PPLT Covered Call
Every out-of-the-money PPLT call expiring Oct 16, 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 $16.00 strike at 3.6% over 29 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
PPLT covered call candidates — Oct 16, 2026, 29 days out
Strikes are picked by distance from the $15.83 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 — 29 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 |
|---|---|---|---|---|---|---|---|
| $16.00 | 1.1% | $0.58 | 3.6% | 45.7% | $15.26 | 4.7% | 830 |
| $17.00 | 7.4% | $0.30 | 1.9% | 23.9% | $15.53 | 9.3% | 1,280 |
What the $16.00 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $15.83. Profit caps at $74.50 if PPLT finishes above $16.00; below $15.26 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $11.87 | $-3.38 | $-338.25 |
| $12.86 | $-2.39 | $-239.31 |
| $13.85 | $-1.40 | $-140.37 |
| $14.84 | $-0.41 | $-41.44 |
| $15.83 | +$0.58 | +$57.50 |
| $16.82 | +$0.74 | +$74.50 |
| $17.81 | +$0.74 | +$74.50 |
| $18.80 | +$0.74 | +$74.50 |
| $19.79 | +$0.74 | +$74.50 |
When a covered call fits PPLT
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 PPLT 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 PPLT loaded.
Questions
- What does a PPLT covered call pay right now?
- The $16.00 call expiring Oct 16, 2026 (29 days out) collects $0.58 per share, 3.6% of the $15.83 share price, or 45.7% annualised if you repeat it.
- What is the break-even on a PPLT covered call?
- Selling the $16.00 call against stock bought at $15.83 breaks even at $15.26 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if PPLT closes above the strike?
- The shares are called away at $16.00. Total return is 4.7%: the premium plus the move from $15.83 up to the strike. Gains above the strike belong to the buyer.
More on PPLT
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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.