Covered calls on CRM
Salesforce Inc. was trading at $187.92 when this page was last refreshed on August 3, 2026. 15 out-of-the-money CRM calls sat in the 0.15 to 0.25 delta band that covered call writers work in, paying $91 to $297 a contract. None of them cleared the confidence bar.
Numbers on this page come from a snapshot taken on August 3, 2026. They are not live quotes and are not refreshed when you load the page.
| Expiry | Strike | Bid / ask | Premium | Annualized | Keep odds | Break-even | OI |
|---|---|---|---|---|---|---|---|
| August 14 11d | $210.00 | $0.82 / $0.99 | $91 | 16.0% | 81% | $210.91 | 255 |
| August 21 18d | $212.50 | $1.42 / $1.71 | $157 | 16.9% | 79% | $214.07 | 24 |
| August 28 25d | $220.00 | $1.32 / $2.00 | $166 | 12.9% | 82% | $221.66 | 120 |
| September 4 32d | $225.00 | $1.67 / $2.55 | $211 | 12.8% | 82% | $227.11 | 37 |
| September 11 39d | $225.00 | $2.04 / $3.90 | $297 | 14.8% | 81% | $227.97 | 1 |
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 56%. That is the kind of number that draws premium sellers in and then runs them over. A 60% IV name can gap 20% on a Tuesday, and the premium that looked like free money on Monday covers about a fifth of that.
Can you actually get filled
Median bid-ask spread is 41.0% of the mid, and the worst strike here is 62.6%. At those widths the quoted premium is close to fiction. Work the order, or write a different expiry. Open interest is thin, 37 contracts at the median strike. You can get into a position like that far more easily than you can get out of it. 2 expiries in this ladder have almost no open interest at all (August 21, September 11), and a strike nobody else holds is a strike you will be negotiating your way out of alone.
Dates that matter in this window
Earnings land inside the 45-day window. That is the one date that reliably breaks a premium-selling trade: the stock gaps, the strike you picked on a probability model turns out to have been picked on the wrong distribution, and the vol you sold collapses to reward the buyer instead of you. The engine deducts heavily for it. The stock pays about 0.9% 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 16.9%, on the $212.50 strike expiring August 21. It is $157 of actual cash. Over 18 days that is 0.8% in the hand, which is the number to compare against anything else you could do with the same capital. The near expiry is close behind at 16.0%, with a lot less time for the position to go wrong.
If it gets called away
Take the $225.00 strike expiring September 4. You collect $211 up front. If CRM finishes above $225.00 your 100 shares are sold there, and the 19.7% move from $187.92 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 $225.00 for these shares, that strike locks in a loss on the stock, and $211 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
What is a good strike for a covered call on CRM?
The strikes above are the ones in the 0.15 to 0.25 delta band, which is where premium sellers targeting roughly an 80% chance of keeping the premium tend to sit. On the August 3, 2026 snapshot that meant $210.00 out to $225.00, depending on how far out you go. The right one for you is the lowest strike you would still be happy selling your shares at.
How much can you make selling covered calls on CRM?
The best annualized figure in the ladder above was 16.9%, and the cash it represents was $157 for one contract. Annualized numbers assume you repeat the trade all year at the same premium, which nobody does. Treat them as a way to compare expiries, not as a forecast.
Does OptionsKing recommend selling calls on CRM?
No. This page is a dated snapshot of the chain, not a recommendation, and the app itself said nothing on this ticker cleared its 75 confidence bar at the last refresh. See how the confidence gate works and the full disclaimer.
None of these is a pick. This is a dated snapshot of the CRM chain from August 3, 2026, and an option chain from last week is history, not a quote.