CCL Covered Call
Every out-of-the-money CCL 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 $23.00 strike at 5.0% over 36 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
CCL covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $22.35 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 |
|---|---|---|---|---|---|---|---|
| $23.00 | 2.9% | $1.12 | 5.0% | 50.6% | $21.24 | 7.9% | 139 |
| $25.00 | 11.9% | $0.48 | 2.1% | 21.8% | $21.87 | 14.0% | 32 |
What the $23.00 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $22.35. Profit caps at $176.50 if CCL finishes above $23.00; below $21.24 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $16.76 | $-4.47 | $-447.25 |
| $18.16 | $-3.08 | $-307.56 |
| $19.56 | $-1.68 | $-167.87 |
| $20.95 | $-0.28 | $-28.19 |
| $22.35 | +$1.12 | +$111.50 |
| $23.75 | +$1.76 | +$176.50 |
| $25.14 | +$1.76 | +$176.50 |
| $26.54 | +$1.76 | +$176.50 |
| $27.94 | +$1.76 | +$176.50 |
When a covered call fits CCL
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 CCL 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 CCL loaded.
Questions
- What does a CCL covered call pay right now?
- The $23.00 call expiring Oct 23, 2026 (36 days out) collects $1.12 per share, 5.0% of the $22.35 share price, or 50.6% annualised if you repeat it.
- What is the break-even on a CCL covered call?
- Selling the $23.00 call against stock bought at $22.35 breaks even at $21.24 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if CCL closes above the strike?
- The shares are called away at $23.00. Total return is 7.9%: the premium plus the move from $22.35 up to the strike. Gains above the strike belong to the buyer.
More on CCL
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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.