SLV Covered Call
Every out-of-the-money SLV call expiring Sep 30, 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 $59.00 strike at 1.8% over 13 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
SLV covered call candidates — Sep 30, 2026, 13 days out
Strikes are picked by distance from the $57.05 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 — 13 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 |
|---|---|---|---|---|---|---|---|
| $59.00 | 3.4% | $1.02 | 1.8% | 50.0% | $56.04 | 5.2% | 610 |
| $60.00 | 5.2% | $0.76 | 1.3% | 37.2% | $56.29 | 6.5% | 4,686 |
| $63.00 | 10.4% | $0.32 | 0.6% | 16.0% | $56.72 | 11.0% | 5,113 |
What the $59.00 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $57.05. Profit caps at $296.50 if SLV finishes above $59.00; below $56.04 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $42.79 | $-13.25 | $-1,324.75 |
| $46.35 | $-9.68 | $-968.19 |
| $49.92 | $-6.12 | $-611.63 |
| $53.48 | $-2.55 | $-255.06 |
| $57.05 | +$1.02 | +$101.50 |
| $60.62 | +$2.97 | +$296.50 |
| $64.18 | +$2.97 | +$296.50 |
| $67.75 | +$2.97 | +$296.50 |
| $71.31 | +$2.97 | +$296.50 |
When a covered call fits SLV
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 SLV 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 SLV loaded.
Questions
- What does a SLV covered call pay right now?
- The $59.00 call expiring Sep 30, 2026 (13 days out) collects $1.02 per share, 1.8% of the $57.05 share price, or 50.0% annualised if you repeat it.
- What is the break-even on a SLV covered call?
- Selling the $59.00 call against stock bought at $57.05 breaks even at $56.04 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if SLV closes above the strike?
- The shares are called away at $59.00. Total return is 5.2%: the premium plus the move from $57.05 up to the strike. Gains above the strike belong to the buyer.
More on SLV
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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.