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Covered call calculator备兑看涨期权计算器
A free calculator for covered calls. Enter a cost basis, call strike, premium, days to expiration and number of contracts — it returns the premium collected, static return if unchanged, return if called away, annualized yield, breakeven and max gain if called. Every figure is arithmetic on the numbers you type. Descriptive, not investment advice. 一个免费的备兑看涨期权计算器。输入持仓成本、看涨行权价、权利金、到期天数与合约数量——它会给出收取的权利金、若到期未被行权的静态收益率、若被行权的收益率、静态年化收益率、盈亏平衡价与被行权时的最大收益。每一项都是对你所输入数字的算术计算。仅为描述性内容，不构成投资建议。
What these figures are. Every output is plain arithmetic on the numbers you entered — no live market data, no ranking, no recommendation. The two returns are arithmetic scenarios you selected by typing a strike — "if unchanged at expiration" and "if called away at the strike" — not a forecast, and not a claim that either will occur. Annualized yield is arithmetic on the premium you entered, not an expected or guaranteed return. The calculator does not estimate a probability of assignment or tell you which strike to sell. Runs entirely in your browser — your inputs never leave your device. It is descriptive, not investment advice. 这些数字是什么。每一项输出都是对你所输入数字的简单算术——没有实时行情、没有排名、没有建议。两项收益率是你通过输入行权价所选定的算术情景——"若到期未被行权"与"若在行权价被行权"——并非预测，也不代表任何一种情景一定会发生。静态年化收益率是基于你所输入权利金的算术值，并非预期或保证收益。本计算器不估算被行权的概率，也不告诉你该卖出哪个行权价。全部在你的浏览器中运行——你输入的数据不会离开你的设备。它是描述性的，不构成投资建议。
$50 cost basis, $55 call strike, $1.50 premium, 30 days, 1 contract gives: premium collected $150.00, return if unchanged 3.00%, return if called away 13.00%, annualized (if unchanged) 36.50%, breakeven $48.50, max gain if called $650.00. These are hypothetical round numbers, not any live figure. The values loaded above match those numbers.
计算示例。持仓成本 $50、看涨行权价 $55、权利金 $1.50、30 天、1 份合约，得到：收取的权利金 $150.00、若到期未被行权收益率 3.00%、若被行权收益率 13.00%、静态年化收益率 36.50%、盈亏平衡价 $48.50、被行权时的最大收益 $650.00。这些是假设性的整数示例，并非任何真实数据。上方载入的默认值与这些数字一致。
How each figure is calculated每一项是如何计算的
These are the standard covered-call math. Each is reproducible from the five inputs above — nothing is estimated or forecast. A covered call is the other leg of the wheel from a cash-secured put; if you write puts instead, use the cash-secured put calculator. PutFinder's screener covers cash-secured puts; this tool covers the other wheel leg. For how PutFinder combines factors into a single relative rank, see the scoring methodology; for the screening process end to end, see how a CSP screener works. See all free tools on the tools hub. 这些是标准的备兑看涨期权算式。每一项都可由上面的五个输入复现——没有任何估计或预测。备兑看涨期权是"轮动"策略中相对于现金担保看跌期权的另一条腿；若你卖出的是看跌期权，请使用现金担保看跌期权计算器。PutFinder 的筛选工具覆盖的是现金担保看跌期权；本工具覆盖的是"轮动"策略的另一条腿。关于 PutFinder 如何把因子组合成一个相对排名，请参见评分方法论；关于完整的筛选流程，请参见现金担保看跌期权筛选工具如何工作。在工具中心查看全部免费工具。
- Premium collected = premium × 100 × contracts收取的权利金 = 权利金 × 100 × 合约数
- The cash received for selling the call, in dollars. The per-share premium times 100 shares per contract times the number of contracts.卖出看涨期权所收取的现金，以美元计。每股权利金乘以每份合约 100 股，再乘以合约数量。
- Return if unchanged (static) = premium ÷ basis若到期未被行权（静态）收益率 = 权利金 ÷ 成本
- The premium as a fraction of your cost basis, if the stock is unchanged at expiration and the call expires. A unitless ratio — the per-share amounts cancel, so there is no ×100 contract multiplier here. An arithmetic scenario on the premium, not a return prediction.若股价在到期时未变、看涨期权到期作废，权利金占你持仓成本的比例。一个无量纲比值——每股金额相互抵消，因此这里没有 ×100 的合约乘数。它是关于权利金的算术情景，而非收益预测。
- Return if called away = (strike − basis + premium) ÷ basis若被行权收益率 = (行权价 − 成本 + 权利金) ÷ 成本
- If the shares are called away at the strike: the capital gain to the strike plus the premium, as a fraction of your basis. Also a unitless ratio — no ×100. It is the arithmetic of that scenario, not a claim it will occur and not a probability of assignment.若股票在行权价被行权：到行权价的资本利得加上权利金，占你成本的比例。同样是无量纲比值——没有 ×100。它是该情景的算术，而非该情景一定发生的断言，也不是被行权的概率。
- Annualized (if unchanged) = (premium ÷ basis) × (365 ÷ DTE)静态年化收益率 = (权利金 ÷ 成本) × (365 ÷ 到期天数)
- The static return scaled to a one-year rate by the days to expiration. Also a unitless ratio — no contract ×100. It describes the current premium on a per-year footing so calls of different lengths compare on the same basis; it is not an expected, projected, or compounded return.按到期天数把静态收益率折算成一年的比率。同样是无量纲比值——没有合约 ×100。它把当前权利金放在按年计的基础上，使不同期限的看涨期权在同一基准上可比；它不是预期、预测或复利收益。
- Breakeven = basis − premium盈亏平衡价 = 成本 − 权利金
- The per-share price at which the position turns from a paper gain to a paper loss at expiration — your cost basis reduced by the premium already received.在到期时头寸由账面盈利转为账面亏损的每股价格——即你的持仓成本减去已收取的权利金。
- Max gain if called = (strike − basis + premium) × 100 × contracts被行权时的最大收益 = (行权价 − 成本 + 权利金) × 100 × 合约数
- The dollar gain if the shares are called away at the strike — the gain is capped there because upside above the strike is forgone. The per-share figure times 100 shares per contract times contracts.若股票在行权价被行权时的美元收益——收益在此封顶，因为高于行权价的上涨被放弃。每股数值乘以每份合约 100 股，再乘以合约数量。
References参考文献
- The Options Industry Council (OIC) — options basics, assignment, and the covered call: optionseducation.org.期权行业协会（OIC）——期权基础、行权指派与备兑看涨期权：optionseducation.org。
- Cboe S&P 500 BuyWrite Index (BXM) — a benchmark for systematically writing covered calls: cboe.com/us/indices/dashboard/BXM.Cboe 标普500 BuyWrite 指数（BXM）——系统性卖出备兑看涨期权的基准：cboe.com/us/indices/dashboard/BXM。
- Cboe Options Institute — education on options mechanics and terminology: cboe.com/education.Cboe 期权学院——关于期权机制与术语的教育资料：cboe.com/education。
Common questions常见问题
How do you calculate the return on a covered call?如何计算备兑看涨期权的收益率？
There are two arithmetic scenarios. The static (if-unchanged) return is the premium per share divided by the cost basis. The if-called return is (strike − basis + premium) ÷ basis. For a $50 basis and a $55 call sold for $1.50, the static return is 3.00% and the if-called return is 13.00%. Both are arithmetic descriptions of the entered premium and strike — not an expected or guaranteed return, and not a claim that either scenario will occur.有两个算术情景。静态（若到期未被行权）收益率为每股权利金除以持仓成本。若被行权收益率为 (行权价 − 成本 + 权利金) ÷ 成本。以 $50 成本、$55 看涨、$1.50 权利金为例，静态收益率为 3.00%，若被行权收益率为 13.00%。两者都是对所输入权利金与行权价的算术描述——并非预期或保证收益，也不代表任一情景一定会发生。
What is the breakeven on a covered call?备兑看涨期权的盈亏平衡价是多少？
The breakeven is the cost basis minus the premium per share. With a $50 basis and a $1.50 premium the breakeven is $48.50 — the price at which the position turns from a paper gain to a paper loss at expiration. It describes the entry math, not a forecast of where the stock goes.盈亏平衡价为持仓成本减去每股权利金。以 $50 成本、$1.50 权利金为例，盈亏平衡价为 $48.50——即到期时头寸由账面盈利转为账面亏损的价格。它描述的是入场算式，而非对股价走向的预测。
What is the maximum gain on a covered call?备兑看涨期权的最大收益是多少？
If the shares are called away at the strike, the gain is capped at (strike − basis + premium) × 100 × contracts, because upside above the strike is forgone. For a $50 basis, $55 strike and $1.50 premium, one contract caps the gain at $650. It is the arithmetic ceiling of the scenario you selected by typing a strike, not a probability that it happens.若股票在行权价被行权，收益封顶为 (行权价 − 成本 + 权利金) × 100 × 合约数，因为高于行权价的上涨被放弃。以 $50 成本、$55 行权价、$1.50 权利金为例，一份合约的收益上限为 $650。它是你通过输入行权价所选定情景的算术上限，而非该情景发生的概率。
Is this covered call calculator investment advice?这个备兑看涨期权计算器构成投资建议吗？
No. It runs pure arithmetic on the numbers you type — no live data, no ranking, no recommendation — entirely in your browser, so your inputs never leave your device. Annualized yield is arithmetic on the premium you entered, not a return prediction, and it does not estimate a probability of assignment or tell you which strike to sell. It is a descriptive tool, not investment advice.不构成。它只对你输入的数字进行纯算术计算——没有实时数据、没有排名、没有建议——并且全部在你的浏览器中运行，你输入的数据不会离开你的设备。静态年化收益率是基于你所输入权利金的算术值，而非收益预测，且不估算被行权的概率，也不告诉你该卖出哪个行权价。它是一个描述性工具，不构成投资建议。
Last updated . PutFinder is an internal research engine, not investment advice. This calculator performs arithmetic on the values you enter; the returns shown are arithmetic scenarios on current premium and strike, not projected, historical, or guaranteed returns. Consult a qualified financial professional before making any investment decisions. 最后更新 。PutFinder 是内部研究引擎，不构成投资建议。本计算器仅对你输入的数值进行算术计算；所示收益率为基于当前权利金与行权价的算术情景，而非预测、历史或保证收益。在做出任何投资决策前，请咨询合格的金融专业人士。