COPX Covered Call
Every out-of-the-money COPX 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 $86.50 strike at 4.6% over 36 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
COPX covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $84.19 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 |
|---|---|---|---|---|---|---|---|
| $86.50 | 2.7% | $3.85 | 4.6% | 46.4% | $80.34 | 7.3% | 0 |
| $88.50 | 5.1% | $3.08 | 3.7% | 37.0% | $81.12 | 8.8% | 0 |
| $92.50 | 9.9% | $2.10 | 2.5% | 25.3% | $82.09 | 12.4% | 0 |
What the $86.50 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $84.19. Profit caps at $616.00 if COPX finishes above $86.50; below $80.34 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $63.14 | $-17.20 | $-1,719.75 |
| $68.40 | $-11.94 | $-1,193.56 |
| $73.67 | $-6.67 | $-667.38 |
| $78.93 | $-1.41 | $-141.19 |
| $84.19 | +$3.85 | +$385.00 |
| $89.45 | +$6.16 | +$616.00 |
| $94.71 | +$6.16 | +$616.00 |
| $99.98 | +$6.16 | +$616.00 |
| $105.24 | +$6.16 | +$616.00 |
When a covered call fits COPX
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 COPX 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 COPX loaded.
Questions
- What does a COPX covered call pay right now?
- The $86.50 call expiring Oct 23, 2026 (36 days out) collects $3.85 per share, 4.6% of the $84.19 share price, or 46.4% annualised if you repeat it.
- What is the break-even on a COPX covered call?
- Selling the $86.50 call against stock bought at $84.19 breaks even at $80.34 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if COPX closes above the strike?
- The shares are called away at $86.50. Total return is 7.3%: the premium plus the move from $84.19 up to the strike. Gains above the strike belong to the buyer.
More on COPX
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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.