NFLX Covered Call
Every out-of-the-money NFLX 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 $79.00 strike at 4.3% over 36 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
NFLX covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $76.41 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 |
|---|---|---|---|---|---|---|---|
| $79.00 | 3.4% | $3.25 | 4.3% | 43.1% | $73.16 | 7.6% | 668 |
| $80.00 | 4.7% | $2.89 | 3.8% | 38.3% | $73.52 | 8.5% | 501 |
| $84.00 | 9.9% | $1.72 | 2.3% | 22.8% | $74.69 | 12.2% | 328 |
What the $79.00 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $76.41. Profit caps at $584.00 if NFLX finishes above $79.00; below $73.16 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $57.31 | $-15.85 | $-1,585.25 |
| $62.08 | $-11.08 | $-1,107.69 |
| $66.86 | $-6.30 | $-630.12 |
| $71.63 | $-1.53 | $-152.56 |
| $76.41 | +$3.25 | +$325.00 |
| $81.19 | +$5.84 | +$584.00 |
| $85.96 | +$5.84 | +$584.00 |
| $90.74 | +$5.84 | +$584.00 |
| $95.51 | +$5.84 | +$584.00 |
When a covered call fits NFLX
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 NFLX 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 NFLX loaded.
Questions
- What does a NFLX covered call pay right now?
- The $79.00 call expiring Oct 23, 2026 (36 days out) collects $3.25 per share, 4.3% of the $76.41 share price, or 43.1% annualised if you repeat it.
- What is the break-even on a NFLX covered call?
- Selling the $79.00 call against stock bought at $76.41 breaks even at $73.16 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if NFLX closes above the strike?
- The shares are called away at $79.00. Total return is 7.6%: the premium plus the move from $76.41 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.