How are CRVS 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 CRVS covered call priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 78.10%), the computed maximum profit is $121.00 per contract and the computed maximum loss is -$978.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CRVS covered call?

The breakeven for the CRVS covered call priced on this page is roughly $9.79 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 CRVS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 22.39%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CRVS implied volatility affect this covered call?

CRVS ATM IV is at 78.10% with IV rank near 16.75%, 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.

CRVS Covered Call Strategy

CRVS (Corvus Pharmaceuticals, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

Corvus Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical firm specializing in the development and commercialization of immuno-oncology therapies. Their leading investigational compound, Mupadolimab (CPI-006), an anti-CD73 monoclonal antibody, is currently progressing through Phase Ib/II clinical trials for the treatment of non-small cell lung cancer and head and neck cancers. Another promising candidate, CPI-818, functions as a covalent ITK inhibitor. This therapy is undergoing Phase I/Ib clinical evaluation for patients battling various malignant T-cell lymphomas, aiming to impede the proliferation of specific malignant T-cells. Additionally, Ciforadenant (CPI-444), an oral, small molecule antagonist of the A2A receptor, is in Phase II clinical trials for individuals diagnosed with either advanced or refractory renal cell carcinoma. Beyond these clinical-stage assets, Corvus maintains a preclinical portfolio including CPI-182, an antibody designed to block inflammation and myeloid suppression, and CPI-935, an adenosine A2B receptor antagonist intended to prevent fibrosis.

CRVS (Corvus Pharmaceuticals, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $897.5M, a beta of 0.86 versus the broader market, a 52-week range of 6.39-26.95, average daily share volume of 1000K, a public-listing history dating back to 2016, approximately 37 full-time employees. These structural characteristics shape how CRVS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.86 places CRVS 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 CRVS?

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.

CRVS snapshot

As of November 13, 2026, spot at $10.59, ATM IV 78.10%, IV rank 16.75%, expected move 22.39%. The covered call on CRVS 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 CRVS specifically: CRVS IV at 78.10% is on the cheap side of its 1-year range, which means a premium-selling CRVS covered call collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 22.39% (roughly $2.37 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 CRVS expiries trade a higher absolute premium for lower per-day decay. Position sizing on CRVS should anchor to the underlying notional of $10.59 per share and to the trader's directional view on CRVS stock.

CRVS covered call setup

The CRVS 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 CRVS at $10.59 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 CRVS 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 CRVS shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$10.59	long
Sell 1	Call	$11.00	$0.80

CRVS covered call risk and reward

Net Premium / Debit: -$979.00
Max Profit (per contract): $121.00
Max Loss (per contract): -$978.00
Breakeven(s): $9.79
Risk / Reward Ratio: 0.124

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.

CRVS covered call payoff curve

Modeled P&L at expiration across a range of underlying prices for the covered call on CRVS. 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%	-$978.00
$2.35	-77.8%	-$743.96
$4.69	-55.7%	-$509.92
$7.03	-33.6%	-$275.88
$9.37	-11.5%	-$41.84
$11.71	+10.6%	+$121.00
$14.05	+32.7%	+$121.00
$16.39	+54.8%	+$121.00
$18.73	+76.9%	+$121.00
$21.07	+99.0%	+$121.00

When traders use covered call on CRVS

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

CRVS thesis for this covered call

The market-implied 1-standard-deviation range for CRVS extends from approximately $8.22 on the downside to $12.96 on the upside. A CRVS covered call collects premium on an existing long CRVS position, trading off upside above the short call strike for immediate income; the short strike selection should reflect the trader's view on whether CRVS will breach that level within the expiration window. Current CRVS IV rank near 16.75% 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 CRVS at 78.10%. As a Healthcare name, CRVS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CRVS-specific events.

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

Frequently asked questions

What is a covered call on CRVS?: A covered call on CRVS is the covered call strategy applied to CRVS (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 CRVS stock at $10.59 on the November 13, 2026 close, the strikes shown on this page are snapped to the nearest listed CRVS chain strike and the premiums come straight from that session's bid/ask midpoint.
How are CRVS 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 CRVS covered call priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 78.10%), the computed maximum profit is $121.00 per contract and the computed maximum loss is -$978.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CRVS covered call?: The breakeven for the CRVS covered call priced on this page is roughly $9.79 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 CRVS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 22.39%; 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 CRVS?: Covered calls on CRVS are an income strategy run on existing CRVS 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 CRVS implied volatility affect this covered call?: CRVS ATM IV is at 78.10% with IV rank near 16.75%, 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.