What the Covered Call Profit Maximizer ranks
This page compares available calls for one stock or ETF. It requests at most 250 snapshots, retains standard 100-share calls at or above the reference stock price, and applies your filters. The default ranking is annualized premium yield. It does not search every contract, predict total return, or select an optimal trade.
A covered call requires ownership of the shares deliverable under the short call. Premium offsets some downside while the call caps gains on covered shares. The OIC covered call explanation describes this exposure. This screener assumes one fully covered standard contract per row; it does not check your brokerage holdings.
Understand the columns before sorting
Annualized premium yield
Premium per share / cost per share × 365 / DTE × 100. This excludes the change in stock value. A short DTE can inflate the number; identical trades cannot be assumed to repeat.
P/L at strike
(Strike − cost + premium) × 100 is the capped expiry P/L for one covered block before costs. It can be negative when your original stock cost exceeds strike plus premium.
Premium offset and breakeven
Premium / cost is an initial cash offset, not insurance. Cost minus premium is a valid breakeven only if it lies between zero and strike. Otherwise this fully covered position has no zero crossing.
Provider Greeks and IV
Delta and Theta are the provider values for the long call, not the combined covered position. Selling reverses option exposure, while owned stock adds positive delta. Missing fields remain unavailable.
Filters on a limited response
Max DTE, minimum strike, annualized premium yield, and distance OTM filter returned rows. Minimum strike is also sent to the server when loading. Lowering it may require another request to obtain previously excluded contracts.
Cost and quote conventions
Leave cost blank to use the FMP stock reference, or enter original purchase cost. Premium uses the positive day close, falling back to the positive last trade. Displayed bid and ask are separate, not the assumed fill.
Reproduce a row with a hypothetical contract
Suppose current price and stock cost are $100, strike is $105, premium is $2, and DTE is 30. One standard call receives $200 premium. Premium yield is 2%; simple annualized premium yield is 2 × 365 / 30 = 24.33%. P/L at the strike is ($105 − $100 + $2) × 100 = $700. Breakeven is $98; a stock collapse to zero still loses $9,800 before costs.
If your original cost is $120 with the same current price, strike, and premium, premium yield is 1.67%, but even the capped P/L is −$1,300. The expression $120 − $2 = $118 is above the strike and is not a reachable breakeven. A high premium-yield row can therefore coexist with a loss on your stock position.
- Enter a supported ticker and optional positive purchase cost. The default 45-day filter is a starting control, not a recommendation.
- Load snapshots, then inspect available dates and quote fields. The fetched-at label records request completion, not market-data freshness.
- Compare premium yield with strike P/L, bid/ask spread, available volume, and open interest. Do not interpret a missing field as zero.
- Recheck the selected contract with your broker, including standard delivery, executable price, fees, dividend dates, and assignment handling.
What the ranking cannot establish
Massive's snapshot documentation defines the 250-result maximum, optional next-page URL, daily bar, and optional Greeks. Data recency depends on provider access. This page does not follow the next-page URL or establish a real-time feed. DTE uses UTC calendar dates rather than an exchange-specific exercise cutoff, and same-date expiry rows are excluded.
OIC defines Delta as a theoretical price sensitivity. This page does not turn it into an assignment or strike-touch probability. It also provides no evidence for universal 30–45 day expiries or 3–10% OTM strikes. Larger premiums can accompany larger stock moves and wider spreads.
An American-style call can be assigned early. Rolling closes one obligation and opens another, with possible realized losses and additional costs. These scenarios omit dividends, taxes, fees, and financing; the OIC assignment FAQ covers exercise and assignment uncertainty.