PCOR Covered Call Strategy
PCOR (Procore Technologies, Inc.), in the Technology sector, (Software - Application industry), listed on NYSE.
Procore Technologies, Inc. delivers a comprehensive, cloud-based platform designed for construction management, along with accompanying software solutions, serving clients both in the United States and globally. This platform empowers a diverse range of stakeholders, including property owners, general and specialty contractors, architects, and engineers, to collaborate seamlessly throughout their construction projects. The company's offerings are structured into several key modules: Preconstruction: This module facilitates streamlined collaboration among internal and external parties during the initial project phases, such as planning, budgeting, estimating, bidding, and selecting partners. Project Management: It enables real-time teamwork, secure information storage, design coordination, BIM model clash detection, and regulatory compliance for both jobsite personnel and back-office teams. Resource Management: This tool assists contractors in scheduling, monitoring, and forecasting labor productivity, improving time management, enhancing workforce communication, and optimizing project profitability. Financial Management: It provides customers with detailed visibility into the fiscal health of individual construction projects and their entire portfolios, ensuring unfettered, real-time access to financial data that bridges the gap between field operations and the main office.
PCOR (Procore Technologies, Inc.) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $7.80B, a beta of 0.75 versus the broader market, a 52-week range of 38.03-82.32, average daily share volume of 3.1M, a public-listing history dating back to 2021, approximately 4K full-time employees. These structural characteristics shape how PCOR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.75 places PCOR 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 PCOR?
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.
PCOR snapshot
As of September 29, 2026, spot at $49.31, ATM IV 54.40%, IV rank 8.13%, expected move 15.60%. The covered call on PCOR below is built from the September 29, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 17-day expiry.
Why this covered call structure on PCOR specifically: PCOR IV at 54.40% is on the cheap side of its 1-year range, which means a premium-selling PCOR covered call collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 15.60% (roughly $7.69 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated PCOR expiries trade a higher absolute premium for lower per-day decay. Position sizing on PCOR should anchor to the underlying notional of $49.31 per share and to the trader's directional view on PCOR stock.
PCOR covered call setup
The PCOR covered call below is built from the September 29, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With PCOR at $49.31 on that close, the first option leg uses a $52.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PCOR chain at a 17-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 PCOR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $49.31 | long |
| Sell 1 | Call | $52.50 | $0.98 |
PCOR covered call risk and reward
- Net Premium / Debit
- -$4,833.50
- Max Profit (per contract)
- $416.50
- Max Loss (per contract)
- -$4,832.50
- Breakeven(s)
- $48.34
- Risk / Reward Ratio
- 0.086
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.
PCOR covered call payoff curve
Modeled P&L at expiration across a range of underlying prices for the covered call on PCOR. 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% | -$4,832.50 |
| $10.91 | -77.9% | -$3,742.34 |
| $21.81 | -55.8% | -$2,652.18 |
| $32.71 | -33.7% | -$1,562.02 |
| $43.62 | -11.5% | -$471.86 |
| $54.52 | +10.6% | +$416.50 |
| $65.42 | +32.7% | +$416.50 |
| $76.32 | +54.8% | +$416.50 |
| $87.22 | +76.9% | +$416.50 |
| $98.12 | +99.0% | +$416.50 |
When traders use covered call on PCOR
Covered calls on PCOR are an income strategy run on existing PCOR stock positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.
PCOR thesis for this covered call
The market-implied 1-standard-deviation range for PCOR extends from approximately $41.62 on the downside to $57.00 on the upside. A PCOR covered call collects premium on an existing long PCOR position, trading off upside above the short call strike for immediate income; the short strike selection should reflect the trader's view on whether PCOR will breach that level within the expiration window. Current PCOR IV rank near 8.13% 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 PCOR at 54.40%. As a Technology name, PCOR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PCOR-specific events.
PCOR 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. PCOR positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PCOR alongside the broader basket even when PCOR-specific fundamentals are unchanged. Short-premium structures like a covered call on PCOR carry tail risk when realized volatility exceeds the implied move; review historical PCOR earnings reactions and macro stress periods before sizing. Always rebuild the position from current PCOR chain quotes before placing a trade.
Frequently asked questions
- What is a covered call on PCOR?
- A covered call on PCOR is the covered call strategy applied to PCOR (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 PCOR stock at $49.31 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed PCOR chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are PCOR 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 PCOR covered call priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 54.40%), the computed maximum profit is $416.50 per contract and the computed maximum loss is -$4,832.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a PCOR covered call?
- The breakeven for the PCOR covered call priced on this page is roughly $48.34 at expiration, derived from the September 29, 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 PCOR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 15.60%; 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 PCOR?
- Covered calls on PCOR are an income strategy run on existing PCOR 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 PCOR implied volatility affect this covered call?
- PCOR ATM IV is at 54.40% with IV rank near 8.13%, 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.