TOST Covered Call
Every out-of-the-money TOST 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 $32.00 strike at 4.6% over 36 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
TOST covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $31.12 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 |
|---|---|---|---|---|---|---|---|
| $32.00 | 2.8% | $1.44 | 4.6% | 46.8% | $29.69 | 7.4% | 11 |
| $33.00 | 6.0% | $1.02 | 3.3% | 33.2% | $30.10 | 9.3% | 403 |
| $34.00 | 9.3% | $0.72 | 2.3% | 23.5% | $30.40 | 11.6% | 9 |
What the $32.00 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $31.12. Profit caps at $231.50 if TOST finishes above $32.00; below $29.69 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $23.34 | $-6.35 | $-634.50 |
| $25.29 | $-4.40 | $-440.00 |
| $27.23 | $-2.46 | $-245.50 |
| $29.17 | $-0.51 | $-51.00 |
| $31.12 | +$1.43 | +$143.50 |
| $33.07 | +$2.31 | +$231.50 |
| $35.01 | +$2.31 | +$231.50 |
| $36.96 | +$2.31 | +$231.50 |
| $38.90 | +$2.31 | +$231.50 |
When a covered call fits TOST
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 TOST 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 TOST loaded.
Questions
- What does a TOST covered call pay right now?
- The $32.00 call expiring Oct 23, 2026 (36 days out) collects $1.44 per share, 4.6% of the $31.12 share price, or 46.8% annualised if you repeat it.
- What is the break-even on a TOST covered call?
- Selling the $32.00 call against stock bought at $31.12 breaks even at $29.69 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if TOST closes above the strike?
- The shares are called away at $32.00. Total return is 7.4%: the premium plus the move from $31.12 up to the strike. Gains above the strike belong to the buyer.
More on TOST
Run the numbers
Weekly options-market digest
Sundays. What moved this week, what catalysts and earnings drive next week, and which 5-pillar setups stand out.
Free. One email per week. Unsubscribe with one click.
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.