FIG Covered Call Strategy

FIG (Figma, Inc.), in the Technology sector, (Software - Application industry), listed on NYSE.

Figma, Inc. develops and sells a collaborative, browser-based platform for designing, prototyping, building digital experiences, and subscriptions for access to its platform. The company offers Figma Design, a collaborative design tool for teams that explore ideas and gather feedback, build realistic prototypes, and streamline product development with design systems; Dev Mode to inspect designs and translate them into code without changing the design file; FigJam to define ideas, align decisions, and move work forward—all in one place; and Figma Slides, a presentation tool built for designers and their teams. It also provides Figma Draw to create expressive designs with illustration tools; Figma Buzz, which publishes brand templates to create social media assets, display ads, one-pagers, and others; Figma Sites to design, prototype, and publish; Payload CMS is an open-source, headless content management system and application framework acquired by Figma; Figma Make, an AI tool to design and prompt way to a functional prototype; Figma Weave for AI-powered media generation and editing. The company was incorporated in 2012 and is headquartered in San Francisco, California.

FIG (Figma, Inc.) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $9.48B, a beta of 0.92 versus the broader market, a 52-week range of 16.6-41.239, average daily share volume of 16.6M, a public-listing history dating back to 2025, approximately 2K full-time employees. These structural characteristics shape how FIG stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.92 places FIG 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 FIG?

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.

FIG snapshot

As of November 13, 2026, spot at $19.52, ATM IV 60.30%, IV rank 15.56%, expected move 17.29%. The covered call on FIG 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 28-day expiry.

Why this covered call structure on FIG specifically: FIG IV at 60.30% is on the cheap side of its 1-year range, which means a premium-selling FIG covered call collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 17.29% (roughly $3.37 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated FIG expiries trade a higher absolute premium for lower per-day decay. Position sizing on FIG should anchor to the underlying notional of $19.52 per share and to the trader's directional view on FIG stock.

FIG covered call setup

The FIG 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 FIG at $19.52 on that close, the first option leg uses a $20.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FIG chain at a 28-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 FIG shares for the stock leg in covered calls and collars).

FIG covered call risk and reward

Net Premium / Debit

-$1,861.00

Max Profit (per contract)

$189.00

Max Loss (per contract)

-$1,860.00

Breakeven(s)

$18.61

Risk / Reward Ratio

0.102

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.

FIG covered call payoff curve

Modeled P&L at expiration across a range of underlying prices for the covered call on FIG. 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 FIG

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

FIG thesis for this covered call

The market-implied 1-standard-deviation range for FIG extends from approximately $16.15 on the downside to $22.89 on the upside. A FIG covered call collects premium on an existing long FIG position, trading off upside above the short call strike for immediate income; the short strike selection should reflect the trader's view on whether FIG will breach that level within the expiration window. Current FIG IV rank near 15.56% 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 FIG at 60.30%. As a Technology name, FIG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FIG-specific events.

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

Frequently asked questions

What is a covered call on FIG?

A covered call on FIG is the covered call strategy applied to FIG (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 FIG stock at $19.52 on the November 13, 2026 close, the strikes shown on this page are snapped to the nearest listed FIG chain strike and the premiums come straight from that session's bid/ask midpoint.

How are FIG 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 FIG covered call priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 60.30%), the computed maximum profit is $189.00 per contract and the computed maximum loss is -$1,860.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a FIG covered call?

The breakeven for the FIG covered call priced on this page is roughly $18.61 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 FIG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 17.29%; 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 FIG?

Covered calls on FIG are an income strategy run on existing FIG 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 FIG implied volatility affect this covered call?

FIG ATM IV is at 60.30% with IV rank near 15.56%, 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.

Related FIG analysis

• Covered Call strategy reference
• FIG options overview
• FIG P&L curve (full chain)
• FIG options chain
• FIG volatility skew