CRM Covered Call
Every out-of-the-money CRM 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 $260.00 strike at 3.8% over 36 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
CRM covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $250.54 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 |
|---|---|---|---|---|---|---|---|
| $260.00 | 3.8% | $9.50 | 3.8% | 38.4% | $241.04 | 7.6% | 23 |
| $265.00 | 5.8% | $7.93 | 3.2% | 32.1% | $242.61 | 8.9% | 21 |
| $275.00 | 9.8% | $5.20 | 2.1% | 21.0% | $245.34 | 11.8% | 22 |
What the $260.00 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $250.54. Profit caps at $1,896.00 if CRM finishes above $260.00; below $241.04 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $187.91 | $-53.13 | $-5,313.50 |
| $203.56 | $-37.48 | $-3,747.62 |
| $219.22 | $-21.82 | $-2,181.75 |
| $234.88 | $-6.16 | $-615.87 |
| $250.54 | +$9.50 | +$950.00 |
| $266.20 | +$18.96 | +$1,896.00 |
| $281.86 | +$18.96 | +$1,896.00 |
| $297.52 | +$18.96 | +$1,896.00 |
| $313.18 | +$18.96 | +$1,896.00 |
When a covered call fits CRM
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 CRM 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 CRM loaded.
Questions
- What does a CRM covered call pay right now?
- The $260.00 call expiring Oct 23, 2026 (36 days out) collects $9.50 per share, 3.8% of the $250.54 share price, or 38.4% annualised if you repeat it.
- What is the break-even on a CRM covered call?
- Selling the $260.00 call against stock bought at $250.54 breaks even at $241.04 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if CRM closes above the strike?
- The shares are called away at $260.00. Total return is 7.6%: the premium plus the move from $250.54 up to the strike. Gains above the strike belong to the buyer.
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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.