CELH Covered Call
Every out-of-the-money CELH 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 $29.00 strike at 6.4% over 36 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
CELH covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $28.25 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 |
|---|---|---|---|---|---|---|---|
| $29.00 | 2.7% | $1.80 | 6.4% | 64.6% | $26.45 | 9.0% | 27 |
| $30.00 | 6.2% | $1.43 | 5.0% | 51.1% | $26.83 | 11.2% | 64 |
| $31.00 | 9.7% | $0.81 | 2.9% | 29.1% | $27.44 | 12.6% | 55 |
What the $29.00 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $28.25. Profit caps at $255.00 if CELH finishes above $29.00; below $26.45 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $21.19 | $-5.26 | $-526.25 |
| $22.95 | $-3.50 | $-349.69 |
| $24.72 | $-1.73 | $-173.13 |
| $26.48 | +$0.03 | +$3.44 |
| $28.25 | +$1.80 | +$180.00 |
| $30.02 | +$2.55 | +$255.00 |
| $31.78 | +$2.55 | +$255.00 |
| $33.55 | +$2.55 | +$255.00 |
| $35.31 | +$2.55 | +$255.00 |
When a covered call fits CELH
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 CELH 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 CELH loaded.
Questions
- What does a CELH covered call pay right now?
- The $29.00 call expiring Oct 23, 2026 (36 days out) collects $1.80 per share, 6.4% of the $28.25 share price, or 64.6% annualised if you repeat it.
- What is the break-even on a CELH covered call?
- Selling the $29.00 call against stock bought at $28.25 breaks even at $26.45 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if CELH closes above the strike?
- The shares are called away at $29.00. Total return is 9.0%: the premium plus the move from $28.25 up to the strike. Gains above the strike belong to the buyer.
More on CELH
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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.