META Covered Call
Every out-of-the-money META call expiring Sep 30, 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 $692.50 strike at 1.9% over 13 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
META covered call candidates — Sep 30, 2026, 13 days out
Strikes are picked by distance from the $673.31 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 — 13 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 |
|---|---|---|---|---|---|---|---|
| $692.50 | 2.9% | $12.83 | 1.9% | 53.5% | $660.48 | 4.8% | 0 |
| $705.00 | 4.7% | $9.23 | 1.4% | 38.5% | $664.08 | 6.1% | 173 |
| $740.00 | 9.9% | $2.91 | 0.4% | 12.1% | $670.41 | 10.3% | 0 |
What the $692.50 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $673.31. Profit caps at $3,201.50 if META finishes above $692.50; below $660.48 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $504.98 | $-155.50 | $-15,550.25 |
| $547.06 | $-113.42 | $-11,342.06 |
| $589.15 | $-71.34 | $-7,133.87 |
| $631.23 | $-29.26 | $-2,925.69 |
| $673.31 | +$12.83 | +$1,282.50 |
| $715.39 | +$32.02 | +$3,201.50 |
| $757.47 | +$32.02 | +$3,201.50 |
| $799.56 | +$32.02 | +$3,201.50 |
| $841.64 | +$32.02 | +$3,201.50 |
When a covered call fits META
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 META 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 META loaded.
Questions
- What does a META covered call pay right now?
- The $692.50 call expiring Sep 30, 2026 (13 days out) collects $12.83 per share, 1.9% of the $673.31 share price, or 53.5% annualised if you repeat it.
- What is the break-even on a META covered call?
- Selling the $692.50 call against stock bought at $673.31 breaks even at $660.48 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if META closes above the strike?
- The shares are called away at $692.50. Total return is 4.8%: the premium plus the move from $673.31 up to the strike. Gains above the strike belong to the buyer.
More on META
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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.