XYZ Covered Call
Every out-of-the-money XYZ 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 $78.00 strike at 4.4% over 36 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
XYZ covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $76.63 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 |
|---|---|---|---|---|---|---|---|
| $78.00 | 1.8% | $3.38 | 4.4% | 44.7% | $73.26 | 6.2% | 1 |
| $80.00 | 4.4% | $2.57 | 3.3% | 33.9% | $74.07 | 7.7% | 12 |
| $84.00 | 9.6% | $1.41 | 1.8% | 18.7% | $75.22 | 11.5% | 6 |
What the $78.00 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $76.63. Profit caps at $474.50 if XYZ finishes above $78.00; below $73.26 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $57.47 | $-15.78 | $-1,578.25 |
| $62.26 | $-10.99 | $-1,099.31 |
| $67.05 | $-6.20 | $-620.38 |
| $71.84 | $-1.41 | $-141.44 |
| $76.63 | +$3.38 | +$337.50 |
| $81.42 | +$4.75 | +$474.50 |
| $86.21 | +$4.75 | +$474.50 |
| $91.00 | +$4.75 | +$474.50 |
| $95.79 | +$4.75 | +$474.50 |
When a covered call fits XYZ
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 XYZ 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 XYZ loaded.
Questions
- What does a XYZ covered call pay right now?
- The $78.00 call expiring Oct 23, 2026 (36 days out) collects $3.38 per share, 4.4% of the $76.63 share price, or 44.7% annualised if you repeat it.
- What is the break-even on a XYZ covered call?
- Selling the $78.00 call against stock bought at $76.63 breaks even at $73.26 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if XYZ closes above the strike?
- The shares are called away at $78.00. Total return is 6.2%: the premium plus the move from $76.63 up to the strike. Gains above the strike belong to the buyer.
More on XYZ
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.