UMC wheel: cash-secured put & covered-call yields
United Microelectronic Corp. · $23.92 close on Oct 5, 2026
What the Oct 5, 2026 close says about UMC
At 61.6% implied volatility, the options market is pricing a one-standard-deviation move of about $5.23 (21.9%) in UMC by Nov 20, 2026, 46 days out.
Selling the $22 put (−0.30Δ) for $1.25 means assignment would leave a cost basis of $20.75, 13.3% below the $23.92 close.
The 102-day 0.30Δ put pays 1.3× the premium of the 46-day one for 2.2× the time — more premium per day on the 46-day contract ($0.027 vs $0.016).
At 0.30Δ on the Nov 20 expiry the put yields 5.68% on its strike and the call 3.34% on spot: puts pay 1.7× what calls do on UMC this session.
Moving down to the $20 put (−0.17Δ) buys 8.4% more room below spot and keeps 44% of the 0.30Δ premium.
Open interest in the stored window totals 38,686 contracts; the largest single line is the $25 call expiring Jan 15 with 7,629 (19.7% of the window).
By options volume UMC ranks #53 of 514 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 UMC
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $22 | −0.30 | $1.25 Oct 5 | $125.00 | $2,200 | 5.68% | 45.1% | $20.75 | 287 | 344 |
| 0.20Δ | $20 | −0.17 | $0.55 Oct 5 | $55.00 | $2,000 | 2.75% | 21.8% | $19.45 | 43 | 56 |
Snapshot #1547 · session 2026-10-05 · captured 22:32 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 46
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $21 | −0.28 | $1.65 Oct 5 | $165.00 | $2,100 | 7.86% | 28.1% | $19.35 | 537 | 74 |
| 0.20Δ | $20 | −0.23 | $1.25 Oct 5 | $125.00 | $2,000 | 6.25% | 22.4% | $18.75 | 5,244 | 119 |
Snapshot #1547 · session 2026-10-05 · captured 22:32 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 102
Covered calls on UMC
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $28 | 0.28 | $0.80 Oct 5 | $80.00 | 3.34% | 26.5% | 20.40% | 161.9% | 117 | 10 |
| 0.20Δ | $30 | 0.20 | $0.55 Oct 5 | $55.00 | 2.30% | 18.2% | 27.72% | 219.9% | 749 | 139 |
Snapshot #1547 · session 2026-10-05 · captured 22:32 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 46
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $30 | 0.30 | $1.30 Oct 5 | $130.00 | 5.43% | 19.4% | 30.85% | 110.4% | 993 | 310 |
| 0.20Δ | $33 | 0.22 | $0.80 Oct 5 | $80.00 | 3.34% | 12.0% | 41.30% | 147.8% | 123 | 25 |
Snapshot #1547 · session 2026-10-05 · captured 22:32 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 102
UMC volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 61.6%session 2026-10-05
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Oct 5, 2026
- Open interest, stored window
- 38,686 contractssession 2026-10-05
- Largest open-interest line
- $25 call · Jan 15 · 7,629
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #53 of 514 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.