How are SPIR 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 SPIR covered call priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 83.10%), the computed maximum profit is $204.50 per contract and the computed maximum loss is -$1,294.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a SPIR covered call?

The breakeven for the SPIR covered call priced on this page is roughly $12.96 at expiration, derived from the August 14, 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 SPIR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 23.82%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current SPIR implied volatility affect this covered call?

SPIR ATM IV is at 83.10% with IV rank near 15.75%, 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.

SPIR Covered Call Strategy

SPIR (Spire Global, Inc.), in the Industrials sector, (Specialty Business Services industry), listed on NYSE.

Spire Global, Inc. specializes in creating advanced hardware and a sophisticated analytics platform designed to observe oceanic activities, atmospheric conditions, and weather phenomena worldwide. This enterprise provides its solutions to a diverse range of sectors, including the maritime industry, meteorological services, aviation, space operations, earth intelligence, and various government entities. A significant strategic alliance exists between Spire Global and TAC Index Limited. Founded in 2012, the company initially operated under the name Nanosatisfi, Inc., before officially adopting its current corporate identity, Spire Global, Inc., in July 2014. While its primary headquarters are situated in San Francisco, California, Spire Global also maintains additional facilities in Boulder, Colorado; Washington, D.C.; Glasgow, United Kingdom; Luxembourg; and Singapore.

SPIR (Spire Global, Inc.) trades in the Industrials sector, specifically Specialty Business Services, with a market capitalization of approximately $479.6M, a beta of 2.57 versus the broader market, a 52-week range of 6.6-25.93, average daily share volume of 1.6M, a public-listing history dating back to 2020, approximately 375 full-time employees. These structural characteristics shape how SPIR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 2.57 indicates SPIR has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.

What is a covered call on SPIR?

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.

SPIR snapshot

As of August 14, 2026, spot at $13.98, ATM IV 83.10%, IV rank 15.75%, expected move 23.82%. The covered call on SPIR below is built from the August 14, 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 SPIR specifically: SPIR IV at 83.10% is on the cheap side of its 1-year range, which means a premium-selling SPIR covered call collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 23.82% (roughly $3.33 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 SPIR expiries trade a higher absolute premium for lower per-day decay. Position sizing on SPIR should anchor to the underlying notional of $13.98 per share and to the trader's directional view on SPIR stock.

SPIR covered call setup

The SPIR covered call below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With SPIR at $13.98 on that close, the first option leg uses a $15.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SPIR 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 SPIR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$13.98	long
Sell 1	Call	$15.00	$1.03

SPIR covered call risk and reward

Net Premium / Debit: -$1,295.50
Max Profit (per contract): $204.50
Max Loss (per contract): -$1,294.50
Breakeven(s): $12.96
Risk / Reward Ratio: 0.158

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.

SPIR covered call payoff curve

Modeled P&L at expiration across a range of underlying prices for the covered call on SPIR. 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%	-$1,294.50
$3.10	-77.8%	-$985.51
$6.19	-55.7%	-$676.51
$9.28	-33.6%	-$367.52
$12.37	-11.5%	-$58.52
$15.46	+10.6%	+$204.50
$18.55	+32.7%	+$204.50
$21.64	+54.8%	+$204.50
$24.73	+76.9%	+$204.50
$27.82	+99.0%	+$204.50

When traders use covered call on SPIR

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

SPIR thesis for this covered call

The market-implied 1-standard-deviation range for SPIR extends from approximately $10.65 on the downside to $17.31 on the upside. A SPIR covered call collects premium on an existing long SPIR position, trading off upside above the short call strike for immediate income; the short strike selection should reflect the trader's view on whether SPIR will breach that level within the expiration window. Current SPIR IV rank near 15.75% 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 SPIR at 83.10%. As a Industrials name, SPIR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SPIR-specific events.

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

Frequently asked questions

What is a covered call on SPIR?: A covered call on SPIR is the covered call strategy applied to SPIR (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 SPIR stock at $13.98 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed SPIR chain strike and the premiums come straight from that session's bid/ask midpoint.
How are SPIR 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 SPIR covered call priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 83.10%), the computed maximum profit is $204.50 per contract and the computed maximum loss is -$1,294.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a SPIR covered call?: The breakeven for the SPIR covered call priced on this page is roughly $12.96 at expiration, derived from the August 14, 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 SPIR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 23.82%; 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 SPIR?: Covered calls on SPIR are an income strategy run on existing SPIR 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 SPIR implied volatility affect this covered call?: SPIR ATM IV is at 83.10% with IV rank near 15.75%, 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.