SLS Covered Call
Every out-of-the-money SLS 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 $12.00 strike at 24.9% over 36 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
SLS covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $11.66 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 |
|---|---|---|---|---|---|---|---|
| $12.00 | 2.9% | $2.90 | 24.9% | 252.2% | $8.76 | 27.8% | 12 |
| $13.00 | 11.5% | $2.20 | 18.9% | 191.3% | $9.46 | 30.4% | 29 |
What the $12.00 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $11.66. Profit caps at $324.00 if SLS finishes above $12.00; below $8.76 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $8.75 | $-0.01 | $-1.50 |
| $9.47 | +$0.71 | +$71.38 |
| $10.20 | +$1.44 | +$144.25 |
| $10.93 | +$2.17 | +$217.13 |
| $11.66 | +$2.90 | +$290.00 |
| $12.39 | +$3.24 | +$324.00 |
| $13.12 | +$3.24 | +$324.00 |
| $13.85 | +$3.24 | +$324.00 |
| $14.58 | +$3.24 | +$324.00 |
When a covered call fits SLS
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 SLS 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 SLS loaded.
Questions
- What does a SLS covered call pay right now?
- The $12.00 call expiring Oct 23, 2026 (36 days out) collects $2.90 per share, 24.9% of the $11.66 share price, or 252.2% annualised if you repeat it.
- What is the break-even on a SLS covered call?
- Selling the $12.00 call against stock bought at $11.66 breaks even at $8.76 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if SLS closes above the strike?
- The shares are called away at $12.00. Total return is 27.8%: the premium plus the move from $11.66 up to the strike. Gains above the strike belong to the buyer.
More on SLS
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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.