CVNA Covered Call
Every out-of-the-money CVNA 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 $67.00 strike at 6.7% over 36 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
CVNA covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $65.40 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 |
|---|---|---|---|---|---|---|---|
| $67.00 | 2.4% | $4.35 | 6.7% | 67.4% | $61.05 | 9.1% | 5 |
| $69.00 | 5.5% | $3.53 | 5.4% | 54.6% | $61.88 | 10.9% | 15 |
| $72.00 | 10.1% | $2.54 | 3.9% | 39.4% | $62.86 | 14.0% | 20 |
What the $67.00 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $65.40. Profit caps at $595.00 if CVNA finishes above $67.00; below $61.05 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $49.05 | $-12.00 | $-1,200.00 |
| $53.14 | $-7.91 | $-791.25 |
| $57.23 | $-3.83 | $-382.50 |
| $61.31 | +$0.26 | +$26.25 |
| $65.40 | +$4.35 | +$435.00 |
| $69.49 | +$5.95 | +$595.00 |
| $73.58 | +$5.95 | +$595.00 |
| $77.66 | +$5.95 | +$595.00 |
| $81.75 | +$5.95 | +$595.00 |
When a covered call fits CVNA
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 CVNA 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 CVNA loaded.
Questions
- What does a CVNA covered call pay right now?
- The $67.00 call expiring Oct 23, 2026 (36 days out) collects $4.35 per share, 6.7% of the $65.40 share price, or 67.4% annualised if you repeat it.
- What is the break-even on a CVNA covered call?
- Selling the $67.00 call against stock bought at $65.40 breaks even at $61.05 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if CVNA closes above the strike?
- The shares are called away at $67.00. Total return is 9.1%: the premium plus the move from $65.40 up to the strike. Gains above the strike belong to the buyer.
More on CVNA
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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.