SNOW Covered Call
Every out-of-the-money SNOW 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 $340.00 strike at 5.0% over 36 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
SNOW covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $331.02 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 |
|---|---|---|---|---|---|---|---|
| $340.00 | 2.7% | $16.68 | 5.0% | 51.1% | $314.34 | 7.8% | 229 |
| $350.00 | 5.7% | $12.70 | 3.8% | 38.9% | $318.32 | 9.6% | 338 |
| $365.00 | 10.3% | $8.40 | 2.5% | 25.7% | $322.62 | 12.8% | 242 |
What the $340.00 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $331.02. Profit caps at $2,565.50 if SNOW finishes above $340.00; below $314.34 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $248.27 | $-66.08 | $-6,608.00 |
| $268.95 | $-45.39 | $-4,539.12 |
| $289.64 | $-24.70 | $-2,470.25 |
| $310.33 | $-4.01 | $-401.38 |
| $331.02 | +$16.68 | +$1,667.50 |
| $351.71 | +$25.66 | +$2,565.50 |
| $372.40 | +$25.66 | +$2,565.50 |
| $393.09 | +$25.66 | +$2,565.50 |
| $413.78 | +$25.66 | +$2,565.50 |
When a covered call fits SNOW
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 SNOW 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 SNOW loaded.
Questions
- What does a SNOW covered call pay right now?
- The $340.00 call expiring Oct 23, 2026 (36 days out) collects $16.68 per share, 5.0% of the $331.02 share price, or 51.1% annualised if you repeat it.
- What is the break-even on a SNOW covered call?
- Selling the $340.00 call against stock bought at $331.02 breaks even at $314.34 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if SNOW closes above the strike?
- The shares are called away at $340.00. Total return is 7.8%: the premium plus the move from $331.02 up to the strike. Gains above the strike belong to the buyer.
More on SNOW
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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.