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15-min delayed

Strategy · Live on SPY $652.40

Covered ratio spread

advancedhigh risk

Own 100 shares, sell 2 OTM calls. One call is covered; the second is naked above the strike.

Payoff workbench

Covered ratio spread 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)

▲ +$1,582

in profitposition working

Profitable zone — P&L +$3,066 at mid-range.

The position is profitable at this price level. Consider your exit plan and whether you've reached your target return.

Credit collected

+$910

4.55/sh × 200 sh

Your P/L at $721

+$1,582

at the dragged expiry price

Break-even

$643.3

Max loss

Unlimited

Modelled estimate: premiums are approximations from delayed quotes. Confirm at your broker.

Live chain

Pick your strike: SPY calls · 30 days out

Tap a strike to load it into the workbench

Strike	Delta	Premium	Credit / contract	Return	Annualized	Prob. OTM
	0.39	$10.80	+$1,080	1.64%	19.9%	61%
	0.26	$9.20	+$920	1.37%	16.7%	74%
	0.16	$6.90	+$690	1.01%	12.3%	84%
	0.09	$4.55	+$455	0.66%	8.0%	91%
	0.05	$2.65	+$265	0.38%	4.6%	95%
	0.03	$1.35	+$135	0.19%	2.3%	97%
	0.02	$0.60	+$60	0.08%	1.0%	98%
	0.01	$0.25	+$25	0.03%	0.4%	99%

Every strike, every expiry, with Greeks, in the free appSee the full SPY chain →

How it’s built

The legs: toggle them to see why each one matters

Long 100 shares

Covers 1 of 2 calls

Short 2 call · $690 · 30d

Premium +$910

Result

Covered ratio spread

Extra $220 premium vs. covered call. But the second call is uncovered — losses mount above $110.10.

Pairs well with

Covered callOpen →

Hold shares, sell a call against them, collect premium. Rent out your upside.

Cash-secured putOpen →

Set aside cash, sell a put at your target buy price, collect premium.

Wheel strategyOpen →

Cycle: sell puts until assigned, then sell calls until called away. Repeat.

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.