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 end-of-day chain at a 30-day expiry (ATM IV 85.22%), the computed maximum profit is $288.00 per contract and the computed maximum loss is -$2,111.00 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 $21.12 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 FIG market-implied 1-standard-deviation expected move is approximately 24.43%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current FIG implied volatility affect this covered call?

FIG ATM IV is at 85.22% with IV rank near 52.37%, 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.

FIG Covered Call Strategy

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

Figma, Inc. develops a browser-based tool for designing user interfaces that helps design and development teams build various products. 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 on decisions, and move work forwardall 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 that publishes brand templates to create social media assets, display ads, one-pagers, and others; Figma Sites to design, prototype, and publish; and Figma Make, an AI tool to design and prompt way to a functional prototype. 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 $9.23B, a beta of -0.19 versus the broader market, a 52-week range of 16.6-142.92, average daily share volume of 16.7M, 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 -0.19 indicates FIG 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 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.

Current FIG snapshot

As of May 15, 2026, spot at $22.81, ATM IV 85.22%, IV rank 52.37%, expected move 24.43%. The covered call on FIG 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 28-day expiry.

Why this covered call structure on FIG specifically: FIG IV at 85.22% is mid-range versus its 1-year history, so the credit collected on a FIG covered call sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 24.43% (roughly $5.57 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 $22.81 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 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With FIG near $22.81, the first option leg uses a $24.00 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).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$22.81	long
Sell 1	Call	$24.00	$1.69

FIG covered call risk and reward

Net Premium / Debit: -$2,112.00
Max Profit (per contract): $288.00
Max Loss (per contract): -$2,111.00
Breakeven(s): $21.12
Risk / Reward Ratio: 0.136

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.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$2,111.00
$5.05	-77.9%	-$1,606.77
$10.09	-55.7%	-$1,102.54
$15.14	-33.6%	-$598.31
$20.18	-11.5%	-$94.08
$25.22	+10.6%	+$288.00
$30.26	+32.7%	+$288.00
$35.31	+54.8%	+$288.00
$40.35	+76.9%	+$288.00
$45.39	+99.0%	+$288.00

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 $17.24 on the downside to $28.38 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 52.37% is mid-range against its 1-year distribution, so the IV signal is neutral; the covered call thesis on FIG should anchor more to the directional view and the expected-move geometry. 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 trading near $22.81, the strikes shown on this page are snapped to the nearest listed FIG chain strike and the premiums come straight from the end-of-day 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 end-of-day chain at a 30-day expiry (ATM IV 85.22%), the computed maximum profit is $288.00 per contract and the computed maximum loss is -$2,111.00 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 $21.12 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 FIG market-implied 1-standard-deviation expected move is approximately 24.43%; 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 85.22% with IV rank near 52.37%, 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.