MRNA Covered Call
Every out-of-the-money MRNA 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 $150.00 strike at 8.5% over 36 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
MRNA covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $145.62 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 |
|---|---|---|---|---|---|---|---|
| $150.00 | 3.0% | $12.43 | 8.5% | 86.5% | $133.20 | 11.5% | 300 |
| $152.50 | 4.7% | $10.85 | 7.5% | 75.5% | $134.77 | 12.2% | 7 |
| $160.00 | 9.9% | $8.65 | 5.9% | 60.2% | $136.97 | 15.8% | 78 |
What the $150.00 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $145.62. Profit caps at $1,680.50 if MRNA finishes above $150.00; below $133.20 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $109.22 | $-23.98 | $-2,398.00 |
| $118.32 | $-14.88 | $-1,487.88 |
| $127.42 | $-5.78 | $-577.75 |
| $136.52 | +$3.32 | +$332.38 |
| $145.62 | +$12.43 | +$1,242.50 |
| $154.72 | +$16.80 | +$1,680.50 |
| $163.82 | +$16.80 | +$1,680.50 |
| $172.92 | +$16.80 | +$1,680.50 |
| $182.03 | +$16.80 | +$1,680.50 |
When a covered call fits MRNA
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 MRNA 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 MRNA loaded.
Questions
- What does a MRNA covered call pay right now?
- The $150.00 call expiring Oct 23, 2026 (36 days out) collects $12.43 per share, 8.5% of the $145.62 share price, or 86.5% annualised if you repeat it.
- What is the break-even on a MRNA covered call?
- Selling the $150.00 call against stock bought at $145.62 breaks even at $133.20 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if MRNA closes above the strike?
- The shares are called away at $150.00. Total return is 11.5%: the premium plus the move from $145.62 up to the strike. Gains above the strike belong to the buyer.
More on MRNA
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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.