CRML Covered Call
Every out-of-the-money CRML 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 $6.50 strike at 12.0% over 36 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
CRML covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $6.48 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 |
|---|---|---|---|---|---|---|---|
| $6.50 | 0.3% | $0.78 | 12.0% | 121.3% | $5.71 | 12.3% | 0 |
| $7.00 | 8.0% | $0.55 | 8.5% | 86.1% | $5.93 | 16.5% | 3 |
What the $6.50 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $6.48. Profit caps at $79.50 if CRML finishes above $6.50; below $5.71 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $4.86 | $-0.85 | $-84.50 |
| $5.27 | $-0.44 | $-44.00 |
| $5.67 | $-0.03 | $-3.50 |
| $6.08 | +$0.37 | +$37.00 |
| $6.48 | +$0.78 | +$77.50 |
| $6.89 | +$0.79 | +$79.50 |
| $7.29 | +$0.79 | +$79.50 |
| $7.70 | +$0.79 | +$79.50 |
| $8.10 | +$0.79 | +$79.50 |
When a covered call fits CRML
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 CRML 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 CRML loaded.
Questions
- What does a CRML covered call pay right now?
- The $6.50 call expiring Oct 23, 2026 (36 days out) collects $0.78 per share, 12.0% of the $6.48 share price, or 121.3% annualised if you repeat it.
- What is the break-even on a CRML covered call?
- Selling the $6.50 call against stock bought at $6.48 breaks even at $5.71 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if CRML closes above the strike?
- The shares are called away at $6.50. Total return is 12.3%: the premium plus the move from $6.48 up to the strike. Gains above the strike belong to the buyer.
More on CRML
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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.