MU Covered Call
Every out-of-the-money MU call expiring Oct 02, 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 $955.00 strike at 4.2% over 15 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
MU covered call candidates — Oct 02, 2026, 15 days out
Strikes are picked by distance from the $926.55 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 — 15 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 |
|---|---|---|---|---|---|---|---|
| $955.00 | 3.1% | $39.25 | 4.2% | 103.1% | $887.30 | 7.3% | 221 |
| $975.00 | 5.2% | $31.70 | 3.4% | 83.3% | $894.85 | 8.7% | 197 |
| $1,020.00 | 10.1% | $19.95 | 2.2% | 52.4% | $906.60 | 12.2% | 468 |
What the $955.00 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $926.55. Profit caps at $6,770.00 if MU finishes above $955.00; below $887.30 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $694.91 | $-192.39 | $-19,238.75 |
| $752.82 | $-134.48 | $-13,447.81 |
| $810.73 | $-76.57 | $-7,656.88 |
| $868.64 | $-18.66 | $-1,865.94 |
| $926.55 | +$39.25 | +$3,925.00 |
| $984.46 | +$67.70 | +$6,770.00 |
| $1,042.37 | +$67.70 | +$6,770.00 |
| $1,100.28 | +$67.70 | +$6,770.00 |
| $1,158.19 | +$67.70 | +$6,770.00 |
When a covered call fits MU
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 MU 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 MU loaded.
Questions
- What does a MU covered call pay right now?
- The $955.00 call expiring Oct 02, 2026 (15 days out) collects $39.25 per share, 4.2% of the $926.55 share price, or 103.1% annualised if you repeat it.
- What is the break-even on a MU covered call?
- Selling the $955.00 call against stock bought at $926.55 breaks even at $887.30 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if MU closes above the strike?
- The shares are called away at $955.00. Total return is 7.3%: the premium plus the move from $926.55 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.