B Covered Call
Every out-of-the-money B 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 $44.00 strike at 4.3% over 36 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
B covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $42.55 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 |
|---|---|---|---|---|---|---|---|
| $44.00 | 3.4% | $1.82 | 4.3% | 43.4% | $40.73 | 7.7% | 3 |
| $45.00 | 5.8% | $1.40 | 3.3% | 33.2% | $41.15 | 9.0% | 15 |
| $47.00 | 10.5% | $0.94 | 2.2% | 22.4% | $41.61 | 12.7% | 4 |
What the $44.00 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $42.55. Profit caps at $327.00 if B finishes above $44.00; below $40.73 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $31.91 | $-8.82 | $-881.75 |
| $34.57 | $-6.16 | $-615.81 |
| $37.23 | $-3.50 | $-349.88 |
| $39.89 | $-0.84 | $-83.94 |
| $42.55 | +$1.82 | +$182.00 |
| $45.21 | +$3.27 | +$327.00 |
| $47.87 | +$3.27 | +$327.00 |
| $50.53 | +$3.27 | +$327.00 |
| $53.19 | +$3.27 | +$327.00 |
When a covered call fits B
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 B 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 B loaded.
Questions
- What does a B covered call pay right now?
- The $44.00 call expiring Oct 23, 2026 (36 days out) collects $1.82 per share, 4.3% of the $42.55 share price, or 43.4% annualised if you repeat it.
- What is the break-even on a B covered call?
- Selling the $44.00 call against stock bought at $42.55 breaks even at $40.73 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if B closes above the strike?
- The shares are called away at $44.00. Total return is 7.7%: the premium plus the move from $42.55 up to the strike. Gains above the strike belong to the buyer.
More on B
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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.