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15-min delayed
Strategy · Live on SPY $652.40
Covered call
beginnerconservative/moderate riskHold shares, sell a call against them, collect premium. Rent out your upside.
Payoff workbench
Covered call on SPY at $652.40
Expiry
Contracts1
Drag anywhere on the chart to test a price at expiryP/L at expiry · 1 contract (100 sh)
▲ +$4,215
shares called awayfull premium keptmissed the moon
Stock punched through your strike — assignment territory.
You captured every dollar up to the strike plus the full premium. Anything above is gain you didn't participate in. That's the deal.
Credit collected
+$455
4.55/sh × 100 sh
Your P/L at $721
+$4,215
at the dragged expiry price
Break-even
$647.85
Max loss
−$15,885
Modelled estimate: premiums are approximations from delayed quotes. Confirm at your broker.
Live chain
Pick your strike: SPY calls · 30 days out
How it’s built
The legs: toggle them to see why each one matters
Long 100 shares
Cost basis $65,240
Short 1 call · $690 · 30d
Premium +$455
Result
Covered call
Shares cover the short call. Income with capped upside.
Pairs well with
Unfamiliar term? The glossary defines it in a sentence, and the plain-English guides cover the ideas in longer form.
Educational only, not financial advice. Quotes delayed at least 15 minutes. Premiums, deltas and probabilities are modelled estimates, not live market quotes. Confirm at your broker. Denaras never places trades.