Poor Man's Covered Call Options Profit Calculator

Deep ITM LEAPS + short near-term call. Covered call without owning shares.

Switch strategy

Symbol

Override price (optional — scenario testing)

Position Legs

Expiration Date

Enter a symbol above and select expiry to load live options data

Leg 1 — Long Call

manual

Strike

Premium / share

Contracts

Implied Volatility (%)

Leg 2 — Short Call

manual

Strike

Premium / share

Contracts

Implied Volatility (%)

Settings

IV Scenario

Commission ($ per contract)

Use bid/ask spread (worst-case fill)

Strategy Results

Select an expiry and strike to analyze your Poor Man's Covered Call

P&L Chart

Enter strike and premium to see P&L chart

P&L Heatmap

price × DTE

Enter position details to see P&L heatmap

Position Greeks

Greeks appear once strikes are entered

What is a Poor Man's Covered Call Options Calculator?

Buy a deep ITM long-dated call (LEAPS) as a substitute for 100 shares, then sell a short-dated OTM call against it. Lower capital requirement than a covered call with similar income potential.

Max risk

limited

Max reward

limited

Legs

2 legs