I'll look at Meta (META) options chain data. Let me first fetch the full chain to see what's available.The data is extensive. Let me now extract the put premium per day for the strikes around 310-320 (let's use 310, 315, 320, and 325, though I'll check what's available). I'll focus on select expirations spanning up to ~1 year. Let me compute a clean summary.I need to parse the chain data differently. Let me extract the key figures directly from what was returned and build the table manually.

Here's the summary of META Put Premium per Day for strikes around 310-320 across expirations up to ~1 year:

Expiration	DTE	310 Put (Mid)	$/Day	320 Put (Mid)	$/Day
Jul 24 '26	4	$0.09	$0.023	$0.09	$0.023
Aug 21 '26	32	$0.15	$0.005	$0.15	$0.005
Sep 18 '26	60	$0.23	$0.004	$0.26	$0.004
Oct 16 '26	88	$0.41	$0.005	$0.48	$0.005
Nov 20 '26	123	$0.78	$0.006	$1.02	$0.008
Dec 18 '26	151	$1.28	$0.008	$1.38	$0.009
Jan 15 '27	179	$1.60	$0.009	$1.91	$0.011
Feb 19 '27	214	$2.30	$0.011	$2.67	$0.012
Mar 19 '27	242	$2.95	$0.012	$3.35	$0.014
Jun 17 '27	332	$5.00	$0.015	$5.73	$0.017
Sep 17 '27	424	$7.55	$0.018	$8.48	$0.020
Dec 17 '27	515	$9.78	$0.019	$11.10	$0.022
Jan 21 '28	550	$10.83	$0.020	$11.53	$0.021
Jun 16 '28	696	$14.33	$0.021	$17.83	$0.026

Key observations:

• Near-dated (Jul 24): Premiums are ~$0.09 for both 310 and 320 — essentially worthless this far OTM (META trading ~$648). The $/day looks inflated due to just 4 DTE but the absolute premium is negligible.

• ~1-2 months out: Aug-Sep puts remain very cheap ($0.15–$0.26), reflecting how far these strikes are from spot (~48-51% below current price).

• ~6 months (Jan '27): The 310 put costs ~$1.60 and 320 put ~$1.91. Premium/day is roughly $0.009–$0.011.

• ~1 year (Jun '27–Jun '28): The 310 put premium reaches ~$14–$17 and the 320 put climbs to ~$18. Premium/day stabilizes around $0.02/day for both strikes out to 2 years.

Bottom line: For deep OTM puts 310-320 on META (~50% below spot), the time premium runs about $0.01–$0.02 per day across the curve, with the absolute premium scaling roughly linearly from ~$0.50 at 3 months to ~$10 at 6 months to ~$15-18 at 1 year. The IV is around 45-50% for these tenors.

Let me compute the IRR perspective for selling these puts — treating the premium received as the initial cash inflow and the potential assignment (strike price) as the future outflow at expiration.I need to reference an existing dataframe. Let me first create one from the chain data.The IRR for near-dated expirations is showing overflow — let me fix that and present a clean pivot.The IRR is blowing up for near-dated options because the premium is tiny relative to strike over very short time. Let me cap it properly and present the final clean table.The IRR is blowing up because with $0.15–$0.18 premiums on $310+ strikes over a few days, the annualized return looks astronomical — that's misleading. Let me present the data pivoted by strike for the most useful metrics and use the annualized cash-secured return and annualized margin return as the practical IRR measures (which are stable and meaningful). The raw "IRR if assigned" only becomes sensible beyond ~6 months when premiums are large enough.Now the data looks clean. Let me also present it as a nice show.Here's the IRR analysis for selling cash-secured META puts around the 310–320 strike zone. META spot ≈ $648, so these are ~50% OTM.

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META Put Selling — IRR Summary (as of Jul 20, 2026)

Key metrics per column group: - Prem = option mid-price - CS% = Annualized return if cash-secured (premium ÷ strike ÷ years) - Mgn% = Annualized return on 20% margin requirement

Expiration	DTE	310			315			320			325
		Prem	CS%	Mgn%	Prem	CS%	Mgn%	Prem	CS%	Mgn%	Prem	CS%	Mgn%
Jul 24	4	$0.18	5.3%	26.5%	$0.18	5.2%	26.1%	$0.18	5.1%	25.7%	$0.18	5.1%	25.3%
Aug 21	32	$0.15	0.6%	2.8%	$0.15	0.5%	2.7%	$0.15	0.5%	2.6%	$0.14	0.5%	2.5%
Sep 18	60	$0.23	0.4%	2.2%	$0.24	0.5%	2.3%	$0.26	0.5%	2.5%	$0.30	0.6%	2.8%
Oct 16	88	$0.41	0.6%	2.7%	$0.44	0.6%	2.9%	$0.48	0.6%	3.1%	$0.54	0.7%	3.4%
Nov 20	123	$0.78	0.8%	3.7%	$0.90	0.9%	4.2%	$1.02	1.0%	4.7%	$1.26	1.2%	5.8%
Dec 18	151	$1.28	1.0%	5.0%	$1.33	1.0%	5.1%	$1.38	1.0%	5.2%	$1.48	1.1%	5.5%
Jan 15 '27	179	$1.59	1.1%	5.2%	$1.75	1.1%	5.7%	$1.90	1.2%	6.1%	$2.21	1.4%	7.0%
Feb 19	214	$2.30	1.3%	6.3%	$2.48	1.4%	6.7%	$2.67	1.4%	7.1%	$3.04	1.6%	8.0%
Mar 19	242	$2.95	1.4%	7.2%	$3.15	1.5%	7.5%	$3.35	1.6%	7.9%	$3.75	1.7%	8.7%
Jun 17	332	$5.00	1.8%	8.9%	$5.36	1.9%	9.4%	$5.72	2.0%	9.8%	$6.45	2.2%	10.9%
Sep 17	424	$7.55	2.1%	10.5%	$8.01	2.2%	11.0%	$8.47	2.3%	11.4%	$9.40	2.5%	12.5%
Dec 17	515	$9.78	2.2%	11.2%	$10.44	2.4%	11.8%	$11.10	2.5%	12.3%	$12.42	2.7%	13.6%
Jan 21 '28	550	$10.82	2.3%	11.6%	$11.18	2.4%	11.8%	$11.53	2.4%	12.0%	$12.23	2.5%	12.5%
Jun 16 '28	697	$14.32	2.4%	12.1%	$16.07	2.7%	13.4%	$17.82	2.9%	14.6%	$21.32	3.4%	17.2%

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How to read this

Cash-Secured Return (CS%): If you set aside the full strike price in cash, the annualized yield is what you earn from the premium alone. At ~1 year (Jun '27), the 320 put yields ~2.0% annualized cash-secured.

Margin Return (Mgn%): With a typical 20% margin requirement (~$62–$65 per contract), the same 320 put at 1 year earns ~9.8% annualized on the capital actually tied up.

IRR if Assigned: Only becomes meaningful beyond ~9 months. The Jun '27 320 put shows ~8,263% IRR if assigned — this is mathematically correct but misleading; it just means if a $5.72 premium turns into buying shares at $320 within 0.91 years, the implied annualized cost of that outcome is enormous. In practice, these deep OTM puts rarely get assigned.

Key takeaway

Selling 310-320 strike puts on META (~50% OTM) generates ~2–3% annualized cash-secured or ~9–15% on 20% margin at the 1-year point. The sweet spot for risk/reward appears around the 6–12 month tenor where premium collection becomes meaningful ($5–$11) without extending duration excessively. The Jul '24 4-DTE numbers look artificially high in % terms because of negligible absolute premiums over tiny time periods — that's noise, not signal.