NKE Covered Call
Every out-of-the-money NKE 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 $37.00 strike at 4.5% over 36 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
NKE covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $35.78 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 |
|---|---|---|---|---|---|---|---|
| $37.00 | 3.4% | $1.61 | 4.5% | 45.5% | $34.18 | 7.9% | 74 |
| $38.00 | 6.2% | $1.26 | 3.5% | 35.6% | $34.53 | 9.7% | 745 |
| $39.00 | 9.0% | $0.97 | 2.7% | 27.3% | $34.82 | 11.7% | 543 |
What the $37.00 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $35.78. Profit caps at $282.50 if NKE finishes above $37.00; below $34.18 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $26.84 | $-7.34 | $-734.00 |
| $29.07 | $-5.10 | $-510.38 |
| $31.31 | $-2.87 | $-286.75 |
| $33.54 | $-0.63 | $-63.12 |
| $35.78 | +$1.61 | +$160.50 |
| $38.02 | +$2.82 | +$282.50 |
| $40.25 | +$2.82 | +$282.50 |
| $42.49 | +$2.82 | +$282.50 |
| $44.73 | +$2.82 | +$282.50 |
When a covered call fits NKE
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 NKE 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 NKE loaded.
Questions
- What does a NKE covered call pay right now?
- The $37.00 call expiring Oct 23, 2026 (36 days out) collects $1.61 per share, 4.5% of the $35.78 share price, or 45.5% annualised if you repeat it.
- What is the break-even on a NKE covered call?
- Selling the $37.00 call against stock bought at $35.78 breaks even at $34.18 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if NKE closes above the strike?
- The shares are called away at $37.00. Total return is 7.9%: the premium plus the move from $35.78 up to the strike. Gains above the strike belong to the buyer.
More on NKE
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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.