MP Covered Call
Every out-of-the-money MP 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 $50.00 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.
MP covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $48.99 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 |
|---|---|---|---|---|---|---|---|
| $50.00 | 2.1% | $3.25 | 6.6% | 67.3% | $45.74 | 8.7% | 23 |
| $51.00 | 4.1% | $2.91 | 5.9% | 60.2% | $46.08 | 10.0% | 3 |
| $54.00 | 10.2% | $2.01 | 4.1% | 41.5% | $46.99 | 14.3% | 10 |
What the $50.00 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $48.99. Profit caps at $426.00 if MP finishes above $50.00; below $45.74 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $36.74 | $-9.00 | $-899.75 |
| $39.80 | $-5.94 | $-593.56 |
| $42.87 | $-2.87 | $-287.38 |
| $45.93 | +$0.19 | +$18.81 |
| $48.99 | +$3.25 | +$325.00 |
| $52.05 | +$4.26 | +$426.00 |
| $55.11 | +$4.26 | +$426.00 |
| $58.18 | +$4.26 | +$426.00 |
| $61.24 | +$4.26 | +$426.00 |
When a covered call fits MP
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 MP 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 MP loaded.
Questions
- What does a MP covered call pay right now?
- The $50.00 call expiring Oct 23, 2026 (36 days out) collects $3.25 per share, 6.6% of the $48.99 share price, or 67.3% annualised if you repeat it.
- What is the break-even on a MP covered call?
- Selling the $50.00 call against stock bought at $48.99 breaks even at $45.74 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if MP closes above the strike?
- The shares are called away at $50.00. Total return is 8.7%: the premium plus the move from $48.99 up to the strike. Gains above the strike belong to the buyer.
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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.