UAL wheel: cash-secured put & covered-call yields
United Airlines Holdings, Inc. Common Stock · Industrials · $111.51 close on Sep 28, 2026
What the Sep 28, 2026 close says about UAL
At 54.6% implied volatility, the options market is pricing a one-standard-deviation move of about $18.04 (16.2%) in UAL by Oct 30, 2026, 32 days out.
Selling the $105 put (−0.30Δ) for $4.13 means assignment would leave a cost basis of $100.87, 9.5% below the $111.51 close.
The 81-day 0.30Δ put pays 1.1× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.129 vs $0.057).
At 0.30Δ on the Oct 30 expiry the put yields 3.93% on its strike and the call 2.67% on spot: puts pay 1.5× what calls do on UAL this session.
Moving down to the $100 put (−0.22Δ) buys 4.5% more room below spot and keeps 62% of the 0.30Δ premium.
Open interest in the stored window totals 18,414 contracts; the largest single line is the $140 call expiring Dec 18 with 2,411 (13.1% of the window).
By options volume UAL ranks #168 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 UAL
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $105 | −0.30 | $4.13 Sep 28 | $413.00 | $10,500 | 3.93% | 44.9% | $100.87 | 36 | 33 |
| 0.20Δ | $100 | −0.22 | $2.55 Sep 28 | $255.00 | $10,000 | 2.55% | 29.1% | $97.45 | 89 | 5 |
Snapshot #261 · 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 | $100 | −0.26 | $4.63 Sep 28 | $463.00 | $10,000 | 4.63% | 20.9% | $95.37 | 872 | 1 |
| 0.20Δ | $97.50 | −0.23 | $4.30 Sep 28 | $430.00 | $9,750 | 4.41% | 19.9% | $93.20 | 642 | 1 |
Snapshot #261 · session 2026-09-28 · captured 22:42 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on UAL
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $124 | 0.27 | $2.98 Sep 28 | $298.00 | 2.67% | 30.5% | 13.87% | 158.2% | 0 | 1 |
| 0.20Δ | $130 | 0.20 | $1.70 Sep 28 | $170.00 | 1.52% | 17.4% | 18.11% | 206.5% | 44 | 15 |
Snapshot #261 · 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 | $130 | 0.29 | $3.95 Sep 28 | $395.00 | 3.54% | 16.0% | 20.12% | 90.7% | 1,768 | 33 |
| 0.20Δ | $140 | 0.18 | $2.40 Sep 28 | $240.00 | 2.15% | 9.7% | 27.70% | 124.8% | 2,411 | 118 |
Snapshot #261 · session 2026-09-28 · captured 22:42 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
UAL volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 54.6%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 18,414 contractssession 2026-09-28
- Largest open-interest line
- $140 call · Dec 18 · 2,411
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #168 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.