SLB Covered Call
Every out-of-the-money SLB 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 $54.00 strike at 3.5% over 36 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
SLB covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $52.30 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 |
|---|---|---|---|---|---|---|---|
| $54.00 | 3.3% | $1.85 | 3.5% | 35.8% | $50.46 | 6.8% | 16 |
| $55.00 | 5.2% | $1.75 | 3.3% | 33.8% | $50.56 | 8.5% | 22 |
| $58.00 | 10.9% | $0.80 | 1.5% | 15.6% | $51.50 | 12.4% | 30 |
What the $54.00 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $52.30. Profit caps at $354.50 if SLB finishes above $54.00; below $50.46 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $39.22 | $-11.23 | $-1,123.00 |
| $42.49 | $-7.96 | $-796.13 |
| $45.76 | $-4.69 | $-469.25 |
| $49.03 | $-1.42 | $-142.37 |
| $52.30 | +$1.85 | +$184.50 |
| $55.57 | +$3.55 | +$354.50 |
| $58.84 | +$3.55 | +$354.50 |
| $62.11 | +$3.55 | +$354.50 |
| $65.38 | +$3.55 | +$354.50 |
When a covered call fits SLB
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 SLB 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 SLB loaded.
Questions
- What does a SLB covered call pay right now?
- The $54.00 call expiring Oct 23, 2026 (36 days out) collects $1.85 per share, 3.5% of the $52.30 share price, or 35.8% annualised if you repeat it.
- What is the break-even on a SLB covered call?
- Selling the $54.00 call against stock bought at $52.30 breaks even at $50.46 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if SLB closes above the strike?
- The shares are called away at $54.00. Total return is 6.8%: the premium plus the move from $52.30 up to the strike. Gains above the strike belong to the buyer.
More on SLB
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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.