IREN Covered Call
Every out-of-the-money IREN 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 $44.00 strike at 9.2% over 36 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
IREN covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $42.62 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 |
|---|---|---|---|---|---|---|---|
| $44.00 | 3.2% | $3.93 | 9.2% | 93.4% | $38.70 | 12.4% | 126 |
| $45.00 | 5.6% | $3.58 | 8.4% | 85.0% | $39.04 | 14.0% | 562 |
| $47.00 | 10.3% | $2.90 | 6.8% | 69.0% | $39.72 | 17.1% | 105 |
What the $44.00 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $42.62. Profit caps at $530.50 if IREN finishes above $44.00; below $38.70 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $31.96 | $-6.73 | $-673.00 |
| $34.63 | $-4.07 | $-406.63 |
| $37.29 | $-1.40 | $-140.25 |
| $39.96 | +$1.26 | +$126.12 |
| $42.62 | +$3.93 | +$392.50 |
| $45.28 | +$5.31 | +$530.50 |
| $47.95 | +$5.31 | +$530.50 |
| $50.61 | +$5.31 | +$530.50 |
| $53.28 | +$5.31 | +$530.50 |
When a covered call fits IREN
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 IREN 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 IREN loaded.
Questions
- What does a IREN covered call pay right now?
- The $44.00 call expiring Oct 23, 2026 (36 days out) collects $3.93 per share, 9.2% of the $42.62 share price, or 93.4% annualised if you repeat it.
- What is the break-even on a IREN covered call?
- Selling the $44.00 call against stock bought at $42.62 breaks even at $38.70 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if IREN closes above the strike?
- The shares are called away at $44.00. Total return is 12.4%: the premium plus the move from $42.62 up to the strike. Gains above the strike belong to the buyer.
More on IREN
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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.