How are BTGD covered call max profit and max loss calculated?

Max profit equals short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium. For the BTGD covered call priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 53.00%), the computed maximum profit is $186.00 per contract and the computed maximum loss is -$1,913.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a BTGD covered call?

The breakeven for the BTGD covered call priced on this page is roughly $19.14 at expiration, derived from the November 13, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The BTGD market-implied 1-standard-deviation expected move in the same options snapshot is approximately 15.19%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current BTGD implied volatility affect this covered call?

BTGD ATM IV is at 53.00% with IV rank near 18.13%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.

BTGD Covered Call Strategy

BTGD (STKd 100% Bitcoin & 100% Gold ETF), in the Financial Services sector, (Asset Management - Cryptocurrency industry), listed on NASDAQ.

The Quantify Funds STKd 100% Bitcoin & 100% Gold ETF is designed to achieve substantial long-term wealth appreciation. It accomplishes this by strategically allocating investments across two distinct yet mutually beneficial asset classes: Bitcoin and gold.

BTGD (STKd 100% Bitcoin & 100% Gold ETF) trades in the Financial Services sector, specifically Asset Management - Cryptocurrency, with a market capitalization of approximately $26.8M, a beta of 1.94 versus the broader market, a 52-week range of 19.118-43.75, average daily share volume of 23K, a public-listing history dating back to 2024. These structural characteristics shape how BTGD etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.94 indicates BTGD has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. BTGD pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a covered call on BTGD?

A covered call pairs long stock with a short out-of-the-money call, collecting premium and capping upside above the short strike in exchange for income.

BTGD snapshot

As of November 13, 2026, spot at $19.99, ATM IV 53.00%, IV rank 18.13%, expected move 15.19%. The covered call on BTGD below is built from the November 13, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.

Why this covered call structure on BTGD specifically: BTGD IV at 53.00% is on the cheap side of its 1-year range, which means a premium-selling BTGD covered call collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 15.19% (roughly $3.04 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated BTGD expiries trade a higher absolute premium for lower per-day decay. Position sizing on BTGD should anchor to the underlying notional of $19.99 per share and to the trader's directional view on BTGD etf.

BTGD covered call setup

The BTGD covered call below is built from the November 13, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With BTGD at $19.99 on that close, the first option leg uses a $21.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BTGD chain at a 35-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 BTGD shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$19.99	long
Sell 1	Call	$21.00	$0.85

BTGD covered call risk and reward

Net Premium / Debit: -$1,914.00
Max Profit (per contract): $186.00
Max Loss (per contract): -$1,913.00
Breakeven(s): $19.14
Risk / Reward Ratio: 0.097

Max profit equals short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium.

BTGD covered call payoff curve

Modeled P&L at expiration across a range of underlying prices for the covered call on BTGD. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-99.9%	-$1,913.00
$4.43	-77.8%	-$1,471.12
$8.85	-55.7%	-$1,029.24
$13.27	-33.6%	-$587.36
$17.69	-11.5%	-$145.48
$22.10	+10.6%	+$186.00
$26.52	+32.7%	+$186.00
$30.94	+54.8%	+$186.00
$35.36	+76.9%	+$186.00
$39.78	+99.0%	+$186.00

When traders use covered call on BTGD

Covered calls on BTGD are an income strategy run on existing BTGD etf positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.

BTGD thesis for this covered call

The market-implied 1-standard-deviation range for BTGD extends from approximately $16.95 on the downside to $23.03 on the upside. A BTGD covered call collects premium on an existing long BTGD position, trading off upside above the short call strike for immediate income; the short strike selection should reflect the trader's view on whether BTGD will breach that level within the expiration window. Current BTGD IV rank near 18.13% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on BTGD at 53.00%. As a Financial Services name, BTGD options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BTGD-specific events.

BTGD covered call positions are structurally neutral to slightly bullish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. BTGD positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move BTGD alongside the broader basket even when BTGD-specific fundamentals are unchanged. Short-premium structures like a covered call on BTGD carry tail risk when realized volatility exceeds the implied move; review historical BTGD earnings reactions and macro stress periods before sizing. Always rebuild the position from current BTGD chain quotes before placing a trade.

Frequently asked questions

What is a covered call on BTGD?: A covered call on BTGD is the covered call strategy applied to BTGD (etf). The strategy is structurally neutral to slightly bullish: A covered call pairs long stock with a short out-of-the-money call, collecting premium and capping upside above the short strike in exchange for income. With BTGD etf at $19.99 on the November 13, 2026 close, the strikes shown on this page are snapped to the nearest listed BTGD chain strike and the premiums come straight from that session's bid/ask midpoint.
How are BTGD covered call max profit and max loss calculated?: Max profit equals short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium. For the BTGD covered call priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 53.00%), the computed maximum profit is $186.00 per contract and the computed maximum loss is -$1,913.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a BTGD covered call?: The breakeven for the BTGD covered call priced on this page is roughly $19.14 at expiration, derived from the November 13, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The BTGD market-implied 1-standard-deviation expected move in the same options snapshot is approximately 15.19%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a covered call on BTGD?: Covered calls on BTGD are an income strategy run on existing BTGD etf positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.
How does current BTGD implied volatility affect this covered call?: BTGD ATM IV is at 53.00% with IV rank near 18.13%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.