ANET Covered Call
Every out-of-the-money ANET 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 $205.00 strike at 4.7% over 36 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
ANET covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $197.54 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 |
|---|---|---|---|---|---|---|---|
| $205.00 | 3.8% | $9.30 | 4.7% | 47.7% | $188.24 | 8.5% | 25 |
| $215.00 | 8.8% | $5.93 | 3.0% | 30.4% | $191.61 | 11.8% | 28 |
What the $205.00 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $197.54. Profit caps at $1,676.00 if ANET finishes above $205.00; below $188.24 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $148.16 | $-40.08 | $-4,008.50 |
| $160.50 | $-27.74 | $-2,773.87 |
| $172.85 | $-15.39 | $-1,539.25 |
| $185.19 | $-3.05 | $-304.62 |
| $197.54 | +$9.30 | +$930.00 |
| $209.89 | +$16.76 | +$1,676.00 |
| $222.23 | +$16.76 | +$1,676.00 |
| $234.58 | +$16.76 | +$1,676.00 |
| $246.92 | +$16.76 | +$1,676.00 |
When a covered call fits ANET
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 ANET 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 ANET loaded.
Questions
- What does a ANET covered call pay right now?
- The $205.00 call expiring Oct 23, 2026 (36 days out) collects $9.30 per share, 4.7% of the $197.54 share price, or 47.7% annualised if you repeat it.
- What is the break-even on a ANET covered call?
- Selling the $205.00 call against stock bought at $197.54 breaks even at $188.24 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if ANET closes above the strike?
- The shares are called away at $205.00. Total return is 8.5%: the premium plus the move from $197.54 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.