SPY Covered Call: Nov 20 $788 Call
State Street SPDR S&P 500 ETF Trust (SPY). Option quotes as of Oct 19, 2026, 4:15 PM ET. Stock prices are closing prices.
Buy 100 shares at $766.48. Sell 1 Nov 20, 2026 $788 call for $4.14, the bid.
- Premium at the bid
- $414.00
- Delta
- 0.25
- Return if stock unchanged
- 0.54%
- Return if shares called away
- 3.37%
- Breakeven
- $762.34
ETF: no earningsFOMC Oct 28, 2:00 PM ET
Nov 20 expiry, 31 days out (monthly). This is a screen result that fits CFU's rules. It is not a recommendation to trade.
Open SPY in the interactive scannerCash-Secured Put on SPY
Profit and loss at expiry
Why this covered call
Why this expiry
CFU's rules chose the Nov 20 expiry, 31 days out.
It is the standard monthly expiry.
A call with one week left looks like it pays more per day, but it does not keep it.
With the stock unchanged, a call like this with one week left loses about 16 percent of its value a day. It also swings hard with the stock, and you pay the spread again every week.
With the stock unchanged, a call 21 to 45 days out loses about 3 to 6 percent of its value a day, and its strike sits further from the stock.
Those decay figures are model estimates from Black-Scholes at 30% implied volatility, not predictions.
For this call, the options data puts the decay at about $0.16 a share a day, 3.8% of its value, with the stock unchanged. That is a model estimate, not a prediction.
CFU's rules look for expiries 21 to 45 days out and aim for about 35. They take the monthly when it fits.
One- and two-week calls are out unless an earnings report is close.
Why this strike and delta
The $788 call has a delta of 0.25.
CFU's rules sell a call with a delta between 0.20 and 0.30, as close to 0.25 as a liquid strike allows.
Among the strikes in that band, the rules keep the ones that pass the liquidity checks and take the one closest to 0.25.
Below 0.20 the premium gets thin. Above 0.30 the strike sits close to the stock, and your shares are more likely to be called away.
Near 0.25 the strike leaves room for the stock to rise and still pays a real premium.
Delta is a market-implied estimate drawn from option prices.
The options market prices roughly a 75% chance SPY finishes below $788 at expiry. That is an estimate, not a prediction.
Earnings
SPY is an exchange-traded fund, so it has no earnings reports of its own.
Macro events before expiry
Fed rate decision on Oct 28, 2026 at 2:00 PM ET. The Fed sets short-term interest rates at this meeting, and a decision or statement that surprises traders can move the whole market.
Personal Income and Outlays (PCE price index) on Oct 29, 2026 at 8:30 AM ET. The PCE price index is the inflation measure the Fed watches most closely, and a surprise can change the outlook for interest rates and move stock prices.
GDP, advance estimate on Oct 29, 2026 at 8:30 AM ET. The GDP report is the first estimate of how fast the economy grew last quarter, and a surprise can move stock prices.
Employment Situation on Nov 6, 2026 at 8:30 AM ET. The jobs report counts hiring and unemployment, and a surprise can change the outlook for the economy and interest rates and move stock prices.
Consumer Price Index on Nov 10, 2026 at 8:30 AM ET. CPI measures inflation in consumer prices, and a surprise can change the outlook for interest rates and move stock prices.
Producer Price Index on Nov 13, 2026 at 8:30 AM ET. PPI measures inflation in the prices businesses receive, and a surprise can change the outlook for interest rates and move stock prices.
CFU's method does not change the example for these releases. They are listed so you know they fall inside the trade.
Dividends and early assignment
SPY has no declared ex-dividend date before this expiry.
Liquidity
The bid is $4.14 and the ask is $4.17, a spread of 0.7% of the midpoint. On closing prices CFU's rules allow up to 30% of the midpoint, or 10 cents on a low-priced option, because spreads widen at the close.
Open interest, the number of these contracts already open, is 1,965. The rules need at least 100.
The rules also need a bid of at least $0.05.
Your risk
You still own 100 shares. If SPY falls, you lose on the shares.
The $4.14 premium cushions only the first $4.14 of a drop.
Below the $762.34 breakeven, the position loses $100 for each $1 the stock falls.
If the stock went to zero, you would lose $76,234.
Your upside is capped
Your upside is capped at the $788 strike. If SPY is above $788 at expiry, your shares are sold at $788.
You keep the premium, but you miss any gain above that price.
Measured from today's prices, the most this trade can make is $2,566.
How the numbers are priced
Every figure on this page uses the $4.14 bid, the price you could sell at when the quote was taken.
The example order starts at $4.15, the midpoint of the bid and ask rounded down to the option's price step, and walks toward the bid.
SPY call strikes for Nov 20
Every listed strike near the money for the same expiry, priced at the bid. The highlighted row is the one CFU's rules chose. Grey rows fail a liquidity check.
| Strike | Delta | Bid | Ask | From price | Premium (1 contract) | Breakeven |
|---|---|---|---|---|---|---|
| $720 | 0.84 | $52.68 | $53.36 | 6.1% below | $5,268 | $713.80 |
| $725 | 0.83 | $48.13 | $48.72 | 5.4% below | $4,813 | $718.35 |
| $730 | 0.81 | $43.60 | $44.15 | 4.8% below | $4,360 | $722.88 |
| $735 | 0.78 | $39.22 | $39.67 | 4.1% below | $3,922 | $727.26 |
| $740 | 0.76 | $34.91 | $35.27 | 3.5% below | $3,491.00 | $731.57 |
| $745 | 0.73 | $30.68 | $31.00 | 2.8% below | $3,068 | $735.80 |
| $750 | 0.69 | $26.60 | $26.78 | 2.2% below | $2,660 | $739.88 |
| $755 | 0.65 | $22.68 | $22.91 | 1.5% below | $2,268 | $743.80 |
| $760 | 0.61 | $18.97 | $19.10 | 0.8% below | $1,897 | $747.51 |
| $765 | 0.55 | $15.50 | $15.61 | 0.2% below | $1,550 | $750.98 |
| $766 | 0.54 | $14.84 | $14.95 | 0.1% below | $1,484 | $751.64 |
| $767 | 0.53 | $14.23 | $14.28 | 0.1% above | $1,423 | $752.25 |
| $768 | 0.52 | $13.60 | $13.64 | 0.2% above | $1,360 | $752.88 |
| $769 | 0.51 | $12.97 | $13.02 | 0.3% above | $1,297 | $753.51 |
| $770 | 0.49 | $12.37 | $12.41 | 0.5% above | $1,237 | $754.11 |
| $771 | 0.48 | $11.77 | $11.81 | 0.6% above | $1,177 | $754.71 |
| $772 | 0.47 | $11.18 | $11.23 | 0.7% above | $1,118 | $755.30 |
| $773 | 0.45 | $10.62 | $10.67 | 0.9% above | $1,062 | $755.86 |
| $774 | 0.44 | $10.07 | $10.11 | 1.0% above | $1,007 | $756.41 |
| $775 | 0.43 | $9.54 | $9.58 | 1.1% above | $954.00 | $756.94 |
| $776 | 0.41 | $9.02 | $9.06 | 1.2% above | $902 | $757.46 |
| $777 | 0.40 | $8.52 | $8.56 | 1.4% above | $852 | $757.96 |
| $778 | 0.39 | $8.03 | $8.07 | 1.5% above | $803.00 | $758.45 |
| $779 | 0.37 | $7.56 | $7.61 | 1.6% above | $756 | $758.92 |
| $780 | 0.36 | $7.11 | $7.15 | 1.8% above | $711 | $759.37 |
| $781 | 0.35 | $6.68 | $6.72 | 1.9% above | $668 | $759.80 |
| $782 | 0.33 | $6.26 | $6.30 | 2.0% above | $626 | $760.22 |
| $783 | 0.32 | $5.86 | $5.90 | 2.2% above | $586 | $760.62 |
| $784 | 0.30 | $5.48 | $5.52 | 2.3% above | $548 | $761.00 |
| $785 | 0.29 | $5.11 | $5.16 | 2.4% above | $511.00 | $761.37 |
| $786 | 0.28 | $4.78 | $4.81 | 2.5% above | $478 | $761.70 |
| $787 | 0.26 | $4.45 | $4.49 | 2.7% above | $445 | $762.03 |
| $788 (CFU rule) | 0.25 | $4.14 | $4.17 | 2.8% above | $414.00 | $762.34 |
| $789 | 0.24 | $3.84 | $3.88 | 2.9% above | $384 | $762.64 |
| $790 | 0.23 | $3.56 | $3.60 | 3.1% above | $356 | $762.92 |
| $791 | 0.22 | $3.30 | $3.34 | 3.2% above | $330 | $763.18 |
| $792 | 0.20 | $3.05 | $3.09 | 3.3% above | $305 | $763.43 |
| $793 | 0.19 | $2.82 | $2.86 | 3.5% above | $282 | $763.66 |
| $794 | 0.18 | $2.61 | $2.64 | 3.6% above | $261 | $763.87 |
| $795 | 0.17 | $2.40 | $2.43 | 3.7% above | $240 | $764.08 |
| $796 | 0.16 | $2.21 | $2.24 | 3.9% above | $221 | $764.27 |
| $797 | 0.15 | $2.04 | $2.06 | 4.0% above | $204 | $764.44 |
| $798 | 0.14 | $1.87 | $1.90 | 4.1% above | $187 | $764.61 |
| $799 | 0.13 | $1.72 | $1.74 | 4.2% above | $172 | $764.76 |
| $800 | 0.12 | $1.58 | $1.60 | 4.4% above | $158 | $764.90 |
| $801 | 0.11 | $1.45 | $1.47 | 4.5% above | $145 | $765.03 |
| $802 | 0.11 | $1.33 | $1.34 | 4.6% above | $133 | $765.15 |
| $803 | 0.10 | $1.21 | $1.23 | 4.8% above | $121 | $765.27 |
| $804 | 0.09 | $1.11 | $1.12 | 4.9% above | $111.00 | $765.37 |
| $805 | 0.09 | $1.01 | $1.03 | 5.0% above | $101 | $765.47 |
| $806 | 0.08 | $0.93 | $0.94 | 5.2% above | $93 | $765.55 |
Example order
I don't own the shares yet
BUY 100 SPY / SELL TO OPEN 1 SPY 11/20/26 788.00 CALL LIMIT: $762.33 net debit (mid) If not filled: raise $0.01 every 2 min Ceiling: $762.34 (stock price − call bid). Don't pay more.
This is a buy-write. One order buys the shares and sells the call together.
I already own 100 shares
SELL TO OPEN 1 SPY 11/20/26 788.00 CALL LIMIT: $4.15 credit (mid) If not filled: lower $0.01 every 2 min Floor: $4.14 (bid). Don't sell for less.
Prices are from Oct 19, 2026, 4:14 PM ET. Recompute from your live quote: start at mid, walk toward the bid, never past it.
Before you sell, ask
- Am I happy selling SPY at $788?
- Am I happy holding it below $762.34?
These are the two questions CFU asks before any example, for every ticker. If either answer is no, this is not the trade for you.
Other expirations for SPY
Open one in the interactive scanner to see its strikes, chart and order example.
- Oct 30 · 10 days · weekly
- Nov 6 · 17 days · weekly
- Nov 13 · 24 days · weekly
- Nov 27 · 38 days · weekly
- Dec 18 · 59 days · monthly
- Dec 31 · 72 days · weekly
- Jan 15 · 87 days · monthly
- Jan 29 · 101 days · weekly
- Feb 19 · 122 days · monthly
- Feb 26 · 129 days · weekly
- Mar 19 · 150 days · monthly
- Jun 17 · 240 days · monthly
- Sep 17 · 332 days · monthly
- Dec 17 · 423 days · monthly
- Jan 21 · 458 days · monthly
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