MSTR Covered Call
Every out-of-the-money MSTR 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 $130.00 strike at 7.6% over 36 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
MSTR covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $126.18 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 |
|---|---|---|---|---|---|---|---|
| $130.00 | 3.0% | $9.58 | 7.6% | 76.9% | $116.61 | 10.6% | 34 |
| $132.00 | 4.6% | $8.78 | 7.0% | 70.5% | $117.41 | 11.6% | 12 |
| $139.00 | 10.2% | $6.50 | 5.2% | 52.2% | $119.68 | 15.3% | 5 |
What the $130.00 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $126.18. Profit caps at $1,339.50 if MSTR finishes above $130.00; below $116.61 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $94.64 | $-21.97 | $-2,197.00 |
| $102.52 | $-14.08 | $-1,408.37 |
| $110.41 | $-6.20 | $-619.75 |
| $118.29 | +$1.69 | +$168.88 |
| $126.18 | +$9.58 | +$957.50 |
| $134.07 | +$13.39 | +$1,339.50 |
| $141.95 | +$13.39 | +$1,339.50 |
| $149.84 | +$13.39 | +$1,339.50 |
| $157.73 | +$13.39 | +$1,339.50 |
When a covered call fits MSTR
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 MSTR 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 MSTR loaded.
Questions
- What does a MSTR covered call pay right now?
- The $130.00 call expiring Oct 23, 2026 (36 days out) collects $9.58 per share, 7.6% of the $126.18 share price, or 76.9% annualised if you repeat it.
- What is the break-even on a MSTR covered call?
- Selling the $130.00 call against stock bought at $126.18 breaks even at $116.61 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if MSTR closes above the strike?
- The shares are called away at $130.00. Total return is 10.6%: the premium plus the move from $126.18 up to the strike. Gains above the strike belong to the buyer.
More on MSTR
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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.