PFE Covered Call
Every out-of-the-money PFE 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 $28.50 strike at 1.5% over 36 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
PFE covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $27.46 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 |
|---|---|---|---|---|---|---|---|
| $28.50 | 3.8% | $0.42 | 1.5% | 15.5% | $27.04 | 5.3% | 125 |
| $29.00 | 5.6% | $0.29 | 1.0% | 10.5% | $27.18 | 6.6% | 823 |
| $30.00 | 9.2% | $0.13 | 0.5% | 4.6% | $27.34 | 9.7% | 459 |
What the $28.50 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $27.46. Profit caps at $146.00 if PFE finishes above $28.50; below $27.04 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $20.60 | $-6.45 | $-644.50 |
| $22.31 | $-4.73 | $-472.88 |
| $24.03 | $-3.01 | $-301.25 |
| $25.74 | $-1.30 | $-129.63 |
| $27.46 | +$0.42 | +$42.00 |
| $29.18 | +$1.46 | +$146.00 |
| $30.89 | +$1.46 | +$146.00 |
| $32.61 | +$1.46 | +$146.00 |
| $34.33 | +$1.46 | +$146.00 |
When a covered call fits PFE
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 PFE 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 PFE loaded.
Questions
- What does a PFE covered call pay right now?
- The $28.50 call expiring Oct 23, 2026 (36 days out) collects $0.42 per share, 1.5% of the $27.46 share price, or 15.5% annualised if you repeat it.
- What is the break-even on a PFE covered call?
- Selling the $28.50 call against stock bought at $27.46 breaks even at $27.04 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if PFE closes above the strike?
- The shares are called away at $28.50. Total return is 5.3%: the premium plus the move from $27.46 up to the strike. Gains above the strike belong to the buyer.
More on PFE
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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.