How are CLYM 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 CLYM covered call priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 106.10%), the computed maximum profit is $186.50 per contract and the computed maximum loss is -$912.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CLYM covered call?

The breakeven for the CLYM covered call priced on this page is roughly $9.14 at expiration, derived from the November 13, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The CLYM market-implied 1-standard-deviation expected move in the same options snapshot is approximately 30.42%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CLYM implied volatility affect this covered call?

CLYM ATM IV is at 106.10% with IV rank near 10.59%, 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.

CLYM Covered Call Strategy

CLYM (Climb Bio, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

Climb Bio, Inc. is a biopharmaceutical firm dedicated to crafting therapeutic solutions for inflammatory diseases driven by autoimmune responses. Its primary investigational asset is budoprutug, an anti-CD19 monoclonal antibody. This treatment is being advanced for a range of autoimmune conditions, including systemic lupus erythematosus, lupus nephritis, immune thrombocytopenia, and membranous nephropathy. The entity, established in 2018, officially rebranded as Climb Bio, Inc. in October 2024, having previously operated under the name Eliem Therapeutics, Inc. Its corporate headquarters are situated in Wilmington, Delaware.

CLYM (Climb Bio, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $608.5M, a beta of 0.08 versus the broader market, a 52-week range of 1.635-18.33, average daily share volume of 1.3M, a public-listing history dating back to 2021, approximately 28 full-time employees. These structural characteristics shape how CLYM stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.08 indicates CLYM 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 CLYM?

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.

CLYM snapshot

As of November 13, 2026, spot at $10.36, ATM IV 106.10%, IV rank 10.59%, expected move 30.42%. The covered call on CLYM below is built from the November 13, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.

Why this covered call structure on CLYM specifically: CLYM IV at 106.10% is on the cheap side of its 1-year range, which means a premium-selling CLYM covered call collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 30.42% (roughly $3.15 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CLYM expiries trade a higher absolute premium for lower per-day decay. Position sizing on CLYM should anchor to the underlying notional of $10.36 per share and to the trader's directional view on CLYM stock.

CLYM covered call setup

The CLYM covered call below is built from the November 13, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CLYM at $10.36 on that close, the first option leg uses a $11.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CLYM chain at a 35-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 CLYM shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$10.36	long
Sell 1	Call	$11.00	$1.23

CLYM covered call risk and reward

Net Premium / Debit: -$913.50
Max Profit (per contract): $186.50
Max Loss (per contract): -$912.50
Breakeven(s): $9.14
Risk / Reward Ratio: 0.204

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.

CLYM covered call payoff curve

Modeled P&L at expiration across a range of underlying prices for the covered call on CLYM. 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	-99.9%	-$912.50
$2.30	-77.8%	-$683.55
$4.59	-55.7%	-$454.59
$6.88	-33.6%	-$225.64
$9.17	-11.5%	+$3.32
$11.46	+10.6%	+$186.50
$13.75	+32.7%	+$186.50
$16.04	+54.8%	+$186.50
$18.33	+76.9%	+$186.50
$20.62	+99.0%	+$186.50

When traders use covered call on CLYM

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

CLYM thesis for this covered call

The market-implied 1-standard-deviation range for CLYM extends from approximately $7.21 on the downside to $13.51 on the upside. A CLYM covered call collects premium on an existing long CLYM position, trading off upside above the short call strike for immediate income; the short strike selection should reflect the trader's view on whether CLYM will breach that level within the expiration window. Current CLYM IV rank near 10.59% 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 CLYM at 106.10%. As a Healthcare name, CLYM options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CLYM-specific events.

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

Frequently asked questions

What is a covered call on CLYM?: A covered call on CLYM is the covered call strategy applied to CLYM (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 CLYM stock at $10.36 on the November 13, 2026 close, the strikes shown on this page are snapped to the nearest listed CLYM chain strike and the premiums come straight from that session's bid/ask midpoint.
How are CLYM 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 CLYM covered call priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 106.10%), the computed maximum profit is $186.50 per contract and the computed maximum loss is -$912.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CLYM covered call?: The breakeven for the CLYM covered call priced on this page is roughly $9.14 at expiration, derived from the November 13, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The CLYM market-implied 1-standard-deviation expected move in the same options snapshot is approximately 30.42%; 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 CLYM?: Covered calls on CLYM are an income strategy run on existing CLYM 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 CLYM implied volatility affect this covered call?: CLYM ATM IV is at 106.10% with IV rank near 10.59%, 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.