WFC Covered Call
Every out-of-the-money WFC 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 $90.00 strike at 2.4% over 36 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
WFC covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $87.05 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 — 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 |
|---|---|---|---|---|---|---|---|
| $90.00 | 3.4% | $2.07 | 2.4% | 24.1% | $84.98 | 5.8% | 16 |
| $91.00 | 4.5% | $1.72 | 2.0% | 20.0% | $85.33 | 6.5% | 12 |
| $96.00 | 10.3% | $0.70 | 0.8% | 8.1% | $86.36 | 11.1% | 5 |
What the $90.00 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $87.05. Profit caps at $502.00 if WFC finishes above $90.00; below $84.98 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $65.29 | $-19.69 | $-1,969.25 |
| $70.73 | $-14.25 | $-1,425.19 |
| $76.17 | $-8.81 | $-881.13 |
| $81.61 | $-3.37 | $-337.06 |
| $87.05 | +$2.07 | +$207.00 |
| $92.49 | +$5.02 | +$502.00 |
| $97.93 | +$5.02 | +$502.00 |
| $103.37 | +$5.02 | +$502.00 |
| $108.81 | +$5.02 | +$502.00 |
When a covered call fits WFC
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 WFC 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 WFC loaded.
Questions
- What does a WFC covered call pay right now?
- The $90.00 call expiring Oct 23, 2026 (36 days out) collects $2.07 per share, 2.4% of the $87.05 share price, or 24.1% annualised if you repeat it.
- What is the break-even on a WFC covered call?
- Selling the $90.00 call against stock bought at $87.05 breaks even at $84.98 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if WFC closes above the strike?
- The shares are called away at $90.00. Total return is 5.8%: the premium plus the move from $87.05 up to the strike. Gains above the strike belong to the buyer.
More on WFC
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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.