BULL Covered Call
Every out-of-the-money BULL 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 $8.00 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.
BULL covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $7.69 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 |
|---|---|---|---|---|---|---|---|
| $8.00 | 4.0% | $0.48 | 6.2% | 62.6% | $7.22 | 10.2% | 25 |
| $8.50 | 10.5% | $0.31 | 4.0% | 40.2% | $7.39 | 14.5% | 13 |
What the $8.00 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $7.69. Profit caps at $78.50 if BULL finishes above $8.00; below $7.22 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $5.77 | $-1.45 | $-144.75 |
| $6.25 | $-0.97 | $-96.69 |
| $6.73 | $-0.49 | $-48.63 |
| $7.21 | $-0.01 | $-0.56 |
| $7.69 | +$0.48 | +$47.50 |
| $8.17 | +$0.78 | +$78.50 |
| $8.65 | +$0.78 | +$78.50 |
| $9.13 | +$0.78 | +$78.50 |
| $9.61 | +$0.78 | +$78.50 |
When a covered call fits BULL
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 BULL 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 BULL loaded.
Questions
- What does a BULL covered call pay right now?
- The $8.00 call expiring Oct 23, 2026 (36 days out) collects $0.48 per share, 6.2% of the $7.69 share price, or 62.6% annualised if you repeat it.
- What is the break-even on a BULL covered call?
- Selling the $8.00 call against stock bought at $7.69 breaks even at $7.22 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if BULL closes above the strike?
- The shares are called away at $8.00. Total return is 10.2%: the premium plus the move from $7.69 up to the strike. Gains above the strike belong to the buyer.
More on BULL
Run the numbers
Weekly options-market digest
Sundays. What moved this week, what catalysts and earnings drive next week, and which 5-pillar setups stand out.
Free. One email per week. Unsubscribe with one click.
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.