XYZ wheel: cash-secured put & covered-call yields
Block, Inc. · Technology · $74.05 close on Sep 29, 2026
What the Sep 29, 2026 close says about XYZ
At 41.9% implied volatility, the options market is pricing a one-standard-deviation move of about $9.05 (12.2%) in XYZ by Oct 30, 2026, 31 days out.
Selling the $70 put (−0.28Δ) for $1.75 means assignment would leave a cost basis of $68.25, 7.8% below the $74.05 close.
The 80-day 0.30Δ put pays 2.3× the premium of the 31-day one for 2.6× the time — more premium per day on the 31-day contract ($0.056 vs $0.051).
At 0.30Δ on the Oct 30 expiry the put yields 2.50% on its strike and the call 1.88% on spot: puts pay 1.3× what calls do on XYZ this session.
Moving down to the $68 put (−0.21Δ) buys 2.7% more room below spot and keeps 81% of the 0.30Δ premium.
Open interest in the stored window totals 47,877 contracts; the largest single line is the $95 call expiring Dec 18 with 22,251 (46.5% of the window).
By options volume XYZ ranks #163 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 XYZ
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $70 | −0.28 | $1.75 Sep 29 | $175.00 | $7,000 | 2.50% | 29.4% | $68.25 | 27 | 1 |
| 0.20Δ | $68 | −0.21 | $1.42 Sep 29 | $142.00 | $6,800 | 2.09% | 24.6% | $66.58 | 113 | 1 |
Snapshot #301 · session 2026-09-29 · captured 22:00 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 31
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $70 | −0.34 | $4.11 Sep 29 | $411.00 | $7,000 | 5.87% | 26.8% | $65.89 | 2,291 | 2 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #301 · session 2026-09-29 · captured 22:00 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 80
Covered calls on XYZ
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $80 | 0.29 | $1.39 Sep 29 | $139.00 | 1.88% | 22.1% | 9.91% | 116.7% | 50 | 41 |
| 0.20Δ | $82 | 0.22 | $1.10 Sep 29 | $110.00 | 1.49% | 17.5% | 12.22% | 143.9% | 31 | 4 |
Snapshot #301 · session 2026-09-29 · captured 22:00 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 31
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $85 | 0.31 | $2.85 Sep 29 | $285.00 | 3.85% | 17.6% | 18.64% | 85.0% | 1,210 | 15 |
| 0.20Δ | $92.50 | 0.19 | $1.37 Sep 29 | $137.00 | 1.85% | 8.4% | 26.77% | 122.1% | 639 | 1 |
Snapshot #301 · session 2026-09-29 · captured 22:00 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 80
XYZ volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 41.9%session 2026-09-29
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Sep 29, 2026
- Open interest, stored window
- 47,877 contractssession 2026-09-29
- Largest open-interest line
- $95 call · Dec 18 · 22,251
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #163 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.
- No contract near 0.20Δ traded this session
- 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.