How are BLLN 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 BLLN covered call priced from the end-of-day chain at a 30-day expiry (ATM IV 81.50%), the computed maximum profit is $1,164.00 per contract and the computed maximum loss is -$7,835.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a BLLN covered call?

The breakeven for the BLLN covered call priced on this page is roughly $78.36 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 BLLN market-implied 1-standard-deviation expected move is approximately 23.37%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current BLLN implied volatility affect this covered call?

Current BLLN ATM IV is 81.50%; IV rank context is unavailable in the current snapshot.

BLLN Covered Call Strategy

BLLN (BillionToOne, Inc.), in the Healthcare sector, (Medical - Diagnostics & Research industry), listed on NASDAQ.

BillionToOne, Inc., a precision diagnostics company, quantifies biology to create molecular diagnostics. The company provides molecular counting platform, which is designed to detect and measure DNA molecules at the single-count level to help enhance disease detection. It offers UNITY Complete, a non-invasive prenatal screen that assesses fetal risk for aneuploidies, recessive conditions, and fetal antigens from a maternal blood draw; Northstar Select, a liquid biopsy test that provides a list of mutations that are present in the tumor and types of mutations detected that include deletions, insertions, and point mutations; and Northstar Response, a test that provides longitudinal determination of cancer burden through methylation assessment. The company was incorporated in 2016 and is headquartered in Menlo Park, California.

BLLN (BillionToOne, Inc.) trades in the Healthcare sector, specifically Medical - Diagnostics & Research, with a market capitalization of approximately $4.17B, a trailing P/E of 165.07, a beta of -0.05 versus the broader market, a 52-week range of 61.96-138.7, average daily share volume of 449K, a public-listing history dating back to 2025, approximately 620 full-time employees. These structural characteristics shape how BLLN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -0.05 indicates BLLN has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 165.07 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple.

What is a covered call on BLLN?

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 BLLN snapshot

As of May 15, 2026, spot at $83.81, ATM IV 81.50%, expected move 23.37%. The covered call on BLLN 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 34-day expiry.

Why this covered call structure on BLLN specifically: IV rank is unavailable in the current snapshot, so regime-based timing for BLLN is inferred from ATM IV at 81.50% alone, with a market-implied 1-standard-deviation move of approximately 23.37% (roughly $19.58 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated BLLN expiries trade a higher absolute premium for lower per-day decay. Position sizing on BLLN should anchor to the underlying notional of $83.81 per share and to the trader's directional view on BLLN stock.

BLLN covered call setup

The BLLN 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 BLLN near $83.81, the first option leg uses a $90.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BLLN chain at a 34-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 BLLN shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$83.81	long
Sell 1	Call	$90.00	$5.45

BLLN covered call risk and reward

Net Premium / Debit: -$7,836.00
Max Profit (per contract): $1,164.00
Max Loss (per contract): -$7,835.00
Breakeven(s): $78.36
Risk / Reward Ratio: 0.149

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.

BLLN covered call payoff curve

Modeled P&L at expiration across a range of underlying prices for the covered call on BLLN. 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%	-$7,835.00
$18.54	-77.9%	-$5,982.03
$37.07	-55.8%	-$4,129.05
$55.60	-33.7%	-$2,276.08
$74.13	-11.6%	-$423.10
$92.66	+10.6%	+$1,164.00
$111.19	+32.7%	+$1,164.00
$129.72	+54.8%	+$1,164.00
$148.25	+76.9%	+$1,164.00
$166.78	+99.0%	+$1,164.00

When traders use covered call on BLLN

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

BLLN thesis for this covered call

The market-implied 1-standard-deviation range for BLLN extends from approximately $64.23 on the downside to $103.39 on the upside. A BLLN covered call collects premium on an existing long BLLN position, trading off upside above the short call strike for immediate income; the short strike selection should reflect the trader's view on whether BLLN will breach that level within the expiration window. As a Healthcare name, BLLN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BLLN-specific events.

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

Frequently asked questions

What is a covered call on BLLN?: A covered call on BLLN is the covered call strategy applied to BLLN (stock). 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 BLLN stock trading near $83.81, the strikes shown on this page are snapped to the nearest listed BLLN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are BLLN 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 BLLN covered call priced from the end-of-day chain at a 30-day expiry (ATM IV 81.50%), the computed maximum profit is $1,164.00 per contract and the computed maximum loss is -$7,835.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a BLLN covered call?: The breakeven for the BLLN covered call priced on this page is roughly $78.36 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 BLLN market-implied 1-standard-deviation expected move is approximately 23.37%; 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 BLLN?: Covered calls on BLLN are an income strategy run on existing BLLN stock positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.
How does current BLLN implied volatility affect this covered call?: Current BLLN ATM IV is 81.50%; IV rank context is unavailable in the current snapshot.