How are CLDX 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 CLDX covered call priced from the end-of-day chain at a 30-day expiry (ATM IV 42.10%), the computed maximum profit is $276.50 per contract and the computed maximum loss is -$3,022.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CLDX covered call?

The breakeven for the CLDX covered call priced on this page is roughly $30.24 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 CLDX market-implied 1-standard-deviation expected move is approximately 12.07%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CLDX implied volatility affect this covered call?

CLDX ATM IV is at 42.10% with IV rank near 3.82%, 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.

CLDX Covered Call Strategy

CLDX (Celldex Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

Celldex Therapeutics, Inc., a biopharmaceutical company, engages in developing therapeutic monoclonal and bispecific antibodies for the treatment of various diseases. Its drug candidates include antibody-based therapeutics to treat patients with inflammatory diseases and various forms of cancer. The company's clinical development programs CDX-0159, a Phase I monoclonal antibody that binds the receptor tyrosine kinase KIT and inhibits its activity; CDX-1140, a human agonist monoclonal antibody targeted to CD40, a key activator of immune response, which is found on dendritic cells, macrophages, and B cells, as well as is expressed on various cancer cells; and CDX-527, a bispecific antibody, which uses the company's proprietary active anti-PD-L1 and CD27 human antibodies to couple CD27 costimulation with blockade of the PD-L1/PD-1 pathway to help prime and activate anti-tumor T cell responses through CD27 costimulation. The company has research collaboration and license agreements with University of Southampton to develop human antibodies towards CD27; Amgen Inc. with exclusive rights to CDX-301 and CD40 ligand; and Yale University. Celldex Therapeutics, Inc. was incorporated in 1983 and is headquartered in Hampton, New Jersey.

CLDX (Celldex Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $2.16B, a beta of 0.98 versus the broader market, a 52-week range of 18.55-35.79, average daily share volume of 1.1M, a public-listing history dating back to 1986, approximately 186 full-time employees. These structural characteristics shape how CLDX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.98 places CLDX roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.

What is a covered call on CLDX?

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 CLDX snapshot

As of May 15, 2026, spot at $31.31, ATM IV 42.10%, IV rank 3.82%, expected move 12.07%. The covered call on CLDX 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 CLDX specifically: CLDX IV at 42.10% is on the cheap side of its 1-year range, which means a premium-selling CLDX covered call collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 12.07% (roughly $3.78 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 CLDX expiries trade a higher absolute premium for lower per-day decay. Position sizing on CLDX should anchor to the underlying notional of $31.31 per share and to the trader's directional view on CLDX stock.

CLDX covered call setup

The CLDX 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 CLDX near $31.31, the first option leg uses a $33.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CLDX 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 CLDX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$31.31	long
Sell 1	Call	$33.00	$1.08

CLDX covered call risk and reward

Net Premium / Debit: -$3,023.50
Max Profit (per contract): $276.50
Max Loss (per contract): -$3,022.50
Breakeven(s): $30.24
Risk / Reward Ratio: 0.091

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.

CLDX covered call payoff curve

Modeled P&L at expiration across a range of underlying prices for the covered call on CLDX. 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%	-$3,022.50
$6.93	-77.9%	-$2,330.33
$13.85	-55.8%	-$1,638.16
$20.78	-33.6%	-$945.99
$27.70	-11.5%	-$253.82
$34.62	+10.6%	+$276.50
$41.54	+32.7%	+$276.50
$48.46	+54.8%	+$276.50
$55.38	+76.9%	+$276.50
$62.31	+99.0%	+$276.50

When traders use covered call on CLDX

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

CLDX thesis for this covered call

The market-implied 1-standard-deviation range for CLDX extends from approximately $27.53 on the downside to $35.09 on the upside. A CLDX covered call collects premium on an existing long CLDX position, trading off upside above the short call strike for immediate income; the short strike selection should reflect the trader's view on whether CLDX will breach that level within the expiration window. Current CLDX IV rank near 3.82% 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 CLDX at 42.10%. As a Healthcare name, CLDX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CLDX-specific events.

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

Frequently asked questions

What is a covered call on CLDX?: A covered call on CLDX is the covered call strategy applied to CLDX (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 CLDX stock trading near $31.31, the strikes shown on this page are snapped to the nearest listed CLDX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are CLDX 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 CLDX covered call priced from the end-of-day chain at a 30-day expiry (ATM IV 42.10%), the computed maximum profit is $276.50 per contract and the computed maximum loss is -$3,022.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CLDX covered call?: The breakeven for the CLDX covered call priced on this page is roughly $30.24 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 CLDX market-implied 1-standard-deviation expected move is approximately 12.07%; 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 CLDX?: Covered calls on CLDX are an income strategy run on existing CLDX 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 CLDX implied volatility affect this covered call?: CLDX ATM IV is at 42.10% with IV rank near 3.82%, 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.