How are NOBL 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 NOBL covered call priced from the end-of-day chain at a 30-day expiry (ATM IV 11.70%), the computed maximum profit is $695.50 per contract and the computed maximum loss is -$10,403.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a NOBL covered call?

The breakeven for the NOBL covered call priced on this page is roughly $104.05 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 NOBL market-implied 1-standard-deviation expected move is approximately 3.35%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current NOBL implied volatility affect this covered call?

NOBL ATM IV is at 11.70% with IV rank near 3.91%, 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.

NOBL Covered Call Strategy

NOBL (ProShares - S&P 500 Dividend Aristocrats ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

The fund will invest at least 80% of its total assets in component securities of the index. The index contains a minimum of 40 stocks, which are equally weighted, and no single sector is allowed to comprise more than 30% of the index weight. It seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide exposure to the returns of the index without regard to market conditions, trends or direction.

NOBL (ProShares - S&P 500 Dividend Aristocrats ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $11.24B, a beta of 0.71 versus the broader market, a 52-week range of 98.25-115.31, average daily share volume of 741K, a public-listing history dating back to 2013. These structural characteristics shape how NOBL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.71 places NOBL roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. NOBL pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a covered call on NOBL?

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 NOBL snapshot

As of May 15, 2026, spot at $105.57, ATM IV 11.70%, IV rank 3.91%, expected move 3.35%. The covered call on NOBL 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 63-day expiry.

Why this covered call structure on NOBL specifically: NOBL IV at 11.70% is on the cheap side of its 1-year range, which means a premium-selling NOBL covered call collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 3.35% (roughly $3.54 on the underlying). The 63-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated NOBL expiries trade a higher absolute premium for lower per-day decay. Position sizing on NOBL should anchor to the underlying notional of $105.57 per share and to the trader's directional view on NOBL etf.

NOBL covered call setup

The NOBL 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 NOBL near $105.57, the first option leg uses a $111.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NOBL chain at a 63-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 NOBL shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$105.57	long
Sell 1	Call	$111.00	$1.53

NOBL covered call risk and reward

Net Premium / Debit: -$10,404.50
Max Profit (per contract): $695.50
Max Loss (per contract): -$10,403.50
Breakeven(s): $104.05
Risk / Reward Ratio: 0.067

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.

NOBL covered call payoff curve

Modeled P&L at expiration across a range of underlying prices for the covered call on NOBL. 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.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$10,403.50
$23.35	-77.9%	-$8,069.40
$46.69	-55.8%	-$5,735.30
$70.03	-33.7%	-$3,401.20
$93.37	-11.6%	-$1,067.10
$116.72	+10.6%	+$695.50
$140.06	+32.7%	+$695.50
$163.40	+54.8%	+$695.50
$186.74	+76.9%	+$695.50
$210.08	+99.0%	+$695.50

When traders use covered call on NOBL

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

NOBL thesis for this covered call

The market-implied 1-standard-deviation range for NOBL extends from approximately $102.03 on the downside to $109.11 on the upside. A NOBL covered call collects premium on an existing long NOBL position, trading off upside above the short call strike for immediate income; the short strike selection should reflect the trader's view on whether NOBL will breach that level within the expiration window. Current NOBL IV rank near 3.91% 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 NOBL at 11.70%. As a Financial Services name, NOBL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NOBL-specific events.

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

Frequently asked questions

What is a covered call on NOBL?: A covered call on NOBL is the covered call strategy applied to NOBL (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 NOBL etf trading near $105.57, the strikes shown on this page are snapped to the nearest listed NOBL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are NOBL 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 NOBL covered call priced from the end-of-day chain at a 30-day expiry (ATM IV 11.70%), the computed maximum profit is $695.50 per contract and the computed maximum loss is -$10,403.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a NOBL covered call?: The breakeven for the NOBL covered call priced on this page is roughly $104.05 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 NOBL market-implied 1-standard-deviation expected move is approximately 3.35%; 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 NOBL?: Covered calls on NOBL are an income strategy run on existing NOBL 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 NOBL implied volatility affect this covered call?: NOBL ATM IV is at 11.70% with IV rank near 3.91%, 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.