NVO Covered Call
Every out-of-the-money NVO 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 $43.00 strike at 3.4% over 36 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
NVO covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $41.71 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 |
|---|---|---|---|---|---|---|---|
| $43.00 | 3.1% | $1.43 | 3.4% | 34.6% | $40.29 | 6.5% | 19 |
| $44.00 | 5.5% | $1.09 | 2.6% | 26.4% | $40.63 | 8.1% | 12 |
| $46.00 | 10.3% | $0.67 | 1.6% | 16.2% | $41.05 | 11.9% | 30 |
What the $43.00 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $41.71. Profit caps at $271.50 if NVO finishes above $43.00; below $40.29 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $31.28 | $-9.00 | $-900.25 |
| $33.89 | $-6.40 | $-639.56 |
| $36.50 | $-3.79 | $-378.87 |
| $39.10 | $-1.18 | $-118.19 |
| $41.71 | +$1.43 | +$142.50 |
| $44.32 | +$2.71 | +$271.50 |
| $46.92 | +$2.71 | +$271.50 |
| $49.53 | +$2.71 | +$271.50 |
| $52.14 | +$2.71 | +$271.50 |
When a covered call fits NVO
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 NVO 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 NVO loaded.
Questions
- What does a NVO covered call pay right now?
- The $43.00 call expiring Oct 23, 2026 (36 days out) collects $1.43 per share, 3.4% of the $41.71 share price, or 34.6% annualised if you repeat it.
- What is the break-even on a NVO covered call?
- Selling the $43.00 call against stock bought at $41.71 breaks even at $40.29 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if NVO closes above the strike?
- The shares are called away at $43.00. Total return is 6.5%: the premium plus the move from $41.71 up to the strike. Gains above the strike belong to the buyer.
More on NVO
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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.