WULF Covered Call
Every out-of-the-money WULF 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 $16.00 strike at 9.1% over 36 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
WULF covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $15.39 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 |
|---|---|---|---|---|---|---|---|
| $16.00 | 4.0% | $1.40 | 9.1% | 91.9% | $14.00 | 13.0% | 107 |
| $17.00 | 10.5% | $1.04 | 6.7% | 68.2% | $14.36 | 17.2% | 24 |
What the $16.00 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $15.39. Profit caps at $200.50 if WULF finishes above $16.00; below $14.00 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $11.54 | $-2.45 | $-245.25 |
| $12.50 | $-1.49 | $-149.06 |
| $13.47 | $-0.53 | $-52.88 |
| $14.43 | +$0.43 | +$43.31 |
| $15.39 | +$1.40 | +$139.50 |
| $16.35 | +$2.00 | +$200.50 |
| $17.31 | +$2.00 | +$200.50 |
| $18.28 | +$2.00 | +$200.50 |
| $19.24 | +$2.00 | +$200.50 |
When a covered call fits WULF
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 WULF 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 WULF loaded.
Questions
- What does a WULF covered call pay right now?
- The $16.00 call expiring Oct 23, 2026 (36 days out) collects $1.40 per share, 9.1% of the $15.39 share price, or 91.9% annualised if you repeat it.
- What is the break-even on a WULF covered call?
- Selling the $16.00 call against stock bought at $15.39 breaks even at $14.00 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if WULF closes above the strike?
- The shares are called away at $16.00. Total return is 13.0%: the premium plus the move from $15.39 up to the strike. Gains above the strike belong to the buyer.
More on WULF
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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.