V wheel: cash-secured put & covered-call yields
VISA Inc. · Industrials · $420.31 close on Nov 12, 2026
What the Nov 12, 2026 close says about V
At 21.8% implied volatility, the options market is pricing a one-standard-deviation move of about $28.79 (6.9%) in V by Dec 18, 2026, 36 days out.
Selling the $410 put (−0.33Δ) for $5.70 means assignment would leave a cost basis of $404.30, 3.8% below the $420.31 close.
The 64-day 0.30Δ put pays 1.4× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.158 vs $0.123).
At 0.30Δ on the Dec 18 expiry the put yields 1.39% on its strike and the call 1.06% on spot: puts pay 1.3× what calls do on V this session.
Moving down to the $400 put (−0.22Δ) buys 2.4% more room below spot and keeps 70% of the 0.30Δ premium.
Open interest in the stored window totals 56,804 contracts; the largest single line is the $360 put expiring Jan 15 with 9,955 (17.5% of the window).
By options volume V ranks #132 of 679 names in our universe.
Near-the-money options volume (2.4k) is 812% 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 V
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $410 | −0.33 | $5.70 Nov 12 | $570.00 | $41,000 | 1.39% | 14.1% | $404.30 | 511 | 28 |
| 0.20Δ | $400 | −0.22 | $4.00 Nov 12 | $400.00 | $40,000 | 1.00% | 10.1% | $396.00 | 1,499 | 819 |
Snapshot #9541 · 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 | $405 | −0.31 | $7.85 Nov 12 | $785.00 | $40,500 | 1.94% | 11.1% | $397.15 | 385 | 18 |
| 0.20Δ | $390 | −0.19 | $3.70 Nov 12 | $370.00 | $39,000 | 0.95% | 5.4% | $386.30 | 852 | 24 |
Snapshot #9541 · session 2026-11-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on V
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $440 | 0.27 | $4.47 Nov 12 | $447.00 | 1.06% | 10.8% | 5.75% | 58.3% | 931 | 36 |
| 0.20Δ | $445 | 0.22 | $3.45 Nov 12 | $345.00 | 0.82% | 8.3% | 6.70% | 67.9% | 761 | 53 |
Snapshot #9541 · 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 | $445 | 0.30 | $7.15 Nov 12 | $715.00 | 1.70% | 9.7% | 7.58% | 43.2% | 373 | 30 |
| 0.20Δ | $460 | 0.18 | $3.67 Nov 12 | $367.00 | 0.87% | 5.0% | 10.32% | 58.8% | 584 | 39 |
Snapshot #9541 · session 2026-11-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
V volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 21.8%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 10, 2026
- Open interest, stored window
- 56,804 contractssession 2026-11-12
- Largest open-interest line
- $360 put · Jan 15 · 9,955
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #132 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.