HPE Covered Call
Every out-of-the-money HPE 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 $58.00 strike at 6.4% over 36 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
HPE covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $56.68 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 |
|---|---|---|---|---|---|---|---|
| $58.00 | 2.3% | $3.65 | 6.4% | 65.3% | $53.03 | 8.8% | 115 |
| $60.00 | 5.9% | $2.94 | 5.2% | 52.5% | $53.75 | 11.0% | 167 |
| $62.00 | 9.4% | $2.30 | 4.1% | 41.2% | $54.38 | 13.5% | 11 |
What the $58.00 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $56.68. Profit caps at $497.00 if HPE finishes above $58.00; below $53.03 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $42.51 | $-10.52 | $-1,052.00 |
| $46.05 | $-6.98 | $-697.75 |
| $49.60 | $-3.44 | $-343.50 |
| $53.14 | +$0.11 | +$10.75 |
| $56.68 | +$3.65 | +$365.00 |
| $60.22 | +$4.97 | +$497.00 |
| $63.76 | +$4.97 | +$497.00 |
| $67.31 | +$4.97 | +$497.00 |
| $70.85 | +$4.97 | +$497.00 |
When a covered call fits HPE
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 HPE 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 HPE loaded.
Questions
- What does a HPE covered call pay right now?
- The $58.00 call expiring Oct 23, 2026 (36 days out) collects $3.65 per share, 6.4% of the $56.68 share price, or 65.3% annualised if you repeat it.
- What is the break-even on a HPE covered call?
- Selling the $58.00 call against stock bought at $56.68 breaks even at $53.03 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if HPE closes above the strike?
- The shares are called away at $58.00. Total return is 8.8%: the premium plus the move from $56.68 up to the strike. Gains above the strike belong to the buyer.
More on HPE
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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.