How are GOOX 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 GOOX covered call priced from the end-of-day chain at a 30-day expiry (ATM IV 62.60%), the computed maximum profit is $668.50 per contract and the computed maximum loss is -$7,830.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a GOOX covered call?

The breakeven for the GOOX covered call priced on this page is roughly $78.32 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current GOOX market-implied 1-standard-deviation expected move is approximately 17.95%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current GOOX implied volatility affect this covered call?

GOOX ATM IV is at 62.60% with IV rank near 34.41%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.

GOOX Covered Call Strategy

GOOX (T-REX 2X Long Alphabet Daily Target ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on CBOE.

Under typical conditions, this exchange-traded fund allocates at least 80% of its net assets, potentially augmented by borrowed capital, to various financial instruments. These instruments are strategically chosen to deliver, on a daily basis, a leveraged return equivalent to 200% of the price movement of Alphabet (GOOG) stock. It is important to note that this fund is not diversified.

GOOX (T-REX 2X Long Alphabet Daily Target ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $44.4M, a beta of 3.00 versus the broader market, a 52-week range of 16.85-107.61, average daily share volume of 188K, a public-listing history dating back to 2024. These structural characteristics shape how GOOX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 3.00 indicates GOOX has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. GOOX pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a covered call on GOOX?

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.

Current GOOX snapshot

As of June 30, 2026, spot at $80.69, ATM IV 62.60%, IV rank 34.41%, expected move 17.95%. The covered call on GOOX below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 17-day expiry.

Why this covered call structure on GOOX specifically: GOOX IV at 62.60% is mid-range versus its 1-year history, so the credit collected on a GOOX covered call sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 17.95% (roughly $14.48 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated GOOX expiries trade a higher absolute premium for lower per-day decay. Position sizing on GOOX should anchor to the underlying notional of $80.69 per share and to the trader's directional view on GOOX etf.

GOOX covered call setup

The GOOX covered call below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With GOOX near $80.69, the first option leg uses a $85.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed GOOX chain at a 17-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 GOOX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$80.69	long
Sell 1	Call	$85.00	$2.38

GOOX covered call risk and reward

Net Premium / Debit: -$7,831.50
Max Profit (per contract): $668.50
Max Loss (per contract): -$7,830.50
Breakeven(s): $78.32
Risk / Reward Ratio: 0.085

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.

GOOX covered call payoff curve

Modeled P&L at expiration across a range of underlying prices for the covered call on GOOX. 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	-100.0%	-$7,830.50
$17.85	-77.9%	-$6,046.51
$35.69	-55.8%	-$4,262.52
$53.53	-33.7%	-$2,478.53
$71.37	-11.6%	-$694.54
$89.21	+10.6%	+$668.50
$107.05	+32.7%	+$668.50
$124.89	+54.8%	+$668.50
$142.73	+76.9%	+$668.50
$160.57	+99.0%	+$668.50

When traders use covered call on GOOX

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

GOOX thesis for this covered call

The market-implied 1-standard-deviation range for GOOX extends from approximately $66.21 on the downside to $95.17 on the upside. A GOOX covered call collects premium on an existing long GOOX position, trading off upside above the short call strike for immediate income; the short strike selection should reflect the trader's view on whether GOOX will breach that level within the expiration window. Current GOOX IV rank near 34.41% is mid-range against its 1-year distribution, so the IV signal is neutral; the covered call thesis on GOOX should anchor more to the directional view and the expected-move geometry. As a Financial Services name, GOOX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to GOOX-specific events.

GOOX 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. GOOX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move GOOX alongside the broader basket even when GOOX-specific fundamentals are unchanged. Short-premium structures like a covered call on GOOX carry tail risk when realized volatility exceeds the implied move; review historical GOOX earnings reactions and macro stress periods before sizing. Always rebuild the position from current GOOX chain quotes before placing a trade.

Frequently asked questions

What is a covered call on GOOX?: A covered call on GOOX is the covered call strategy applied to GOOX (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 GOOX etf trading near $80.69, the strikes shown on this page are snapped to the nearest listed GOOX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are GOOX 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 GOOX covered call priced from the end-of-day chain at a 30-day expiry (ATM IV 62.60%), the computed maximum profit is $668.50 per contract and the computed maximum loss is -$7,830.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a GOOX covered call?: The breakeven for the GOOX covered call priced on this page is roughly $78.32 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current GOOX market-implied 1-standard-deviation expected move is approximately 17.95%; 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 GOOX?: Covered calls on GOOX are an income strategy run on existing GOOX 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 GOOX implied volatility affect this covered call?: GOOX ATM IV is at 62.60% with IV rank near 34.41%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.