U wheel: cash-secured put & covered-call yields
Unity Software Inc. · Technology · $50.18 close on Nov 12, 2026
What the Nov 12, 2026 close says about U
At 28.8% implied volatility, the options market is pricing a one-standard-deviation move of about $4.55 (9.1%) in U by Dec 18, 2026, 36 days out.
Selling the $45 put (−0.30Δ) for $1.30 means assignment would leave a cost basis of $43.70, 12.9% below the $50.18 close.
The 64-day 0.30Δ put pays 1.5× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.036 vs $0.031).
At 0.30Δ on the Dec 18 expiry the put yields 2.89% on its strike and the call 3.07% on spot: puts and calls pay within 10% of each other on U this session.
Moving down to the $43 put (−0.20Δ) buys 4.0% more room below spot and keeps 60% of the 0.30Δ premium.
Open interest in the stored window totals 68,141 contracts; the largest single line is the $45 put expiring Jan 15 with 14,089 (20.7% of the window).
By options volume U ranks #242 of 679 names in our universe.
Near-the-money options volume (1.7k) is 272% 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 U
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $45 | −0.30 | $1.30 Nov 12 | $130.00 | $4,500 | 2.89% | 29.3% | $43.70 | 1,092 | 90 |
| 0.20Δ | $43 | −0.20 | $0.78 Nov 12 | $78.00 | $4,300 | 1.81% | 18.4% | $42.22 | 162 | 37 |
Snapshot #9533 · 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 | $45 | −0.33 | $1.96 Nov 12 | $196.00 | $4,500 | 4.36% | 24.8% | $43.04 | 14,089 | 43 |
| 0.20Δ | $42 | −0.21 | $1.13 Nov 12 | $113.00 | $4,200 | 2.69% | 15.3% | $40.87 | 1,904 | 92 |
Snapshot #9533 · session 2026-11-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on U
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $55 | 0.28 | $1.54 Nov 12 | $154.00 | 3.07% | 31.1% | 12.67% | 128.5% | 8,854 | 1,156 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #9533 · 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 | $55 | 0.34 | $2.43 Nov 12 | $243.00 | 4.84% | 27.6% | 14.45% | 82.4% | 11,227 | 319 |
| 0.20Δ | $60 | 0.20 | $1.19 Nov 12 | $119.00 | 2.37% | 13.5% | 21.94% | 125.1% | 10,797 | 107 |
Snapshot #9533 · session 2026-11-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
U volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 28.8%session 2026-11-12
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 68,141 contractssession 2026-11-12
- Largest open-interest line
- $45 put · Jan 15 · 14,089
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #242 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.
- No contract near 0.20Δ traded this session
- 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.