What strike should I use to wheel $MARA?

Many wheel sellers start near 30 delta, about 30 days out. With $MARA at $12.55, that was roughly a $11.50 put and a $14.00 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 $MARA?

One cash-secured put reserves 100 × the strike: about $1,150.00 at a $11.50 strike. That cash stays locked until the put expires, is closed, or you are assigned.

Does $MARA report earnings before the next monthly expiry?

No — the next report (Nov 3, 2026) is after the Oct 16, 2026 expiry.

Does $MARA 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 $MARA 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 $MARA.

Wheel strategy · $MARA

Wheeling $MARA covered calls & cash-secured puts

MARA Holdings, Inc. last traded at $12.55 (Sep 25, 2026). The featured monthly expiry is Oct 16, 2026, 19 days out.

Track this wheel free Model it in the calculator

Price

$12.55

52-week $6.66 – $23.45

Volatility

82%

Implied, at the money

Expected move

±$2.35

±18.8% to Oct 16, 2026

Dividend yield

None

Trailing 12 months

Next earnings

Nov 3, 2026

The numbers that matter

What a wheel seller checks before opening a trade.

Volatility & expected move

Implied volatility of 82% implies a one-standard-deviation move of about ±$2.35 (18.8%) by Oct 16, 2026 — a range of roughly $10.20 to $14.90.

3-month historical volatility: 93%.

Dividends

$MARA 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.

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: $11.50
Delta (this strike): 0.28
Premium: $0.45
Cash secured: $1,150.00
Credit collected: $45.00
Return on capital: 3.91% · 75.2% annualised
Breakeven: $11.05
Cushion to breakeven: 12.0%
Chance of assignment: 35%

Premium = last trade on Sep 25, 2026 (delayed; the live bid/ask can differ).

Open in the calculator

Covered call

Strike: $14.00
Delta (this strike): 0.32
Premium: $0.45
Share cost: $1,255.00
Credit collected: $45.00
Return on capital: 3.59% · 68.9% annualised
If called away (this cycle): 15.14%
Breakeven: $12.10
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 calculator

How the wheel works on $MARA

Sell a cash-secured put. At a $11.50 strike you would collect about $0.45 per share and need $1,150.00 set aside. If $MARA stays above $11.50 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 — $11.05 in the example above — not the strike itself.

Sell covered calls above your cost. A $14.00 call would pay about $0.45 per share; if $MARA finishes above $14.00, the shares are called away and the cycle starts again.

$MARA is volatile: the premium looks generous because the stock can move a long way. Size the position so an assignment after a large drop is still a position you can hold.

Common questions

What the numbers mean — and what they leave out.

What strike should I use to wheel $MARA?: Many wheel sellers start near 30 delta, about 30 days out. With $MARA at $12.55, that was roughly a $11.50 put and a $14.00 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 $MARA?: One cash-secured put reserves 100 × the strike: about $1,150.00 at a $11.50 strike. That cash stays locked until the put expires, is closed, or you are assigned.
Does $MARA report earnings before the next monthly expiry?: No — the next report (Nov 3, 2026) is after the Oct 16, 2026 expiry.
Does $MARA 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 $MARA 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 $MARA.

Keep exploring

Related tickers$PLTR $SOFI $HOOD $COIN $RIOT $PYPL

All wheel stocks Free wheel calculators Options glossary Free options lessons

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.

Track this wheel 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 $MARA or any option. Options involve risk and are not suitable for every investor. Market data is delayed and may be incomplete. Full disclaimer

The free YieldCove newsletter

Get The Wheelhouse in your inbox

Three briefings a week — market context, practical wheel-strategy ideas and YieldCove updates. Free to read. Unsubscribe anytime.

Educational only — not financial advice.