PINS Covered Call
Every out-of-the-money PINS 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 $19.00 strike at 5.6% over 36 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
PINS covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $18.65 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 |
|---|---|---|---|---|---|---|---|
| $19.00 | 1.9% | $1.05 | 5.6% | 57.1% | $17.60 | 7.5% | 3 |
| $19.50 | 4.6% | $0.85 | 4.6% | 46.2% | $17.80 | 9.1% | 2 |
| $20.50 | 9.9% | $0.50 | 2.7% | 26.9% | $18.15 | 12.6% | 7 |
What the $19.00 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $18.65. Profit caps at $140.00 if PINS finishes above $19.00; below $17.60 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $13.99 | $-3.61 | $-361.25 |
| $15.15 | $-2.45 | $-244.69 |
| $16.32 | $-1.28 | $-128.13 |
| $17.48 | $-0.12 | $-11.56 |
| $18.65 | +$1.05 | +$105.00 |
| $19.82 | +$1.40 | +$140.00 |
| $20.98 | +$1.40 | +$140.00 |
| $22.15 | +$1.40 | +$140.00 |
| $23.31 | +$1.40 | +$140.00 |
When a covered call fits PINS
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 PINS 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 PINS loaded.
Questions
- What does a PINS covered call pay right now?
- The $19.00 call expiring Oct 23, 2026 (36 days out) collects $1.05 per share, 5.6% of the $18.65 share price, or 57.1% annualised if you repeat it.
- What is the break-even on a PINS covered call?
- Selling the $19.00 call against stock bought at $18.65 breaks even at $17.60 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if PINS closes above the strike?
- The shares are called away at $19.00. Total return is 7.5%: the premium plus the move from $18.65 up to the strike. Gains above the strike belong to the buyer.
More on PINS
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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.