CCRN Covered Call Strategy
CCRN (Cross Country Healthcare, Inc.), in the Healthcare sector, (Medical - Care Facilities industry), listed on NASDAQ.
Cross Country Healthcare, Inc. provides talent management and other consultative services for healthcare clients in the United States. The company operates in two segments, Nurse and Allied Staffing and Physician Staffing. The Nurse and Allied Staffing segment offers traditional staffing, including temporary and permanent placement of travel nurses and allied professionals, local nurses, and allied staffing; staffing solutions for registered nurses, licensed practical nurses, certified nurse assistants, practitioners, pharmacists, and other allied professionals on per diem and short-term assignments; and clinical and non-clinical professionals on long-term contract assignments, as well as workforce solutions, including MSP, RPO, and consulting services. It also provides retained search services for healthcare professionals, as well as contingent search and recruitment process outsourcing services. This segment serves public and private acute care and non-acute care hospitals, government facilities, local and national healthcare plans, managed care providers, public and charter schools, outpatient clinics, ambulatory care facilities, physician practice groups, and other healthcare providers under the Cross Country brand. The Physician Staffing segment provides physicians in various specialties, certified registered nurse anesthetists, nurse practitioners, and physician assistants under the Cross Country Locums brand as independent contractors on temporary assignments at various healthcare facilities, such as acute and non-acute care facilities, medical group practices, government facilities, and managed care organizations.
CCRN (Cross Country Healthcare, Inc.) trades in the Healthcare sector, specifically Medical - Care Facilities, with a market capitalization of approximately $424.2M, a beta of 0.36 versus the broader market, a 52-week range of 7.43-14.99, average daily share volume of 583K, a public-listing history dating back to 2001, approximately 10K full-time employees. These structural characteristics shape how CCRN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.36 indicates CCRN has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a covered call on CCRN?
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 CCRN snapshot
As of May 15, 2026, spot at $13.14, ATM IV 321.40%, IV rank 67.37%, expected move 92.14%. The covered call on CCRN 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 CCRN specifically: CCRN IV at 321.40% is mid-range versus its 1-year history, so the credit collected on a CCRN covered call sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 92.14% (roughly $12.11 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 CCRN expiries trade a higher absolute premium for lower per-day decay. Position sizing on CCRN should anchor to the underlying notional of $13.14 per share and to the trader's directional view on CCRN stock.
CCRN covered call setup
The CCRN 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 CCRN near $13.14, the first option leg uses a $13.80 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CCRN 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 CCRN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $13.14 | long |
| Sell 1 | Call | $13.80 | N/A |
CCRN covered call risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
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.
CCRN covered call payoff curve
Modeled P&L at expiration across a range of underlying prices for the covered call on CCRN. 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.
When traders use covered call on CCRN
Covered calls on CCRN are an income strategy run on existing CCRN stock positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.
CCRN thesis for this covered call
The market-implied 1-standard-deviation range for CCRN extends from approximately $1.03 on the downside to $25.25 on the upside. A CCRN covered call collects premium on an existing long CCRN position, trading off upside above the short call strike for immediate income; the short strike selection should reflect the trader's view on whether CCRN will breach that level within the expiration window. Current CCRN IV rank near 67.37% is mid-range against its 1-year distribution, so the IV signal is neutral; the covered call thesis on CCRN should anchor more to the directional view and the expected-move geometry. As a Healthcare name, CCRN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CCRN-specific events.
CCRN 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. CCRN positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CCRN alongside the broader basket even when CCRN-specific fundamentals are unchanged. Short-premium structures like a covered call on CCRN carry tail risk when realized volatility exceeds the implied move; review historical CCRN earnings reactions and macro stress periods before sizing. Always rebuild the position from current CCRN chain quotes before placing a trade.
Frequently asked questions
- What is a covered call on CCRN?
- A covered call on CCRN is the covered call strategy applied to CCRN (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 CCRN stock trading near $13.14, the strikes shown on this page are snapped to the nearest listed CCRN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CCRN 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 CCRN covered call priced from the end-of-day chain at a 30-day expiry (ATM IV 321.40%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CCRN covered call?
- The breakeven for the CCRN covered call priced on this page is no defined breakeven on the modeled curve 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 CCRN market-implied 1-standard-deviation expected move is approximately 92.14%; 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 CCRN?
- Covered calls on CCRN are an income strategy run on existing CCRN 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 CCRN implied volatility affect this covered call?
- CCRN ATM IV is at 321.40% with IV rank near 67.37%, 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.