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Covered Call & PMCC Tracker: Net Cost Basis, Rolls and Short-Call Strikes
Track every covered call and poor man’s covered call (PMCC) in one free ledger. Log your LEAP or shares and each short call, its credit, buyback and roll, and see your net cost basis, break-even and realized P/L update as you go. For SPY, QQQ, IBIT and SPX it also shows today’s suggested short-call strikes with their POP, POT and P50.
Your covered call and PMCC ledger
Saved in this browser only
Your ledger saves automatically on this device, in this browser. Nothing is sent to ETFap and there is no account. Clearing your browser data, or using a private window, erases it, so export to Excel regularly. To move it to another browser or device, export here and import the file there.
Not exported yet. Import reads files exported here (Excel or CSV), including ones you edited and saved in Excel.
Saves in this browser as you type
Mid prices from the delayed snapshot, not live quotes. “Log this call” adds a short-call row you can edit to your real fill. How the strike is picked.
Net cost basis
$0.00
$0.00 recovered · 0.0% of long cost
Long cost
$0.00
calls or shares
Credits
$0.00
sold calls
Buybacks
$0.00
buy-to-close debits
Break-even
—
strike + net / share
Net / share
—
100 share equiv.
Realized short P/L
$0.00
closed cycles only
Open shorts
0
none open
SPY long
A call (LEAP): strike, expiration and premium. Shares: price and how many you own. Either one sets the starting cost.
| Type | Entry | Expiration | Strike | Price | Qty | Cost | |
|---|---|---|---|---|---|---|---|
| $0.00 | |||||||
| Total long cost | $0.00 | ||||||
SPY short calls
Sell a call against the long to lower its cost. Buy it back before expiration; don’t let it expire in the money. Leave “BTC @” blank while the short is open. A roll is a buyback on one row and a new sale on the next.
| # | Sell date | Expiration | Strike | Qty | Sold @ | Credit | BTC date | BTC @ | Debit | Cycle P/L | Basis after | Notes | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | — | — | — | — | |||||||||
| Totals | $0.00 | $0.00 | $0.00 | ||||||||||
A long row can be a call or shares. Selling a call against it lowers the cost; buying the call back adds that cost back. Break-even for a PMCC is the long strike plus the net cost per share.
Today’s short-call strikes: SPY, QQQ, IBIT and SPX
Pick a ticker to see its trend read, the suggested call to sell for about 30 days and for the weekly, and a ladder of nearby strikes with their odds. Every number comes from the same delayed Cboe snapshot.
Close
755.72
Oct 30 · Cboe 30-day IV 14.9%
Trend
Range
−1.9% vs 20d · −1.5% vs 50d · +3.7% vs 200d
Strike
Modest OTM
RSI(14) 34 · 20-day 770.47
Momentum
−1.1% 21d
−0.6% 5d · −3.0% from 52-week high
Modest OTM. Trend is grinding, not stretched: sell modestly out of the money, about 0.45 of a 1σ move above the price.
SPY and QQQ pay quarterly dividends. A short call that is in the money just before an ex-dividend date can be assigned early, so check the date with your broker.
~30 days: Nov 30, 2026 expiry (31 days)
1σ move by then: ±$32.84 (price × 30-day IV × √(days ÷ 365))
770 call · mid $7.42
Target 770 (modest otm) → nearest listed strike. Delta 0.36 · IV 14.0% · breakeven 777.42
Chance it finishes in the money (called away): 35% · credit = 0.98% of the price (11.6% a year if repeated)
| Strike | Delta | Mid | POP | POT | P50 | Called away | Yield / yr |
|---|---|---|---|---|---|---|---|
| 767 | 0.40 | $8.84 | 71% | 74% | 82% | 38% | 13.8% |
| 770 ★ | 0.36 | $7.42 | 74% | 66% | 84% | 35% | 11.6% |
| 775 | 0.29 | $5.38 | 77% | 54% | 87% | 28% | 8.4% |
| 783 | 0.20 | $2.99 | 84% | 36% | 91% | 19% | 4.7% |
| 794 | 0.10 | $1.19 | 92% | 18% | 95% | 9% | 1.8% |
Weekly: Nov 6, 2026 expiry (7 days)
1σ move by then: ±$15.61 (price × 30-day IV × √(days ÷ 365))
763 call · mid $4.22
Target 763 (modest otm) → nearest listed strike. Delta 0.36 · IV 16.9% · breakeven 767.22
Chance it finishes in the money (called away): 35% · credit = 0.56% of the price (29.1% a year if repeated)
| Strike | Delta | Mid | POP | POT | P50 | Called away | Yield / yr |
|---|---|---|---|---|---|---|---|
| 761 | 0.40 | $5.13 | 71% | 78% | 77% | 39% | 35.4% |
| 763 ★ | 0.36 | $4.22 | 73% | 69% | 79% | 35% | 29.1% |
| 766 | 0.29 | $3.04 | 77% | 56% | 83% | 28% | 21.0% |
| 770 | 0.20 | $1.83 | 83% | 39% | 88% | 20% | 12.6% |
| 776 | 0.10 | $0.72 | 91% | 19% | 94% | 10% | 5.0% |
Close
690.49
Oct 30 · Cboe 30-day IV 24.2%
Trend
Range
−5.2% vs 20d · −4.8% vs 50d · +1.6% vs 200d
Strike
Modest OTM
RSI(14) 29 · 20-day 728.19
Momentum
−6.9% 21d
−2.0% 5d · −9.1% from 52-week high
Modest OTM. Trend is grinding, not stretched: sell modestly out of the money, about 0.45 of a 1σ move above the price.
SPY and QQQ pay quarterly dividends. A short call that is in the money just before an ex-dividend date can be assigned early, so check the date with your broker.
~30 days: Nov 30, 2026 expiry (31 days)
1σ move by then: ±$48.71 (price × 30-day IV × √(days ÷ 365))
712 call · mid $10.25
Target 712 (modest otm) → nearest listed strike. Delta 0.35 · IV 22.4% · breakeven 722.25
Chance it finishes in the money (called away): 33% · credit = 1.49% of the price (17.5% a year if repeated)
| Strike | Delta | Mid | POP | POT | P50 | Called away | Yield / yr |
|---|---|---|---|---|---|---|---|
| 706 | 0.40 | $12.86 | 72% | 75% | 82% | 38% | 21.9% |
| 712 ★ | 0.35 | $10.25 | 75% | 64% | 85% | 33% | 17.5% |
| 718 | 0.30 | $8.04 | 78% | 55% | 87% | 28% | 13.7% |
| 731 | 0.20 | $4.46 | 84% | 36% | 91% | 18% | 7.6% |
| 748 | 0.10 | $1.87 | 92% | 18% | 95% | 9% | 3.2% |
Weekly: Nov 6, 2026 expiry (7 days)
1σ move by then: ±$23.15 (price × 30-day IV × √(days ÷ 365))
701 call · mid $6.60
Target 701 (modest otm) → nearest listed strike. Delta 0.36 · IV 28.3% · breakeven 707.60
Chance it finishes in the money (called away): 35% · credit = 0.96% of the price (49.8% a year if repeated)
| Strike | Delta | Mid | POP | POT | P50 | Called away | Yield / yr |
|---|---|---|---|---|---|---|---|
| 699 | 0.39 | $7.43 | 72% | 76% | 78% | 38% | 56.1% |
| 701 ★ | 0.36 | $6.60 | 73% | 70% | 79% | 35% | 49.8% |
| 706 | 0.29 | $4.79 | 78% | 56% | 83% | 28% | 36.2% |
| 713 | 0.20 | $2.88 | 83% | 39% | 88% | 19% | 21.8% |
| 724 | 0.10 | $1.16 | 91% | 19% | 94% | 9% | 8.7% |
Close
43.36
Oct 30 · Cboe 30-day IV 39.0%
Trend
Range
−6.7% vs 20d · −5.5% vs 50d · +4.5% vs 200d
Strike
Modest OTM
RSI(14) 32 · 20-day 46.45
Momentum
−9.6% 21d
−5.7% 5d · −30.4% from 52-week high
Modest OTM. Trend is grinding, not stretched: sell modestly out of the money, about 0.45 of a 1σ move above the price.
IBIT doesn’t pay a dividend. SPY and QQQ pay quarterly; a short call that is in the money just before an ex-dividend date can be assigned early.
~30 days: Nov 30, 2026 expiry (31 days)
1σ move by then: ±$4.93 (price × 30-day IV × √(days ÷ 365))
46 call · mid $0.95
Target 46 (modest otm) → nearest listed strike. Delta 0.33 · IV 37.6% · breakeven 46.95
Chance it finishes in the money (called away): 29% · credit = 2.20% of the price (25.9% a year if repeated)
| Strike | Delta | Mid | POP | POT | P50 | Called away | Yield / yr |
|---|---|---|---|---|---|---|---|
| 45 | 0.40 | $1.31 | 73% | 73% | 83% | 36% | 35.4% |
| 46 ★ | 0.33 | $0.95 | 77% | 58% | 87% | 29% | 25.9% |
| 48 | 0.20 | $0.50 | 85% | 34% | 92% | 17% | 13.6% |
| 50 | 0.12 | $0.27 | 91% | 20% | 95% | 10% | 7.3% |
Weekly: Nov 6, 2026 expiry (7 days)
1σ move by then: ±$2.34 (price × 30-day IV × √(days ÷ 365))
44 call · mid $0.82
Target 44 (modest otm) → nearest listed strike. Delta 0.43 · IV 45.5% · breakeven 44.82
Chance it finishes in the money (called away): 40% · credit = 1.89% of the price (98.6% a year if repeated)
| Strike | Delta | Mid | POP | POT | P50 | Called away | Yield / yr |
|---|---|---|---|---|---|---|---|
| 44 ★ | 0.43 | $0.82 | 71% | 81% | 76% | 40% | 98.6% |
| 45 | 0.28 | $0.45 | 79% | 53% | 84% | 26% | 54.1% |
| 45.5 | 0.22 | $0.33 | 83% | 42% | 87% | 21% | 39.7% |
| 47 | 0.11 | $0.14 | 91% | 19% | 94% | 10% | 16.2% |
Close
7,580.07
Oct 30 · Cboe 30-day IV 14.9%
Trend
Range
−1.9% vs 20d · −1.5% vs 50d · +3.7% vs 200d
Strike
Modest OTM
RSI(14) 34 · 20-day 7,729.90
Momentum
−1.1% 21d
−0.6% 5d · −3.1% from 52-week high
Modest OTM. Trend is grinding, not stretched: sell modestly out of the money, about 0.45 of a 1σ move above the price.
SPX is an index, so there are no shares to cover. These strikes show where the rule would sell a call on the index. SPX options are European-style and cash-settled: a short call can’t be assigned early, and at expiration it settles in cash.
~30 days: Nov 30, 2026 expiry (31 days)
1σ move by then: ±$329.90 (price × 30-day IV × √(days ÷ 365))
7,730 call · mid $69.00
Target 7,729 (modest otm) → nearest listed strike. Delta 0.35 · IV 13.6% · breakeven 7,799.00
Chance it finishes in the money (called away): 33% · credit = 0.91% of the price (10.7% a year if repeated)
| Strike | Delta | Mid | POP | POT | P50 | Called away | Yield / yr |
|---|---|---|---|---|---|---|---|
| 7,690 | 0.40 | $87.40 | 71% | 74% | 82% | 39% | 13.6% |
| 7,730 ★ | 0.35 | $69.00 | 74% | 64% | 84% | 33% | 10.7% |
| 7,765 | 0.30 | $54.95 | 77% | 55% | 87% | 29% | 8.5% |
| 7,845 | 0.20 | $30.70 | 84% | 37% | 91% | 19% | 4.8% |
| 7,955 | 0.10 | $12.20 | 91% | 18% | 95% | 9% | 1.9% |
Weekly: Nov 6, 2026 expiry (7 days)
1σ move by then: ±$156.77 (price × 30-day IV × √(days ÷ 365))
7,650 call · mid $43.85
Target 7,651 (modest otm) → nearest listed strike. Delta 0.36 · IV 17.0% · breakeven 7,693.85
Chance it finishes in the money (called away): 36% · credit = 0.58% of the price (30.2% a year if repeated)
| Strike | Delta | Mid | POP | POT | P50 | Called away | Yield / yr |
|---|---|---|---|---|---|---|---|
| 7,635 | 0.40 | $50.75 | 71% | 77% | 77% | 39% | 34.9% |
| 7,650 ★ | 0.36 | $43.85 | 73% | 70% | 79% | 36% | 30.2% |
| 7,680 | 0.30 | $31.80 | 77% | 57% | 82% | 29% | 21.9% |
| 7,725 | 0.20 | $18.10 | 83% | 39% | 88% | 20% | 12.5% |
| 7,785 | 0.10 | $7.05 | 91% | 19% | 94% | 10% | 4.8% |
Cboe delayed quotes, snapshot Oct 30, 2026, 9:53 PM ET, refreshed each trading day. Mid = halfway between bid and ask. POP, POT and P50 are for the short call on its own (the leg the ledger tracks), using each strike’s own implied volatility and the 13-week US T-bill yield (^IRX) of 3.97%. ★ = the suggested strike.
Strikes, credits and odds are model estimates from a delayed daily snapshot. Read the disclaimer before you use them.
How to use the covered call tracker
- Pick or add a ticker. SPY is open to start. Tap + New ticker for any stock or ETF with options; each one gets its own book.
- Enter the long. For a PMCC, enter the long call (LEAP): strike, expiration, premium and contracts. For a covered call, switch the type to Shares and enter your price and share count.
- Log each short call. Add a cycle for every call you sell: dates, strike, quantity and the premium (Sold @). The credit lowers your net cost basis right away.
- Close or roll it. When you buy the call back, enter the BTC date and price. A roll is that buyback plus a new cycle for the new call. If a short expires worthless, enter 0.00 as the BTC price.
- Read the numbers. Net cost basis, recovered premium, break-even, net per share, realized P/L and open shorts update as you type.
- Check today’s strike. For SPY, QQQ, IBIT and SPX, the strike section shows the suggested short call for about 30 days and for the weekly, with POP, POT and P50. “Log this call” adds it to your ledger.
- Export a backup. The ledger saves in this browser as you type, and only here. Export all to Excel regularly, since clearing browser data erases it. To move it to another browser or device, import that file there.
Covered call vs poor man’s covered call
A covered call is 100 shares plus one short call. A PMCC swaps the shares for a deep in-the-money LEAP call and sells the same kind of short call against it. Both trades rent out your upside for premium, month after month. The PMCC needs far less cash, but the long call decays and can lose value faster than shares in a selloff, and the short call has to stay below a strike you are comfortable owning through.
Either way, the question that matters is the same: how much of the long have the short calls paid back? That is what this ledger tracks.
How net cost basis and break-even are calculated
net cost basis = long cost − short-call credits + buy-to-close debits
break-even (PMCC) = long strike + net cost basis ÷ (100 × contracts)
break-even (shares) = net cost basis ÷ shares
Credits and debits are premium × 100 × contracts. A cycle is realized once it has a buy-to-close price; until then it shows as open and its credit already lowers the basis. The running basis column shows where you stood after each cycle, which is the easiest way to see a PMCC pay for itself over a year of short calls.
How the suggested strikes are picked
The strike read is the same one my PMCC ledger app uses. It looks at where the close sits against its 20, 50 and 200-day moving averages and at a 14-day RSI, then decides how far out to sell:
- Grinding trend (the usual case): modest out of the money, the price plus 0.45 of a one-standard-deviation move.
- Pullback below the 20-day but above the 50-day, or a cracked trend near or under the 200-day: further out, the price plus 0.85 of that move.
- Stretched, 2% or more above the 20-day in an uptrend: closer to the money, the first strike above the price, to collect more if it drifts back.
- Washed out, under the 200-day with RSI below 35: skip the cycle rather than cap a bounce.
1σ move = price × Cboe 30-day IV × √(days to expiry ÷ 365)
ETFap then snaps that target to a strike that is really listed on the expiry nearest 30 days and on the weekly Friday expiry, prices it at the bid/ask mid, and works out the odds.
POP, POT and P50 for a short call
POP is the chance the short call makes money by expiration: the price finishes below the strike plus the credit. POT is the chance the price touches the strike before then. P50 is the chance you can buy it back for half the credit or less at a daily close, from 40,000 simulated price paths. All three use each strike’s own implied volatility. For the full method, see POP vs POT vs P50 explained.
From the snapshot on this page, SPY closed at 755.72 on Oct 30, 2026. The 770 call on the Nov 30, 2026 expiry (31 days) had a mid of $7.42, or 0.98% of the price. Its POP was 74%, its POT 66% and its P50 84%; the model gave it a 35% chance of finishing in the money. The weekly 763 call paid $4.22 with a POP of 73% and a P50 of 79%. Notice that POT runs about double the called-away chance: a strike that looks safe at expiration still gets tested often.
Want to see how far the market is pricing SPY, QQQ or SPX to move first? Open Lines shows the expected move and closing odds for 0, 1, 7 and 45 DTE. I explain why I sell outside that range in this article.
Where your ledger is saved, and how to back it up
The ledger saves automatically in this browser only, on this device. Nothing you type is sent to ETFap: there is no account and no copy on our servers, so we can’t see it or restore it. Clearing your browser data, using a private window, or switching browsers or devices means an empty ledger, so export regularly.
- Back up: Export all to Excel downloads one workbook with a sheet per ticker, with live formulas you can keep using.
- Restore or move: on any browser, open this page and choose Import Excel or CSV with that file. It reads files exported here, including ones you edited and saved in Excel.
- One book: the Excel and CSV buttons next to each book export just that ticker.
More in the privacy policy.
Data and method
Prices, option bids and asks, daily closes and 30-day implied volatility come from Cboe’s free delayed quotes, captured once each trading day. The page computes the read, the strikes and the odds from that snapshot, so the numbers always agree with each other. The risk-free rate is the 13-week US T-bill yield (^IRX). IV Rank (1y) uses a year of daily VIX, VXN or Deribit DVOL closes. Your ledger math runs in your browser.
Important disclaimer
- Education only. The Covered Call & PMCC Tracker and everything on this page are for general education and record keeping. It is not investment, financial, tax or legal advice, and not a recommendation to buy or sell any security or option. Using it does not create an adviser, broker or client relationship.
- Options are risky. Options involve substantial risk and are not suitable for all investors. A covered call caps your upside and still carries the full downside of the shares. A PMCC can lose most or all of the long call’s value. Short calls can be assigned early. Before trading options, read the OCC’s Characteristics and Risks of Standardized Options.
- Model estimates, not guarantees. Suggested strikes, POP, POT, P50 and called-away odds are estimates from implied volatility and a lognormal price model. They are not predictions or promises, and real prices can move past any modeled range.
- Delayed data. Strikes and mids come from a once-a-day snapshot of Cboe’s free delayed feed and can be late, incomplete or wrong. They are not live prices or fills. Always check live quotes with your broker.
- Your records. The ledger is saved only in your browser; clearing browser data erases it, so keep your own exported copy. It only does math on what you type. It is not a tax record or a broker statement. Check cost basis and gains with your broker and a tax professional.
- No promise of results. Past performance does not guarantee future results.
- Use at your own risk. The tool is provided “as is” with no warranty of any kind. You are responsible for your own trades. Talk to a licensed financial professional about your situation.
Data: Cboe Global Markets delayed quotes (SPY, QQQ, IBIT and SPX options, prices and 30-day implied volatility); IV Rank from Cboe VIX and VXN daily closes (via Yahoo Finance) and Deribit DVOL. ETFap is not affiliated with Cboe or the OCC. Full terms of use and privacy policy.
Covered call and PMCC FAQ
What is a covered call?
A covered call is owning at least 100 shares and selling one call option against them. You collect the premium now. In exchange, if the price is above the strike at expiration, your shares can be called away at the strike. It turns some of the upside into income.
What is a poor man’s covered call (PMCC)?
A PMCC replaces the 100 shares with an in-the-money LEAP call, often a year or more out, and sells shorter-dated calls against it. It works like a covered call for a fraction of the cash. It is a call diagonal spread: the long call can lose value faster than shares if the price falls, and if the price rips through the short strike, the gain is capped.
How does the tracker calculate net cost basis?
Net cost basis = what you paid for the long (call premium × 100 × contracts, or share price × shares) − every short-call credit + every buy-to-close debit. Each short-call row also shows the running basis after that cycle, so you can see how much of the long you have paid back.
How is break-even calculated for a PMCC?
Break-even = (net cost basis + long call strike × 100 × contracts) ÷ share equivalents. For one LEAP, that is the long strike plus the net cost per share. For shares, it is simply the net cost per share. With both, the tracker blends them.
How do I log a roll?
Enter the buy-to-close date and price on the open short’s row, then add a new cycle for the call you sold. The tracker books the first cycle’s P/L as realized and starts the new one as open. Use Notes to tag it as a roll.
What if my short call expires worthless?
Enter 0.00 as the buy-to-close price. The cycle then counts as closed, its full credit is realized, and it no longer shows as an open short. A short call that is in the money near expiration can be assigned, so close or roll it before then.
How are the suggested short-call strikes picked?
The read uses the close, the 20, 50 and 200-day averages, a 14-day RSI and Cboe’s 30-day implied volatility. In a steady grind it targets 0.45 of a one-standard-deviation move above the price; on a pullback or a cracked trend, 0.85; when the price is stretched 2% or more above its 20-day in an uptrend, the first strike above the price; below the 200-day with RSI under 35, it skips the cycle. The target is then snapped to a strike that is really listed. Example from the snapshot on this page: SPY closed at 755.72 with a Cboe 30-day IV of 14.9%. The read was modest otm, so the target for the Nov 30, 2026 expiry (31 days) was 755.72 + 0.45 × 32.84 ≈ 770, and the 770 call had a mid of $7.42, a POP of 74%, a POT of 66% and a P50 of 84%.
What do POP, POT and P50 mean for a short call?
POP (probability of profit) is the chance the call finishes below its strike plus the credit, so the short leg makes money. POT (probability of touch) is the chance the price touches the strike before expiration. P50 is the chance you can buy the call back for half the credit or less at some daily close. They come from each strike’s own implied volatility. They are model estimates, not promises. More: POP vs POT vs P50 explained.
What does “called away” mean in the table?
It is the model’s chance the price ends above the strike at expiration, so a covered call would be assigned and the shares sold at the strike. For a PMCC, that is the case where you would need to roll or close the short call before expiration.
What is IV Rank, and why is it shown?
IV Rank (1y) shows where implied volatility sits in its past-year range: 0 is the year’s low and 100 the high. When it is high, calls pay more premium; when it is low, premium is thin. SPY and SPX use the VIX, QQQ the VXN and IBIT bitcoin’s Deribit DVOL. On the last build SPY’s IV Rank was 34 (VIX 19.42, 1-year range 13.47 to 31.05).
Where is my ledger saved?
Only in this browser, on this device, in its local storage. It saves as you type and is there the next time you open the page in the same browser. Nothing is sent to ETFap: there is no account, and we can’t see, recover or restore your ledger.
Can I lose my ledger?
Yes. Clearing your browser’s history or site data, using a private or incognito window, some privacy cleaners, or a new browser or device all start you with an empty ledger. Export all to Excel after each trade, or at least weekly, and keep the file somewhere safe.
How do I move my ledger to another device or browser?
Tap Export all to Excel, move the file (email it to yourself or save it to a cloud drive), then open this page on the other device and tap Import Excel or CSV. Each book in the file is added; if you already have a book with the same ticker, you choose whether to replace it.
Can I export my covered call ledger to Excel?
Yes. Export all to Excel downloads one workbook with a sheet per ticker; Excel and CSV on a book download just that one. The spreadsheet has live formulas for cost, credits, debits, running basis, net cost basis and break-even, so you can keep working in it. You can import it back later, even after editing and saving it in Excel.
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