GS Covered Call
Every out-of-the-money GS 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 $965.00 strike at 3.5% over 36 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
GS covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $937.98 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 |
|---|---|---|---|---|---|---|---|
| $965.00 | 2.9% | $32.38 | 3.5% | 35.0% | $905.61 | 6.3% | 5 |
| $985.00 | 5.0% | $24.90 | 2.7% | 26.9% | $913.08 | 7.7% | 9 |
| $1,030.00 | 9.8% | $13.48 | 1.4% | 14.6% | $924.51 | 11.2% | 9 |
What the $965.00 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $937.98. Profit caps at $5,939.50 if GS finishes above $965.00; below $905.61 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $703.49 | $-202.12 | $-20,212.00 |
| $762.11 | $-143.50 | $-14,349.63 |
| $820.73 | $-84.87 | $-8,487.25 |
| $879.36 | $-26.25 | $-2,624.87 |
| $937.98 | +$32.38 | +$3,237.50 |
| $996.60 | +$59.39 | +$5,939.50 |
| $1,055.23 | +$59.39 | +$5,939.50 |
| $1,113.85 | +$59.39 | +$5,939.50 |
| $1,172.48 | +$59.39 | +$5,939.50 |
When a covered call fits GS
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 GS 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 GS loaded.
Questions
- What does a GS covered call pay right now?
- The $965.00 call expiring Oct 23, 2026 (36 days out) collects $32.38 per share, 3.5% of the $937.98 share price, or 35.0% annualised if you repeat it.
- What is the break-even on a GS covered call?
- Selling the $965.00 call against stock bought at $937.98 breaks even at $905.61 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if GS closes above the strike?
- The shares are called away at $965.00. Total return is 6.3%: the premium plus the move from $937.98 up to the strike. Gains above the strike belong to the buyer.
More on GS
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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.