Covered Call Calculator

Calculate covered call max profit, annualized yield, and return if called away — factoring in your adjusted cost basis. For wheel strategy traders, using your real ACB (not purchase price) gives you the correct numbers.

Current Share Price ($)

Adjusted Cost Basis / Share ($)

Strike Price ($)

Premium / Share ($)

Days to Expiry (DTE)

Contracts

ACB vs. purchase price for covered calls

If you're running the wheel strategy, your adjusted cost basis is lower than the price you paid for shares — because you've been collecting CSP and CC premiums that reduce your effective cost. Using your real ACB shows the correct max profit and return, not an overstated one.

Formula: Max Profit = (Strike − ACB + Premium) × Contracts × 100

Track covered calls and ACB automatically across every wheel campaign.