GDX Covered Call
Every out-of-the-money GDX 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 $95.50 strike at 4.5% over 36 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
GDX covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $92.80 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 |
|---|---|---|---|---|---|---|---|
| $95.50 | 2.9% | $4.15 | 4.5% | 45.3% | $88.65 | 7.4% | 5 |
| $97.50 | 5.1% | $3.50 | 3.8% | 38.2% | $89.30 | 8.8% | 0 |
| $102.00 | 9.9% | $2.25 | 2.4% | 24.5% | $90.55 | 12.3% | 19 |
What the $95.50 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $92.80. Profit caps at $685.00 if GDX finishes above $95.50; below $88.65 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $69.60 | $-19.05 | $-1,905.00 |
| $75.40 | $-13.25 | $-1,325.00 |
| $81.20 | $-7.45 | $-745.00 |
| $87.00 | $-1.65 | $-165.00 |
| $92.80 | +$4.15 | +$415.00 |
| $98.60 | +$6.85 | +$685.00 |
| $104.40 | +$6.85 | +$685.00 |
| $110.20 | +$6.85 | +$685.00 |
| $116.00 | +$6.85 | +$685.00 |
When a covered call fits GDX
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 GDX 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 GDX loaded.
Questions
- What does a GDX covered call pay right now?
- The $95.50 call expiring Oct 23, 2026 (36 days out) collects $4.15 per share, 4.5% of the $92.80 share price, or 45.3% annualised if you repeat it.
- What is the break-even on a GDX covered call?
- Selling the $95.50 call against stock bought at $92.80 breaks even at $88.65 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if GDX closes above the strike?
- The shares are called away at $95.50. Total return is 7.4%: the premium plus the move from $92.80 up to the strike. Gains above the strike belong to the buyer.
More on GDX
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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.