APP Covered Call
Every out-of-the-money APP 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 $335.00 strike at 6.2% over 36 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
APP covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $326.56 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 |
|---|---|---|---|---|---|---|---|
| $335.00 | 2.6% | $20.40 | 6.2% | 63.3% | $306.16 | 8.8% | 109 |
| $345.00 | 5.6% | $16.85 | 5.2% | 52.3% | $309.71 | 10.8% | 75 |
| $360.00 | 10.2% | $11.65 | 3.6% | 36.2% | $314.91 | 13.8% | 41 |
What the $335.00 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $326.56. Profit caps at $2,884.00 if APP finishes above $335.00; below $306.16 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $244.92 | $-61.24 | $-6,124.00 |
| $265.33 | $-40.83 | $-4,083.00 |
| $285.74 | $-20.42 | $-2,042.00 |
| $306.15 | $-0.01 | $-1.00 |
| $326.56 | +$20.40 | +$2,040.00 |
| $346.97 | +$28.84 | +$2,884.00 |
| $367.38 | +$28.84 | +$2,884.00 |
| $387.79 | +$28.84 | +$2,884.00 |
| $408.20 | +$28.84 | +$2,884.00 |
When a covered call fits APP
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 APP 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 APP loaded.
Questions
- What does a APP covered call pay right now?
- The $335.00 call expiring Oct 23, 2026 (36 days out) collects $20.40 per share, 6.2% of the $326.56 share price, or 63.3% annualised if you repeat it.
- What is the break-even on a APP covered call?
- Selling the $335.00 call against stock bought at $326.56 breaks even at $306.16 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if APP closes above the strike?
- The shares are called away at $335.00. Total return is 8.8%: the premium plus the move from $326.56 up to the strike. Gains above the strike belong to the buyer.
More on APP
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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.