LRCX Covered Call
Every out-of-the-money LRCX 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 $275.00 strike at 6.6% over 36 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
LRCX covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $269.23 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 |
|---|---|---|---|---|---|---|---|
| $275.00 | 2.1% | $17.85 | 6.6% | 67.2% | $251.38 | 8.8% | 106 |
| $285.00 | 5.9% | $13.68 | 5.1% | 51.5% | $255.56 | 10.9% | 2 |
| $295.00 | 9.6% | $10.70 | 4.0% | 40.3% | $258.53 | 13.5% | 43 |
What the $275.00 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $269.23. Profit caps at $2,362.00 if LRCX finishes above $275.00; below $251.38 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $201.92 | $-49.46 | $-4,945.75 |
| $218.75 | $-32.63 | $-3,263.06 |
| $235.58 | $-15.80 | $-1,580.38 |
| $252.40 | +$1.02 | +$102.31 |
| $269.23 | +$17.85 | +$1,785.00 |
| $286.06 | +$23.62 | +$2,362.00 |
| $302.88 | +$23.62 | +$2,362.00 |
| $319.71 | +$23.62 | +$2,362.00 |
| $336.54 | +$23.62 | +$2,362.00 |
When a covered call fits LRCX
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 LRCX 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 LRCX loaded.
Questions
- What does a LRCX covered call pay right now?
- The $275.00 call expiring Oct 23, 2026 (36 days out) collects $17.85 per share, 6.6% of the $269.23 share price, or 67.2% annualised if you repeat it.
- What is the break-even on a LRCX covered call?
- Selling the $275.00 call against stock bought at $269.23 breaks even at $251.38 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if LRCX closes above the strike?
- The shares are called away at $275.00. Total return is 8.8%: the premium plus the move from $269.23 up to the strike. Gains above the strike belong to the buyer.
More on LRCX
Run the numbers
Weekly options-market digest
Sundays. What moved this week, what catalysts and earnings drive next week, and which 5-pillar setups stand out.
Free. One email per week. Unsubscribe with one click.
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.