SYNA Covered Call Strategy
SYNA (Synaptics Incorporated), in the Technology sector, (Semiconductors industry), listed on NASDAQ.
Synaptics Incorporated, established in 1986 and headquartered in San Jose, California, is a global developer, marketer, and seller of semiconductor product solutions designed to enhance user experience and device functionality. The company's extensive product offerings include: Audio and Video Solutions: AudioSmart for advanced sound and voice processing; ConnectSmart for high-speed multimedia connectivity; DisplayLink, which enables compressed video transmission across low-bandwidth connections; and VideoSmart, powering devices such as set-top boxes, streaming units, soundbars, surveillance equipment, and smart displays. They also provide ImagingSmart solutions for various visual processing needs. Human Interface and Biometrics: Natural ID, a fingerprint identification product utilized in automotive systems, personal computers, peripherals, and other applications; a range of touch-sensitive pads including the standard TouchPad, SecurePad with integrated fingerprint sensing, the clickable ClickPad, and ForcePad. Additionally, ClearPad facilitates direct interaction with displays on mobile smartphones, tablets, and in vehicles; ClearView delivers advanced image processing and low-power technology for smartphone and tablet screens; and TouchView integrates touch control with display drivers. Pointing Devices and Advanced Technologies: Synaptics also offers TouchPads with integrated pointing sticks for user choice in notebooks, and the standalone TouchStyk modules.
SYNA (Synaptics Incorporated) trades in the Technology sector, specifically Semiconductors, with a market capitalization of approximately $3.96B, a beta of 1.94 versus the broader market, a 52-week range of 58.28-149.11, average daily share volume of 877K, a public-listing history dating back to 2002, approximately 2K full-time employees. These structural characteristics shape how SYNA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.94 indicates SYNA 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 SYNA?
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.
SYNA snapshot
As of September 30, 2026, spot at $102.10, ATM IV 56.80%, IV rank 25.75%, expected move 16.28%. The covered call on SYNA below is built from the September 30, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 16-day expiry.
Why this covered call structure on SYNA specifically: SYNA IV at 56.80% is on the cheap side of its 1-year range, which means a premium-selling SYNA covered call collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 16.28% (roughly $16.63 on the underlying). The 16-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated SYNA expiries trade a higher absolute premium for lower per-day decay. Position sizing on SYNA should anchor to the underlying notional of $102.10 per share and to the trader's directional view on SYNA stock.
SYNA covered call setup
The SYNA covered call below is built from the September 30, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With SYNA at $102.10 on that close, the first option leg uses a $105.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SYNA chain at a 16-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 SYNA shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $102.10 | long |
| Sell 1 | Call | $105.00 | $3.03 |
SYNA covered call risk and reward
- Net Premium / Debit
- -$9,907.50
- Max Profit (per contract)
- $592.50
- Max Loss (per contract)
- -$9,906.50
- Breakeven(s)
- $99.08
- Risk / Reward Ratio
- 0.060
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.
SYNA covered call payoff curve
Modeled P&L at expiration across a range of underlying prices for the covered call on SYNA. 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% | -$9,906.50 |
| $22.58 | -77.9% | -$7,649.12 |
| $45.16 | -55.8% | -$5,391.75 |
| $67.73 | -33.7% | -$3,134.37 |
| $90.31 | -11.6% | -$876.99 |
| $112.88 | +10.6% | +$592.50 |
| $135.45 | +32.7% | +$592.50 |
| $158.03 | +54.8% | +$592.50 |
| $180.60 | +76.9% | +$592.50 |
| $203.17 | +99.0% | +$592.50 |
When traders use covered call on SYNA
Covered calls on SYNA are an income strategy run on existing SYNA stock positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.
SYNA thesis for this covered call
The market-implied 1-standard-deviation range for SYNA extends from approximately $85.47 on the downside to $118.73 on the upside. A SYNA covered call collects premium on an existing long SYNA position, trading off upside above the short call strike for immediate income; the short strike selection should reflect the trader's view on whether SYNA will breach that level within the expiration window. Current SYNA IV rank near 25.75% 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 SYNA at 56.80%. As a Technology name, SYNA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SYNA-specific events.
SYNA 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. SYNA positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SYNA alongside the broader basket even when SYNA-specific fundamentals are unchanged. Short-premium structures like a covered call on SYNA carry tail risk when realized volatility exceeds the implied move; review historical SYNA earnings reactions and macro stress periods before sizing. Always rebuild the position from current SYNA chain quotes before placing a trade.
Frequently asked questions
- What is a covered call on SYNA?
- A covered call on SYNA is the covered call strategy applied to SYNA (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 SYNA stock at $102.10 on the September 30, 2026 close, the strikes shown on this page are snapped to the nearest listed SYNA chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are SYNA 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 SYNA covered call priced from the September 30, 2026 end-of-day chain at a 30-day expiry (ATM IV 56.80%), the computed maximum profit is $592.50 per contract and the computed maximum loss is -$9,906.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a SYNA covered call?
- The breakeven for the SYNA covered call priced on this page is roughly $99.08 at expiration, derived from the September 30, 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 SYNA market-implied 1-standard-deviation expected move in the same options snapshot is approximately 16.28%; 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 SYNA?
- Covered calls on SYNA are an income strategy run on existing SYNA 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 SYNA implied volatility affect this covered call?
- SYNA ATM IV is at 56.80% with IV rank near 25.75%, 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.