The net debit is at or above the spread width — this PMCC cannot reach a profit at the short strike. Choose a cheaper LEAPS or a higher short strike.
Your short call expires on or after the LEAPS — a PMCC normally sells a shorter-dated call against a longer-dated LEAPS.
Your LEAPS strike is at or above the current price (not in-the-money). A PMCC works best with a deep in-the-money LEAPS that tracks the stock.
—
Max profit and breakeven value the LEAPS at intrinsic only at the short expiration; the real best case is usually a little better. Income yield annualizes this cycle's short-call credit against your net debit.
—
Best guess — modeled at the short call's expiration, valuing the remaining LEAPS with Black-Scholes and assuming implied volatility holds. A two-expiration estimate, not a prediction; it ignores volatility skew, early assignment and dividends. Real outcomes will differ.
The panel above prices one short Call. But you buy the LEAPS once and sell Calls against it again and again — that repetition is the whole point of the strategy. Log every short Call you have sold against this LEAPS and the tool tracks what the run has collected, what that has taken off your LEAPS cost, and the pace it sets.
Short Call 1 mirrors the panel's Strike and Premium while its box is ticked, even if called away. Untick to keep those recorded values. Outcome and later Calls stay yours.
Want to stop selling and let the LEAPS run uncapped? Buy the last Call back, log it, and add nothing after it — the tool reads that as an uncapped LEAPS and says what the totals then leave out.
No account needed — nothing leaves your browser.
Download keeps your LEAPS setup and every cycle in a spreadsheet-friendly file. Import restores the complete position.
Capital here is the LEAPS premium you paid — not the net debit above, which has already netted off one short-Call credit that belongs in this log. Return on capital is collected income only; it does not mark the LEAPS itself to market.
Net premium collected after each counted cycle.
Powered by The Options Bench — free poor man's covered call calculator and options guides.