Enter your position details. Fetch the live stock price straight from our data feed, then input the option price to get the full breakdown across six analysis tabs.
Fill in the fields on the left to see
metrics, charts, and trade analysis
Enter your ticker symbol and click ↓ Live Price to auto-fill the current stock price from Tradier. Then enter the option premium (use the bid price for a conservative estimate), strike price, expiration date, and number of contracts.
Optionally add Greeks (Delta, Theta, IV, Gamma, Vega) from your broker's options chain for deeper analysis including theta decay schedule, delta-based probability of assignment, and vega exposure.
The Scenarios tab shows your P&L at expiry across seven outcomes — from a −20% stock drop to the strike price (max profit). The Theta Decay tab shows how the option's time value erodes over the trade duration, benefiting you as the seller.
All calculations use the same formulas documented in our methodology — including annualized return = (premium / stock) × (365 / DTE) and downside protection = premium / stock.
Break-even price = Stock purchase price − Option premium received. For example, if you own shares at $150 and sell a covered call for $3.50 premium, your break-even is $146.50.
Maximum profit = Strike price − Stock price + Premium received (per share). You earn maximum profit when the stock is at or above the strike price at expiration.
Annualized return = (Premium / Stock price) × (365 / DTE). For example, a $3.50 premium on a $150 stock with 30 DTE = 2.33% premium yield × 12.17 = 28.4% annualized.
Most covered call sellers target delta 0.20–0.35. Delta 0.20–0.25 is more conservative (lower probability of assignment, less premium), while delta 0.30–0.40 captures more premium with higher assignment risk.
Downside protection = Premium received / Stock price. It represents the percentage drop the stock can sustain before you have a net loss on the position. A $3.50 premium on a $150 stock provides 2.33% downside protection.
The bid price is the conservative fill assumption used in the CCL Score formula and in this calculator by default. In liquid options, fills at or near the mid price are common — use mid for a more realistic estimate.
As the option seller, theta works in your favor. The option loses time value every day (theta × 100 per contract), accruing to your position as profit. This decay accelerates in the final 21 days before expiration.
Use our live scanner to find the best covered call opportunities today, then plug them into this calculator for detailed analysis before placing the trade.
This calculator is for educational and informational purposes only. All metrics are mathematical models based on your inputs. Nothing here constitutes financial or investment advice. Options trading involves substantial risk of loss. Live prices sourced from Tradier and may be delayed. Always verify data with your broker before trading.