CMG Covered Call
Every out-of-the-money CMG 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 $35.00 strike at 3.2% over 36 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
CMG covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $33.68 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 |
|---|---|---|---|---|---|---|---|
| $35.00 | 3.9% | $1.09 | 3.2% | 32.7% | $32.60 | 7.1% | 8 |
| $37.00 | 9.9% | $0.53 | 1.6% | 16.0% | $33.15 | 11.4% | 26 |
What the $35.00 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $33.68. Profit caps at $240.50 if CMG finishes above $35.00; below $32.60 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $25.26 | $-7.34 | $-733.50 |
| $27.37 | $-5.23 | $-523.00 |
| $29.47 | $-3.13 | $-312.50 |
| $31.58 | $-1.02 | $-102.00 |
| $33.68 | +$1.09 | +$108.50 |
| $35.79 | +$2.41 | +$240.50 |
| $37.89 | +$2.41 | +$240.50 |
| $40.00 | +$2.41 | +$240.50 |
| $42.10 | +$2.41 | +$240.50 |
When a covered call fits CMG
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 CMG 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 CMG loaded.
Questions
- What does a CMG covered call pay right now?
- The $35.00 call expiring Oct 23, 2026 (36 days out) collects $1.09 per share, 3.2% of the $33.68 share price, or 32.7% annualised if you repeat it.
- What is the break-even on a CMG covered call?
- Selling the $35.00 call against stock bought at $33.68 breaks even at $32.60 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if CMG closes above the strike?
- The shares are called away at $35.00. Total return is 7.1%: the premium plus the move from $33.68 up to the strike. Gains above the strike belong to the buyer.
More on CMG
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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.