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ADBE wheel strategy yields

Last price $251.47 · Expiry 2026-12-04 (32 DTE) · IV 48% · Next earnings 2026-12-09

Cash-secured put

29.4% annualized
Strike
$235.0
Premium (mid)
$6.05 (bid 5.4 / ask 6.7)
Yield
2.57% (premium ÷ strike)
Delta
-0.288
Option IV
46.5%
Open interest
12

Covered call

25.3% annualized
Strike
$275.0
Premium (mid)
$5.58 (bid 4.9 / ask 6.25)
Yield
2.22% (premium ÷ price)
Delta
0.293
Option IV
49.0%
Open interest
83

Selling one ADBE put requires ~$23,500 cash collateral per contract. Figures are mid-prices from delayed data as of 2026-11-02.

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