Covered calls on CRM

Salesforce Inc. was trading at $232.14 when this page was last refreshed on September 30, 2026. 4 out-of-the-money CRM calls sat in the 0.15 to 0.25 delta band that covered call writers work in, paying $162 to $201 a contract. Not one of them came back with a score, which usually means the liquidity screen ate the chain.

Numbers on this page come from a snapshot taken on September 30, 2026. They are not live quotes and are not refreshed when you load the page.

One row per expiration: the out-of-the-money strike closest to the middle of the delta band, which is the strike you would actually be looking at on that expiry. Break-even on a covered call is your own cost basis minus the premium, not the strike minus the premium, so the column above is the strike-side break-even and yours depends on what you paid for the shares.

What the premium is priced off

At-the-money implied vol is 43%. Rich, and richness has a reason: something in the next few weeks is expected to move this stock, and you are the one selling the insurance against it.

Can you actually get filled

Median bid-ask spread is 14.2% of the mid, widening to 14.2% on the worst strike here. Workable, but do not send a market order. Open interest is deep, 3,428 contracts at the median strike, so getting out early is not a problem.

Dates that matter in this window

The earnings calendar was checked and came back clean for the 45-day window. Worth confirming yourself before you write anything: calendars move, and an unconfirmed date is not the same as no date. The stock pays about 0.8% a year, and no ex-dividend date was confirmed inside this window.

What the annualized column hides

The best annualized number in this ladder is 28.2%, on the $245.00 strike expiring October 9. It is $162 of actual cash. It annualizes well because it is a 9-day contract, and annualizing a two-week trade assumes you find twenty-six more like it, at the same premium, with the same risk. You will not.

If it gets called away

Take the $250.00 strike expiring October 16. You collect $201 up front. If CRM finishes above $250.00 your 100 shares are sold there, and the 7.7% move from $232.14 up to the strike is yours as well. Everything above it is not. The model puts the odds of keeping the premium without being assigned at about 82%, which is the whole point of writing that far out.

The number nobody checks is the cost basis. If you paid more than $250.00 for these shares, that strike locks in a loss on the stock, and $201 of premium does not repair it. A covered call is only a good trade at a strike you would genuinely accept selling at.

Questions people actually ask

None of these is a pick. This is a dated snapshot of the CRM chain from September 30, 2026, and an option chain from last week is history, not a quote.

Elsewhere on CRM

• Cash-secured puts on CRM
• The wheel on CRM
• Every ticker we track

Understand the strategy

• Covered calls: the complete series
• One full covered call, end to end
• Picking a strike by delta
• What the IV above is actually telling you
• Reading the delta column three ways
• What happens if one of these is assigned
• The filters that produced a table like this one
• What the keep odds column is really claiming
• A full year of these, audited against holding
• What the tax bill looks like on a year of this
• Options basics: the foundations, in full
• How to read a chain like the table above

Run your own numbers

• Covered call calculator static return, if-called return and the cushion.
• Annualized return calculator compare a 14-day trade against a 45-day one.
• Assignment probability calculator the odds behind a strike.
• Roll analyzer for when the stock runs through you.