Your First Covered Call in 60 Minutes

Take one covered call from idea to a written plan: read the option chain, choose a strike and an expiration, know the three things that can happen at expiration, and run the trend check. You finish with a filled-in, one-page trade-plan sheet.

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Most first covered calls start in the wrong place

A covered call is simple to place and easy to place badly. The usual mistake is starting with the premium: look at what a call pays, pick the biggest number, sell it. Then the stock moves, the shares get called away below what you paid, and the plan turns out to have been a hope.

This class works in the other order. Your shares and your cost basis first. The chart second. The strike and the expiration third. The premium last. And before you click anything, a written answer to the question that matters most: what will I do at each outcome?

What you work through

What a covered call is, and what it costs you. You own 100 shares and sell one call against them. You collect cash now, and you may have to sell the shares at the strike. The upside is capped and the downside is not.
How to read an option chain. Strike, bid, ask, open interest, and why the spread is a cost.
How to choose a strike and an expiration. Know your cost basis first, look for a strike near resistance, and see why a cycle of about 30 to 45 days means fewer decisions than weekly calls.
The three outcomes at expiration. The call expires, the shares are called away, or you roll. Decide in advance which one you can live with.
The trend check. A simple filter so you do not write calls on a stock that is already falling through its averages.
Your trade-plan sheet. Seven pre-trade questions, the arithmetic, and a written plan for each outcome.

Plan on about an hour in total, including the time you take to fill in your own sheet.

The one-page Covered Call Trade-Plan Sheet

The sheet is the point of the class. It comes as a printable PDF with a worked example, plus a spreadsheet version that does the arithmetic for you. It asks for the numbers you need before you sell a call, and it will not let you skip the uncomfortable ones.

Worked example · hypothetical teaching numbers for ticker XYZ, not market data

Line	Example
Cost basis per share	$50.00
Call strike / expiration	$52.50 / about 38 days out
Premium per share (the bid)	$0.90
Break-even per share (cost basis minus premium)	$49.10
If called away: strike minus cost, plus net premium	$250.00 + $90.00 - $1.30 fees = $338.70
If the stock falls to $45.00 and you keep the shares	($45.00 - $50.00) x 100 + $88.70 = -$411.30

The last line is on the sheet on purpose. A covered call keeps the downside; the premium only cushions it.

This class is for you if

You own, or plan to own, 100 shares of a stock
You want a written process instead of a hunch
You are comfortable reading a basic price chart
You want to understand the risks before the first trade

It is not for you if

You want trade signals or alerts
You are looking for a promise of income or results (no one can give you one)
You cannot hold 100 shares of a stock

One class. One sheet. One plan written before the trade.

$29one payment · not a subscription

Get the class for $29 →

Or copy this link into your browser: https://tf141.infusionsoft.com/app/manageCart/processBundle?clearCart=true&productId=1953&productQuantity=1

Want the whole wheel after this? The class covers the covered-call half. The full process (cash-secured puts, managing and rolling, stop rules, and a weekly routine) is in the Covered Call and Wheel Playbook, a separate course you can look at later.

Questions

Do I need to own shares first?

A covered call is a call sold against 100 shares you already own, so to place one you need the shares. You can work through the class and fill in the sheet with practice numbers before you decide anything.

Does the class tell me what to buy or sell?

No. There are no signals, no picks, and no orders placed. Every number in the examples is a hypothetical teaching number. Every decision stays with you.

Is premium free money?

No. Premium is payment for taking on an obligation and giving up upside. The class shows exactly what you give up, so you can decide whether the trade is worth it.

What do I get after I buy?

You get the class and the Covered Call Trade-Plan Sheet (PDF and spreadsheet). Access details are sent to the email you use at checkout.

Wolf Eye Options · Educational use only

Educational use only. Not investment advice, not a recommendation, and not an order to buy or sell any security. Options involve risk and are not suitable for every investor; you can lose money, including the full value of shares you own. All trade examples are hypothetical teaching numbers or past data labeled as such, and are not forecasts. Wolf Eye Options is an education publication and does not provide personalized advice. Read Characteristics and Risks of Standardized Options, published by the Options Clearing Corporation, before trading options.

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