OWL Covered Call
Every out-of-the-money OWL 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 $10.50 strike at 4.2% over 36 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
OWL covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $10.12 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 |
|---|---|---|---|---|---|---|---|
| $10.50 | 3.8% | $0.43 | 4.2% | 42.6% | $9.69 | 8.0% | 24 |
| $11.00 | 8.7% | $0.25 | 2.5% | 25.0% | $9.87 | 11.2% | 11 |
What the $10.50 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $10.12. Profit caps at $80.50 if OWL finishes above $10.50; below $9.69 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $7.59 | $-2.10 | $-210.50 |
| $8.22 | $-1.47 | $-147.25 |
| $8.86 | $-0.84 | $-84.00 |
| $9.49 | $-0.21 | $-20.75 |
| $10.12 | +$0.43 | +$42.50 |
| $10.75 | +$0.81 | +$80.50 |
| $11.38 | +$0.81 | +$80.50 |
| $12.02 | +$0.81 | +$80.50 |
| $12.65 | +$0.81 | +$80.50 |
When a covered call fits OWL
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 OWL 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 OWL loaded.
Questions
- What does a OWL covered call pay right now?
- The $10.50 call expiring Oct 23, 2026 (36 days out) collects $0.43 per share, 4.2% of the $10.12 share price, or 42.6% annualised if you repeat it.
- What is the break-even on a OWL covered call?
- Selling the $10.50 call against stock bought at $10.12 breaks even at $9.69 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if OWL closes above the strike?
- The shares are called away at $10.50. Total return is 8.0%: the premium plus the move from $10.12 up to the strike. Gains above the strike belong to the buyer.
More on OWL
Run the numbers
Weekly options-market digest
Sundays. What moved this week, what catalysts and earnings drive next week, and which 5-pillar setups stand out.
Free. One email per week. Unsubscribe with one click.
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.