01 — SPY · COVERED CALLS

Best SPY covered calls setups.

Pick how long you want to wait and how much risk you'll take. We score every live strike across the next 3 expirations and surface the top setups — updated hourly.

Deep liquidity and broad macro sensitivity, useful for probability-based structures.

Find the best strikes →FREE · 20 ANALYSES/DAY · NO CARD
SPDR S&P 500 ETF Trust
Index ETF
SPY
$772.31+1.1% / 30d
IV rank (1y)
21.3% · low
Option vol
1094K /day

02 — Live setups

Suggested strikes

Choose your time horizon and risk band. Every match is scored on return, premium, and probability of profit.

Days to expiration
Probability of profit
Sort by
Top pick
$781 call · Nov 30
32 DAYS · 1.1% OTM · SELL TO OPEN
Credit
$1020
Return
1.32%
PoP
60%
StrikeExpirationCreditReturn ↓PoP
$784
1.5% OTM
Dec 4
36 days
$1011
$10.11 / share
1.31%62%
$781
1.1% OTM
Nov 27
29 days
$975
$9.75 / share
1.26%61%
$785
1.6% OTM
Dec 4
36 days
$957
$9.57 / share
1.24%63%
$782
1.3% OTM
Nov 27
29 days
$921
$9.21 / share
1.19%62%
$783
1.4% OTM
Nov 30
32 days
$915
$9.15 / share
1.18%63%
$783
1.4% OTM
Dec 4
36 days
$913
$9.13 / share
1.18%61%
$784
1.5% OTM
Nov 30
32 days
$865
$8.65 / share
1.12%64%
$787
1.9% OTM
Dec 4
36 days
$865
$8.65 / share
1.12%66%
$782
1.3% OTM
Nov 30
32 days
$850
$8.50 / share
1.1%61%
10 of 45 matchesCustomize filters →

03 — Strategy

Covered Calls, plainly explained

Neutral-to-mildly bullish traders focused on steady premium collection.

P&L at expiration · $781 call · 32 DTE

$0+$1,020losses$762.11 BREAKEVEN$781 STRIKE

Key numbers

Premium collected+$1,020
Max profit+$1,020
Breakeven$762.11
Capped above$781
Probability of profit60%
Days to expiration32

When this trade makes sense

Use when

  • ✓You already own 100+ shares of the stock
  • ✓You'd be fine selling at the strike price
  • ✓You think the stock goes flat or slightly up
  • ✓IV rank is elevated — premiums are rich

Avoid when

  • ✕You think the stock is about to rip higher
  • ✕You're attached to the shares (tax, conviction)
  • ✕Earnings are inside the expiration window
  • ✕Premiums are unusually low — nothing to collect
Read the full covered calls guide →

05 — RUN IT LIVE

See the highest chance of profit on SPY.

Option Agent scans live chains and recommends setups based on current market conditions.

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Option Agent is not a registered investment advisor, broker-dealer, or financial planner. All analysis, recommendations, and data are for informational and educational purposes only and do not constitute personalized investment advice. Options trading involves substantial risk of loss and is not suitable for all investors. Past probability calculations do not guarantee future results. Consult a qualified financial advisor before making investment decisions.