APO Covered Call
Every out-of-the-money APO 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 $130.00 strike at 3.2% over 36 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
APO covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $124.53 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 |
|---|---|---|---|---|---|---|---|
| $130.00 | 4.4% | $3.93 | 3.2% | 32.0% | $120.61 | 7.5% | 7 |
| $135.00 | 8.4% | $2.10 | 1.7% | 17.1% | $122.43 | 10.1% | 5 |
What the $130.00 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $124.53. Profit caps at $939.50 if APO finishes above $130.00; below $120.61 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $93.40 | $-27.21 | $-2,720.75 |
| $101.18 | $-19.42 | $-1,942.44 |
| $108.96 | $-11.64 | $-1,164.12 |
| $116.75 | $-3.86 | $-385.81 |
| $124.53 | +$3.93 | +$392.50 |
| $132.31 | +$9.40 | +$939.50 |
| $140.10 | +$9.40 | +$939.50 |
| $147.88 | +$9.40 | +$939.50 |
| $155.66 | +$9.40 | +$939.50 |
When a covered call fits APO
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 APO 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 APO loaded.
Questions
- What does a APO covered call pay right now?
- The $130.00 call expiring Oct 23, 2026 (36 days out) collects $3.93 per share, 3.2% of the $124.53 share price, or 32.0% annualised if you repeat it.
- What is the break-even on a APO covered call?
- Selling the $130.00 call against stock bought at $124.53 breaks even at $120.61 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if APO closes above the strike?
- The shares are called away at $130.00. Total return is 7.5%: the premium plus the move from $124.53 up to the strike. Gains above the strike belong to the buyer.
More on APO
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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.