ENPH Covered Call
Every out-of-the-money ENPH 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 $37.00 strike at 7.3% over 36 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
ENPH covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $35.56 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 |
|---|---|---|---|---|---|---|---|
| $37.00 | 4.0% | $2.59 | 7.3% | 73.8% | $32.97 | 11.3% | 5 |
| $39.00 | 9.7% | $2.15 | 6.0% | 61.2% | $33.42 | 15.7% | 6 |
What the $37.00 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $35.56. Profit caps at $403.00 if ENPH finishes above $37.00; below $32.97 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $26.67 | $-6.30 | $-630.00 |
| $28.89 | $-4.08 | $-407.75 |
| $31.12 | $-1.86 | $-185.50 |
| $33.34 | +$0.37 | +$36.75 |
| $35.56 | +$2.59 | +$259.00 |
| $37.78 | +$4.03 | +$403.00 |
| $40.01 | +$4.03 | +$403.00 |
| $42.23 | +$4.03 | +$403.00 |
| $44.45 | +$4.03 | +$403.00 |
When a covered call fits ENPH
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 ENPH 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 ENPH loaded.
Questions
- What does a ENPH covered call pay right now?
- The $37.00 call expiring Oct 23, 2026 (36 days out) collects $2.59 per share, 7.3% of the $35.56 share price, or 73.8% annualised if you repeat it.
- What is the break-even on a ENPH covered call?
- Selling the $37.00 call against stock bought at $35.56 breaks even at $32.97 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if ENPH closes above the strike?
- The shares are called away at $37.00. Total return is 11.3%: the premium plus the move from $35.56 up to the strike. Gains above the strike belong to the buyer.
More on ENPH
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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.