PATH Covered Call
Every out-of-the-money PATH 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 $14.00 strike at 7.3% over 36 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
PATH covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $13.63 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 |
|---|---|---|---|---|---|---|---|
| $14.00 | 2.7% | $0.99 | 7.3% | 73.6% | $12.64 | 10.0% | 152 |
| $14.50 | 6.4% | $0.75 | 5.5% | 55.8% | $12.88 | 11.9% | 78 |
| $15.00 | 10.1% | $0.56 | 4.1% | 41.7% | $13.07 | 14.2% | 552 |
What the $14.00 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $13.63. Profit caps at $136.00 if PATH finishes above $14.00; below $12.64 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $10.22 | $-2.42 | $-241.75 |
| $11.07 | $-1.57 | $-156.56 |
| $11.93 | $-0.71 | $-71.38 |
| $12.78 | +$0.14 | +$13.81 |
| $13.63 | +$0.99 | +$99.00 |
| $14.48 | +$1.36 | +$136.00 |
| $15.33 | +$1.36 | +$136.00 |
| $16.19 | +$1.36 | +$136.00 |
| $17.04 | +$1.36 | +$136.00 |
When a covered call fits PATH
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 PATH 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 PATH loaded.
Questions
- What does a PATH covered call pay right now?
- The $14.00 call expiring Oct 23, 2026 (36 days out) collects $0.99 per share, 7.3% of the $13.63 share price, or 73.6% annualised if you repeat it.
- What is the break-even on a PATH covered call?
- Selling the $14.00 call against stock bought at $13.63 breaks even at $12.64 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if PATH closes above the strike?
- The shares are called away at $14.00. Total return is 10.0%: the premium plus the move from $13.63 up to the strike. Gains above the strike belong to the buyer.
More on PATH
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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.