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MSFT wheel strategy yields

Last price $507.12 · Expiry 2026-12-04 (32 DTE) · IV 31% · Next earnings 2027-01-27

Cash-secured put

21.1% annualized
Strike
$485.0
Premium (mid)
$8.98 (bid 7.9 / ask 10.05)
Yield
1.85% (premium ÷ strike)
Delta
-0.305
Option IV
32.6%
Open interest
129

Covered call

15.6% annualized
Strike
$535.0
Premium (mid)
$6.92 (bid 6.35 / ask 7.5)
Yield
1.36% (premium ÷ price)
Delta
0.284
Option IV
29.5%
Open interest
79

Selling one MSFT put requires ~$48,500 cash collateral per contract. Figures are mid-prices from delayed data as of 2026-11-02.

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