NN Covered Call
Every out-of-the-money NN 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 $15.00 strike at 12.5% over 36 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
NN covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $14.62 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 |
|---|---|---|---|---|---|---|---|
| $15.00 | 2.6% | $1.83 | 12.5% | 126.6% | $12.80 | 15.1% | 1 |
| $17.00 | 16.3% | $0.88 | 6.0% | 60.7% | $13.75 | 22.3% | 0 |
What the $15.00 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $14.62. Profit caps at $220.50 if NN finishes above $15.00; below $12.80 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $10.97 | $-1.83 | $-183.00 |
| $11.88 | $-0.92 | $-91.62 |
| $12.79 | $-0.00 | $-0.25 |
| $13.71 | +$0.91 | +$91.12 |
| $14.62 | +$1.83 | +$182.50 |
| $15.53 | +$2.21 | +$220.50 |
| $16.45 | +$2.21 | +$220.50 |
| $17.36 | +$2.21 | +$220.50 |
| $18.28 | +$2.21 | +$220.50 |
When a covered call fits NN
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 NN 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 NN loaded.
Questions
- What does a NN covered call pay right now?
- The $15.00 call expiring Oct 23, 2026 (36 days out) collects $1.83 per share, 12.5% of the $14.62 share price, or 126.6% annualised if you repeat it.
- What is the break-even on a NN covered call?
- Selling the $15.00 call against stock bought at $14.62 breaks even at $12.80 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if NN closes above the strike?
- The shares are called away at $15.00. Total return is 15.1%: the premium plus the move from $14.62 up to the strike. Gains above the strike belong to the buyer.
More on NN
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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.