | 3.84% | 12.9% | 41.82% | 140.0% | 9,684 | 9 |
Snapshot #260 · session 2026-09-28 · captured 22:42 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 109
U volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 56.5%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 113,836 contractssession 2026-09-28
- Largest open-interest line
- $40 call · Jan 15 · 18,802
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #173 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.
- 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.