ONON Covered Call
Every out-of-the-money ONON 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 $28.00 strike at 4.6% over 36 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
ONON covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $27.15 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 |
|---|---|---|---|---|---|---|---|
| $28.00 | 3.1% | $1.24 | 4.6% | 46.3% | $25.91 | 7.7% | 422 |
| $29.00 | 6.8% | $0.99 | 3.6% | 36.8% | $26.17 | 10.4% | 3 |
| $30.00 | 10.5% | $0.65 | 2.4% | 24.1% | $26.51 | 12.9% | 16 |
What the $28.00 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $27.15. Profit caps at $209.00 if ONON finishes above $28.00; below $25.91 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $20.36 | $-5.55 | $-554.75 |
| $22.06 | $-3.85 | $-385.06 |
| $23.76 | $-2.15 | $-215.38 |
| $25.45 | $-0.46 | $-45.69 |
| $27.15 | +$1.24 | +$124.00 |
| $28.85 | +$2.09 | +$209.00 |
| $30.54 | +$2.09 | +$209.00 |
| $32.24 | +$2.09 | +$209.00 |
| $33.94 | +$2.09 | +$209.00 |
When a covered call fits ONON
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 ONON 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 ONON loaded.
Questions
- What does a ONON covered call pay right now?
- The $28.00 call expiring Oct 23, 2026 (36 days out) collects $1.24 per share, 4.6% of the $27.15 share price, or 46.3% annualised if you repeat it.
- What is the break-even on a ONON covered call?
- Selling the $28.00 call against stock bought at $27.15 breaks even at $25.91 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if ONON closes above the strike?
- The shares are called away at $28.00. Total return is 7.7%: the premium plus the move from $27.15 up to the strike. Gains above the strike belong to the buyer.
More on ONON
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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.