Wheel strategy · $AMD
Wheeling $AMD covered calls & cash-secured puts
Advanced Micro Devices, Inc. last traded at $630.63 (Sep 25, 2026). The featured monthly expiry is Oct 16, 2026, 19 days out.
Price
$630.63
52-week $159.33 – $639.00
Volatility
53%
Implied, at the money
Expected move
±$75.88
±12.0% to Oct 16, 2026
Dividend yield
None
Trailing 12 months
Next earnings
Nov 3, 2026
01
The numbers that matter
What a wheel seller checks before opening a trade.
Volatility & expected move
Implied volatility of 53% implies a one-standard-deviation move of about ±$75.88 (12.0%) by Oct 16, 2026 — a range of roughly $554.75 to $706.51.
3-month historical volatility: 70%.
Dividends
$AMD paid no dividend in the last 12 months.
Earnings
Next report: Nov 3, 2026
The next report is after the Oct 16, 2026 expiry — a ~30-day trade avoids it.
02
Sample trades at ~30 days
One contract at the listed strike closest to 30 delta (its actual delta is shown), computed with the YieldCove calculator’s maths.
Cash-secured put
- Strike
- $600.00
- Delta (this strike)
- 0.31
- Premium
- $16.35
- Cash secured
- $60,000.00
- Credit collected
- $1,635.00
- Return on capital
- 2.73% · 52.3% annualised
- Breakeven
- $583.65
- Cushion to breakeven
- 7.4%
- Chance of assignment
- 36%
Premium = last trade on Sep 25, 2026 (delayed; the live bid/ask can differ).
Open in the calculatorCovered call
- Strike
- $680.00
- Delta (this strike)
- 0.30
- Premium
- $13.65
- Share cost
- $63,063.00
- Credit collected
- $1,365.00
- Return on capital
- 2.16% · 41.6% annualised
- If called away (this cycle)
- 9.99%
- Breakeven
- $616.98
- Chance of being called
- 25%
Assumes 100 shares bought at today’s price. Premium = last trade on Sep 25, 2026 (delayed; the live bid/ask can differ).
Open in the calculator03
How the wheel works on $AMD
Sell a cash-secured put. At a $600.00 strike you would collect about $16.35 per share and need $60,000.00 set aside. If $AMD stays above $600.00 until Oct 16, 2026, you keep the premium and can sell another put.
If assigned, you own 100 shares. Your effective cost is the strike minus the premium — $583.65 in the example above — not the strike itself.
Sell covered calls above your cost. A $680.00 call would pay about $13.65 per share; if $AMD finishes above $680.00, the shares are called away and the cycle starts again.
$AMD sits in the middle of the volatility range: premiums are meaningful and moves can be sharp. Position size matters more than strike selection here.
04
YieldCove research on $AMD
AMD: AI momentum meets a valuation and capital test
AMD’s data-centre acceleration is broadening from CPUs into rack-scale AI systems, but the stock’s expectations, competitive gap to Nvidia and a larger funding footprint leave little room for execution errors.
Read the research05
Common questions
What the numbers mean — and what they leave out.
- What strike should I use to wheel $AMD?
- Many wheel sellers start near 30 delta, about 30 days out. With $AMD at $630.63, that was roughly a $600.00 put and a $680.00 covered call for the Oct 16, 2026 expiry at the last refresh. Pick a put strike you would genuinely be happy to own the stock at.
- How much money do I need to wheel $AMD?
- One cash-secured put reserves 100 × the strike: about $60,000.00 at a $600.00 strike. That cash stays locked until the put expires, is closed, or you are assigned.
- Does $AMD report earnings before the next monthly expiry?
- No — the next report (Nov 3, 2026) is after the Oct 16, 2026 expiry.
- Does $AMD pay a dividend, and why does it matter for the wheel?
- It paid no dividend in the last 12 months, so the income comes from option premium alone — and there is no ex-dividend early-assignment risk on covered calls.
- Is wheeling $AMD safe?
- No options strategy is risk-free. The wheel’s main risk is owning 100 shares after a large drop: premium cushions a fall, it does not prevent one. This page is educational and not a recommendation to trade $AMD.
06
Keep exploring
Track this wheel free
Log the put, the assignment and the calls in one place: YieldCove tracks premium, cost basis and annualised return across the whole cycle — free.
Data: delayed Yahoo Finance prices and option trades, Nasdaq/FMP earnings calendars and the YieldCove catalyst roadmap; refreshed every few hours. As of Sep 25, 2026.
Educational content only — not financial advice or a recommendation to buy or sell $AMD or any option. Options involve risk and are not suitable for every investor. Market data is delayed and may be incomplete. Full disclaimer
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