PAAS Covered Call
Every out-of-the-money PAAS call expiring Oct 30, 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 $50.00 strike at 5.5% over 38 days.
Open interest and pricing as of the close on 2026-09-21. Recomputed every morning before the open.
PAAS covered call candidates — Oct 30, 2026, 38 days out
Strikes are picked by distance from the $48.75 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 — 38 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 |
|---|---|---|---|---|---|---|---|
| $50.00 | 2.6% | $2.68 | 5.5% | 52.7% | $46.08 | 8.1% | 39 |
| $51.00 | 4.6% | $2.30 | 4.7% | 45.3% | $46.45 | 9.3% | 115 |
| $54.00 | 10.8% | $1.48 | 3.0% | 29.1% | $47.28 | 13.8% | 52 |
What the $50.00 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $48.75. Profit caps at $392.50 if PAAS finishes above $50.00; below $46.08 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $36.56 | $-9.51 | $-951.25 |
| $39.61 | $-6.47 | $-646.56 |
| $42.66 | $-3.42 | $-341.88 |
| $45.70 | $-0.37 | $-37.19 |
| $48.75 | +$2.68 | +$267.50 |
| $51.80 | +$3.93 | +$392.50 |
| $54.84 | +$3.93 | +$392.50 |
| $57.89 | +$3.93 | +$392.50 |
| $60.94 | +$3.93 | +$392.50 |
When a covered call fits PAAS
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 PAAS 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 PAAS loaded.
Questions
- What does a PAAS covered call pay right now?
- The $50.00 call expiring Oct 30, 2026 (38 days out) collects $2.68 per share, 5.5% of the $48.75 share price, or 52.7% annualised if you repeat it.
- What is the break-even on a PAAS covered call?
- Selling the $50.00 call against stock bought at $48.75 breaks even at $46.08 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if PAAS closes above the strike?
- The shares are called away at $50.00. Total return is 8.1%: the premium plus the move from $48.75 up to the strike. Gains above the strike belong to the buyer.
More on PAAS
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.