Covered Call Return Calculator
Covered call return calculator: enter cost basis, strike, and premium to get your static income return, return if called, and break-even price.
Enter your cost basis, the call strike you sold, and the premium you collected. You get the income if the stock stays flat, the total return if it’s called away, and the break-even — per 100 shares.填入你的持股成本、卖出的看涨期权行权价，以及收到的权利金，即可得到——股价持平时的收入、被行权（call away）时的总回报，以及保本价（每 100 股）。
Fill in cost basis, strike and premium to see the return.填入成本价、行权价与权利金即可查看回报。
- Static (income) return静态（收入）回报
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- Break-even price保本价
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- Downside protection下行保护
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- Annualized if called被行权年化
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A covered call earns you the premium up front in exchange for capping your upside at the strike. Two returns matter: the static return — the income you keep if the stock stays flat and the option expires worthless — and the return if called — the total gain if the stock finishes above the strike and your shares are sold at it. Both are measured against your cost basis.备兑看涨期权（covered call）让你预先赚取权利金，代价是把上涨空间封顶在行权价。有两个回报值得关注：静态回报——若股价持平、期权作废，你留下的收入；以及被行权回报——若股价收在行权价之上、股票以行权价被卖出时的总收益。两者都以你的成本价为基准衡量。
01The formula公式
Return if called % = 100 × (strike − basis + premium) ÷ basis被行权回报 % = 100 × (行权价 − 成本价 + 权利金) ÷ 成本价
Break-even = cost basis − premium保本价 = 成本价 − 权利金
Annualized if called % = 100 × ( (1 + return if called)^(365 ÷ days) − 1 )被行权年化 % = 100 × ( (1 + 被行权回报)^(365 ÷ 天数) − 1 )
The premium does double duty: it is your income and your first line of downside protection — the stock can fall by the premium before you’re underwater, which is exactly the break-even. The annualized figure simply scales the if-called return to a full year; it assumes the same trade could be repeated at the same pace, which is a big assumption.权利金一物两用：既是你的收入，也是你的第一道下行保护——股价可以下跌至多一个权利金的幅度你才开始亏损，这个点正是保本价。年化数字只是把被行权回报按比例换算成整年；它假设同样的交易能以同样的节奏反复进行——这是一个很大的假设。
02A worked example一个算例
Suppose a trader owns shares at a $100.00 cost basis and sells a one-month call at the $105 strike, collecting $3.00 per share. Days to expiration: 30.假设某交易者以 $100.00 的成本持股，卖出一个月后到期、行权价 $105 的看涨期权，每股收取 $3.00 权利金。到期天数：30。
- Static return = 100 × 3 ÷ 100 = 3.00% — the income if the stock is flat.静态回报 = 100 × 3 ÷ 100 = 3.00%——股价持平时的收入。
- Return if called = 100 × (105 − 100 + 3) ÷ 100 = 8.00%.被行权回报 = 100 × (105 − 100 + 3) ÷ 100 = 8.00%。
- Break-even = 100 − 3 = $97.00.保本价 = 100 − 3 = $97.00。
- Annualized if called = 100 × (1.08^(365÷30) − 1) ≈ 155% — hypothetical, if repeated every month for a year.被行权年化 = 100 × (1.08^(365÷30) − 1) ≈ 155%——假设性数字，前提是每月重复一整年。
That ~155% headline is the number covered-call marketing loves to quote — and it is illustrative only. It presumes you can re-sell a call at the same premium, twelve times, with the stock landing just right each time. The honest figures here are the 3% you actually collect this month and the 8% ceiling if the shares are called.这个约 155% 的醒目数字，正是备兑看涨营销最爱引用的——但它仅供说明。它假设你能以同样的权利金反复卖出看涨期权十二次，且每次股价都恰到好处。真正诚实的数字，是你这个月实际收到的 3%，以及股票被行权时 8% 的上限。
03The common trap常见陷阱
The annualized-if-called figure is a scaling, not a promise. It quietly assumes the trade repeats perfectly all year — same premium, same favorable close — and it ignores the months the stock falls (where the premium only softens the loss) or gaps far above the strike (where you leave the extra upside on the table). A single good month annualized to triple digits is a hypothetical, not an expected return.被行权年化数字是一种换算，而非承诺。它悄悄假设交易全年完美重复——同样的权利金、同样有利的收盘价——却忽略了股价下跌的月份（那时权利金只是减轻亏损），以及远高于行权价的跳空（那时你放弃了额外的上涨）。把一个好月份年化成三位数，只是假设，而非预期回报。
04Where this breaks它的局限
This math gives a clean picture of one covered call at expiration. A few honest limits:这套算法清晰地描绘了单个备兑看涨期权在到期时的情形。几点诚实的局限：
- Capped upside. If the stock rockets past the strike, your gain stops at the strike plus premium — the return if called is your ceiling, no matter how high it runs.上涨封顶。若股价一飞冲天越过行权价，你的收益止步于行权价加权利金——无论涨多高，被行权回报就是你的天花板。
- Real downside remains. The premium cushions a fall only down to the break-even; below that you lose money on the shares, and a large drop dwarfs the income collected.真实下行仍在。权利金只能缓冲下跌到保本价为止；再往下你就在股票上亏钱，一次大跌足以让收到的收入相形见绌。
- Taxes, fees, dividends, and early assignment. This calculator ignores commissions, the tax treatment of premium and any called-away gain, dividends you may lose to early assignment, and the chance of being assigned before expiration. All shift the real outcome.税费、股息与提前行权。本计算器不计佣金、权利金与被行权收益的税务处理、可能因提前行权而失去的股息，以及到期前被指派行权的可能。这些都会改变真实结果。
A covered call trades your upside above the strike for income today. Judge it by the premium you keep and the ceiling you accept — not by an annualized number that assumes a perfect year.备兑看涨期权，是用行权价以上的上涨空间，换取今天的收入。用你留下的权利金和你接受的上限来评判它——而不是用一个假设完美一整年的年化数字。
See what a single closed trade actually returned with the 用 trade profit calculator交易盈亏计算器, or weigh a stop against a target with the 看单笔平仓交易的实际回报，或用 risk-to-reward calculator盈亏比计算器.权衡止损与目标。