UAL wheel: cash-secured put & covered-call yields
United Airlines Holdings, Inc. Common Stock · Industrials · $111.25 close on Nov 12, 2026
What the Nov 12, 2026 close says about UAL
At 46.9% implied volatility, the options market is pricing a one-standard-deviation move of about $16.39 (14.7%) in UAL by Dec 18, 2026, 36 days out.
Selling the $105 put (−0.31Δ) for $3.06 means assignment would leave a cost basis of $101.94, 8.4% below the $111.25 close.
The 64-day 0.30Δ put pays 1.7× the premium of the 36-day one for 1.8× the time — about the same premium per day either way.
At 0.30Δ on the Dec 18 expiry the put yields 2.91% on its strike and the call 2.83% on spot: puts and calls pay within 10% of each other on UAL this session.
Moving down to the $100 put (−0.20Δ) buys 4.5% more room below spot and keeps 65% of the 0.30Δ premium.
Open interest in the stored window totals 243,177 contracts; the largest single line is the $125 call expiring Dec 18 with 106,469 (43.8% of the window).
By options volume UAL ranks #101 of 679 names in our universe.
Near-the-money options volume (80k) is 580% 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 UAL
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $105 | −0.31 | $3.06 Nov 12 | $306.00 | $10,500 | 2.91% | 29.5% | $101.94 | 1,337 | 17 |
| 0.20Δ | $100 | −0.20 | $2.00 Nov 12 | $200.00 | $10,000 | 2.00% | 20.3% | $98.00 | 2,058 | 81 |
Snapshot #9534 · 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 | $105 | −0.34 | $5.20 Nov 12 | $520.00 | $10,500 | 4.95% | 28.2% | $99.80 | 1,913 | 136 |
| 0.20Δ | $97.50 | −0.21 | $2.44 Nov 12 | $244.00 | $9,750 | 2.50% | 14.3% | $95.06 | 1,327 | 18 |
Snapshot #9534 · session 2026-11-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on UAL
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $120 | 0.33 | $3.15 Nov 12 | $315.00 | 2.83% | 28.7% | 10.70% | 108.5% | 5,710 | 201 |
| 0.20Δ | $125 | 0.24 | $1.86 Nov 12 | $186.00 | 1.67% | 17.0% | 14.03% | 142.3% | 106,469 | 79,210 |
Snapshot #9534 · 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 | $125 | 0.31 | $3.68 Nov 12 | $368.00 | 3.31% | 18.9% | 15.67% | 89.4% | 2,227 | 22 |
| 0.20Δ | $135 | 0.17 | $1.66 Nov 12 | $166.00 | 1.49% | 8.5% | 22.84% | 130.3% | 1,392 | 4 |
Snapshot #9534 · session 2026-11-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
UAL volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 46.9%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 243,177 contractssession 2026-11-12
- Largest open-interest line
- $125 call · Dec 18 · 106,469
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #101 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.
- 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.