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Covered call calculator备兑看涨期权计算器
A free calculator for covered calls. Enter a cost basis, call strike, premium, days to expiration and number of contracts — it returns the premium collected, static return if unchanged, return if called away, annualized yield, breakeven and max gain if called. Every figure is arithmetic on the numbers you type. 一个免费的备兑看涨期权计算器。输入持仓成本、看涨行权价、权利金、到期天数与合约数量——它会给出收取的权利金、若到期未被行权的静态收益率、若被行权的收益率、静态年化收益率、盈亏平衡价与被行权时的最大收益。每一项都是对你所输入数字的算术计算。
What these figures are. Every output is plain arithmetic on the numbers you entered — no live market data, no ranking, no recommendation. The two returns are arithmetic scenarios you selected by typing a strike — "if unchanged at expiration" and "if called away at the strike" — not a forecast, and not a claim that either will occur. The calculator does not estimate a probability of assignment or tell you which strike to sell. Runs entirely in your browser — your inputs never leave your device. It is descriptive, not investment advice. 这些数字是什么。每一项输出都是对你所输入数字的简单算术——没有实时行情、没有排名、没有建议。两项收益率是你通过输入行权价所选定的算术情景——"若到期未被行权"与"若在行权价被行权"——并非预测，也不代表任何一种情景一定会发生。本计算器不估算被行权的概率，也不告诉你该卖出哪个行权价。全部在你的浏览器中运行——你输入的数据不会离开你的设备。它是描述性的，不构成投资建议。
$50 cost basis, $55 call strike, $1.50 premium, 30 days, 1 contract gives: premium collected $150.00, return if unchanged 3.00%, return if called away 13.00%, annualized (if unchanged) 36.50%, breakeven $48.50, max gain if called $650.00. These are hypothetical round numbers, not any live figure. The values loaded above match those numbers.
计算示例。持仓成本 $50、看涨行权价 $55、权利金 $1.50、30 天、1 份合约，得到：收取的权利金 $150.00、若到期未被行权收益率 3.00%、若被行权收益率 13.00%、静态年化收益率 36.50%、盈亏平衡价 $48.50、被行权时的最大收益 $650.00。这些是假设性的整数示例，并非任何真实数据。上方载入的默认值与这些数字一致。
How each figure is calculated每一项是如何计算的
These are the standard covered-call math. Each is reproducible from the five inputs above — nothing is estimated or forecast. A covered call is the other leg of the wheel from a cash-secured put; if you write puts instead, use the cash-secured put calculator. For how the two strategies compare, see cash-secured put vs covered call. PutFinder's screener covers cash-secured puts; this tool covers the other wheel leg. For how PutFinder combines factors into a single relative rank, see the scoring methodology; for the screening process end to end, see how a CSP screener works. See all free tools on the tools hub. 这些是标准的备兑看涨期权算式。每一项都可由上面的五个输入复现——没有任何估计或预测。备兑看涨期权是"轮动"策略中相对于现金担保看跌期权的另一条腿；若你卖出的是看跌期权，请使用现金担保看跌期权计算器。关于两种策略的对比，参见现金担保看跌期权 vs 备兑看涨期权。PutFinder 的筛选工具覆盖的是现金担保看跌期权；本工具覆盖的是"轮动"策略的另一条腿。关于 PutFinder 如何把因子组合成一个相对排名，请参见评分方法论；关于完整的筛选流程，请参见现金担保看跌期权筛选工具如何工作。在工具中心查看全部免费工具。
- Premium collected = premium × 100 × contracts收取的权利金 = 权利金 × 100 × 合约数
- The cash received for selling the call, in dollars. The per-share premium times 100 shares per contract times the number of contracts.卖出看涨期权所收取的现金，以美元计。每股权利金乘以每份合约 100 股，再乘以合约数量。
- Return if unchanged (static) = premium ÷ basis若到期未被行权（静态）收益率 = 权利金 ÷ 成本
- The premium as a fraction of your cost basis, if the stock is unchanged at expiration and the call expires. A unitless ratio — the per-share amounts cancel, so there is no ×100 contract multiplier here. An arithmetic scenario on the premium, not a return prediction.若股价在到期时未变、看涨期权到期作废，权利金占你持仓成本的比例。一个无量纲比值——每股金额相互抵消，因此这里没有 ×100 的合约乘数。它是关于权利金的算术情景，而非收益预测。
- Return if called away = (strike − basis + premium) ÷ basis若被行权收益率 = (行权价 − 成本 + 权利金) ÷ 成本
- If the shares are called away at the strike: the capital gain to the strike plus the premium, as a fraction of your basis. Also a unitless ratio — no ×100. It is the arithmetic of that scenario, not a claim it will occur and not a probability of assignment.若股票在行权价被行权：到行权价的资本利得加上权利金，占你成本的比例。同样是无量纲比值——没有 ×100。它是该情景的算术，而非该情景一定发生的断言，也不是被行权的概率。
- Annualized (if unchanged) = (premium ÷ basis) × (365 ÷ DTE)静态年化收益率 = (权利金 ÷ 成本) × (365 ÷ 到期天数)
- The static return scaled to a one-year rate by the days to expiration. Also a unitless ratio — no contract ×100. It describes the current premium on a per-year footing so calls of different lengths compare on the same basis; it is not an expected, projected, or compounded return.按到期天数把静态收益率折算成一年的比率。同样是无量纲比值——没有合约 ×100。它把当前权利金放在按年计的基础上，使不同期限的看涨期权在同一基准上可比；它不是预期、预测或复利收益。
- Breakeven = basis − premium盈亏平衡价 = 成本 − 权利金
- The per-share price at which the position turns from a paper gain to a paper loss at expiration — your cost basis reduced by the premium already received.在到期时头寸由账面盈利转为账面亏损的每股价格——即你的持仓成本减去已收取的权利金。
- Max gain if called = (strike − basis + premium) × 100 × contracts被行权时的最大收益 = (行权价 − 成本 + 权利金) × 100 × 合约数
- The dollar gain if the shares are called away at the strike — the gain is capped there because upside above the strike is forgone. The per-share figure times 100 shares per contract times contracts.若股票在行权价被行权时的美元收益——收益在此封顶，因为高于行权价的上涨被放弃。每股数值乘以每份合约 100 股，再乘以合约数量。
References参考文献
- The Options Industry Council (OIC) — options basics, assignment, and the covered call: optionseducation.org.期权行业协会（OIC）——期权基础、行权指派与备兑看涨期权：optionseducation.org。
- Cboe S&P 500 BuyWrite Index (BXM) — a benchmark for systematically writing covered calls: cboe.com/us/indices/dashboard/BXM.Cboe 标普500 BuyWrite 指数（BXM）——系统性卖出备兑看涨期权的基准：cboe.com/us/indices/dashboard/BXM。
- Cboe Options Institute — education on options mechanics and terminology: cboe.com/optionsinstitute.Cboe 期权学院——关于期权机制与术语的教育资料：cboe.com/optionsinstitute。
Common questions常见问题
How do you calculate the return on a covered call?如何计算备兑看涨期权的收益率？
There are two arithmetic scenarios. The static (if-unchanged) return is the premium per share divided by the cost basis. The if-called return is (strike − basis + premium) ÷ basis. For a $50 basis and a $55 call sold for $1.50, the static return is 3.00% and the if-called return is 13.00%. Both are arithmetic descriptions of the entered premium and strike — not an expected or guaranteed return, and not a claim that either scenario will occur.有两个算术情景。静态（若到期未被行权）收益率为每股权利金除以持仓成本。若被行权收益率为 (行权价 − 成本 + 权利金) ÷ 成本。以 $50 成本、$55 看涨、$1.50 权利金为例，静态收益率为 3.00%，若被行权收益率为 13.00%。两者都是对所输入权利金与行权价的算术描述——并非预期或保证收益，也不代表任一情景一定会发生。
What is the breakeven on a covered call?备兑看涨期权的盈亏平衡价是多少？
The breakeven is the cost basis minus the premium per share. With a $50 basis and a $1.50 premium the breakeven is $48.50 — the price at which the position turns from a paper gain to a paper loss at expiration. It describes the entry math, not a forecast of where the stock goes.盈亏平衡价为持仓成本减去每股权利金。以 $50 成本、$1.50 权利金为例，盈亏平衡价为 $48.50——即到期时头寸由账面盈利转为账面亏损的价格。它描述的是入场算式，而非对股价走向的预测。
What is the maximum gain on a covered call?备兑看涨期权的最大收益是多少？
If the shares are called away at the strike, the gain is capped at (strike − basis + premium) × 100 × contracts, because upside above the strike is forgone. For a $50 basis, $55 strike and $1.50 premium, one contract caps the gain at $650. It is the arithmetic ceiling of the scenario you selected by typing a strike, not a probability that it happens.若股票在行权价被行权，收益封顶为 (行权价 − 成本 + 权利金) × 100 × 合约数，因为高于行权价的上涨被放弃。以 $50 成本、$55 行权价、$1.50 权利金为例，一份合约的收益上限为 $650。它是你通过输入行权价所选定情景的算术上限，而非该情景发生的概率。
Is this covered call calculator investment advice?这个备兑看涨期权计算器构成投资建议吗？
No. It runs pure arithmetic on the numbers you type — no live data, no ranking, no recommendation — entirely in your browser, so your inputs never leave your device. Annualized yield is arithmetic on the premium you entered, not a return prediction, and it does not estimate a probability of assignment or tell you which strike to sell. It is a descriptive tool, not investment advice.不构成。它只对你输入的数字进行纯算术计算——没有实时数据、没有排名、没有建议——并且全部在你的浏览器中运行，你输入的数据不会离开你的设备。静态年化收益率是基于你所输入权利金的算术值，而非收益预测，且不估算被行权的概率，也不告诉你该卖出哪个行权价。它是一个描述性工具，不构成投资建议。
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