SMCI Covered Call
Every out-of-the-money SMCI 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 $38.00 strike at 7.7% over 36 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
SMCI covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $36.85 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 |
|---|---|---|---|---|---|---|---|
| $38.00 | 3.1% | $2.83 | 7.7% | 77.7% | $34.03 | 10.8% | 172 |
| $39.00 | 5.8% | $2.43 | 6.6% | 66.9% | $34.42 | 12.4% | 102 |
| $41.00 | 11.3% | $1.80 | 4.9% | 49.4% | $35.06 | 16.1% | 114 |
What the $38.00 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $36.85. Profit caps at $397.50 if SMCI finishes above $38.00; below $34.03 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $27.64 | $-6.39 | $-638.75 |
| $29.94 | $-4.08 | $-408.44 |
| $32.24 | $-1.78 | $-178.12 |
| $34.55 | +$0.52 | +$52.19 |
| $36.85 | +$2.83 | +$282.50 |
| $39.15 | +$3.97 | +$397.50 |
| $41.46 | +$3.97 | +$397.50 |
| $43.76 | +$3.97 | +$397.50 |
| $46.06 | +$3.97 | +$397.50 |
When a covered call fits SMCI
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 SMCI 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 SMCI loaded.
Questions
- What does a SMCI covered call pay right now?
- The $38.00 call expiring Oct 23, 2026 (36 days out) collects $2.83 per share, 7.7% of the $36.85 share price, or 77.7% annualised if you repeat it.
- What is the break-even on a SMCI covered call?
- Selling the $38.00 call against stock bought at $36.85 breaks even at $34.03 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if SMCI closes above the strike?
- The shares are called away at $38.00. Total return is 10.8%: the premium plus the move from $36.85 up to the strike. Gains above the strike belong to the buyer.
More on SMCI
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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.