AMAT Covered Call
Every out-of-the-money AMAT call expiring Oct 23, 2026, priced from the settled chain: what it pays, what it yields, and where the trade stops making money. The richest right now is the $430.00 strike at 4.8% over 36 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
AMAT covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $415.38 share price, not by delta — the published chain carries premiums and open interest, not greeks, and inventing a delta here would be inventing data. Premium is the bid/ask midpoint where both sides quote, otherwise the last trade. The chain artifact publishes the six nearest expirations, so this is the longest one listed — 36 days out. Annualising anything shorter than a week says more about compounding arithmetic than about the trade, so those cells stay blank.
| Strike | % OTM | Premium | Yield | Annualised | Break-even | If assigned | OI |
|---|---|---|---|---|---|---|---|
| $430.00 | 3.5% | $20.13 | 4.8% | 49.1% | $395.26 | 8.4% | 313 |
| $435.00 | 4.7% | $18.48 | 4.4% | 45.1% | $396.91 | 9.2% | 20 |
| $455.00 | 9.5% | $12.68 | 3.1% | 30.9% | $402.71 | 12.6% | 4 |
What the $430.00 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $415.38. Profit caps at $3,474.50 if AMAT finishes above $430.00; below $395.26 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $311.53 | $-83.72 | $-8,372.00 |
| $337.50 | $-57.76 | $-5,775.88 |
| $363.46 | $-31.80 | $-3,179.75 |
| $389.42 | $-5.84 | $-583.63 |
| $415.38 | +$20.13 | +$2,012.50 |
| $441.34 | +$34.75 | +$3,474.50 |
| $467.30 | +$34.75 | +$3,474.50 |
| $493.26 | +$34.75 | +$3,474.50 |
| $519.23 | +$34.75 | +$3,474.50 |
When a covered call fits AMAT
A covered call sells someone else the right to buy your shares at the strike. It pays you today and caps your upside there, so it suits a holding you are content to own flat and content to sell at the strike — not one you expect to run.
The premium is compensation for implied volatility. Rich implied volatility pays more, and usually pays more because the market expects a move; a high annualised number on a name about to report earnings is a warning as often as an opportunity. Check the AMAT expected move and the open-interest walls before assuming the strike is far enough away.
Full mechanics, assignment and rolling are in the covered call guide; to model a different strike or a multi-leg version, open the profit calculator with AMAT loaded.
Questions
- What does a AMAT covered call pay right now?
- The $430.00 call expiring Oct 23, 2026 (36 days out) collects $20.13 per share, 4.8% of the $415.38 share price, or 49.1% annualised if you repeat it.
- What is the break-even on a AMAT covered call?
- Selling the $430.00 call against stock bought at $415.38 breaks even at $395.26 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if AMAT closes above the strike?
- The shares are called away at $430.00. Total return is 8.4%: the premium plus the move from $415.38 up to the strike. Gains above the strike belong to the buyer.
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Educational, not investment advice. Options involve risk. Open interest is reported with a one-session lag by OCC, so these levels describe positioning as of the last settled session, not live intraday flow.