What does the covered call screener actually search?

Every call on every optionable US stock in the scanner's universe, paired with 100 shares at the current stock price. Each pairing is scored on return, probability, and liquidity, and only those that pass your filters are returned.

Why is the annualized return so much higher than the premium yield?

Annualized return on a covered call includes the gain from the stock price up to the strike, not only the premium, and it scales a 30-day figure by 365 / 30. A 6.9% return if called becomes 84% annualized. Use it to compare candidates, not as a forecast of what a year of covered calls will earn.

Can I screen only the stocks I already own?

Yes. Add your symbols to the watchlist and set the scan universe to watchlist. The same filters then apply only to your names.

How do I avoid being assigned before a dividend?

Turn on the ex-dividend exclusion, which drops calls with an ex-date before expiration, or keep strikes far enough out of the money that the call is unlikely to be in the money at the ex-date. The dividend filter can also do the opposite and require an ex-date inside the window for dividend-capture scans.

Does a high probability of expiring worthless mean a safe trade?

It means the call is unlikely to be exercised, which also means it pays less. The risk in a covered call is the stock falling, and no call filter changes that. Look at the breakeven column and the market cap floor for the downside side of the trade.

What is the difference between this page and the covered call guide?

The guide explains how a covered call works, its payoff, and how to manage assignment. This page explains how to find covered calls with the screener. Read the guide first if the strategy is new to you.

Covered call screener

The OptionClaws covered call screener scans every optionable US stock for calls you could sell against 100 shares, prices each candidate at the quoted mid (or at the bid if you choose conservative pricing), and ranks the results by the metric you pick. You set the floors and ceilings: how much annualized return you want, how far out of the money the strike should sit, how many days to expiration, and whether an earnings report or ex-dividend date is allowed inside the window.

Key facts

Every covered call is priced from live quotes on the sold call plus the current stock price; return figures assume 100 shares bought at the current price, not your actual cost basis.
Return on risk for a covered call is the return if the shares are called away at the strike, on a basis of stock price minus the premium. Annualized return scales that by 365 over days to expiration.
The screener flags earnings dates and ex-dividend dates before expiration so you can exclude them, or target them for dividend capture.
Results are candidates to evaluate, not recommendations. Fills, commissions, and your own cost basis are not included.

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Supported filters

Annualized return (%): The main yardstick for comparing a 20-day call against a 45-day one. Set a floor such as 12% and the screener drops calls that pay too little for the upside you give up.
Return on risk (%): Return if called, per trade, before annualizing. A minimum of 1% keeps out calls whose premium is small change relative to the stock.
Distance OTM (%): How far the strike is above the stock price. Positive values are out of the money. A range of 2% to 8% leaves room for the stock to rise before the shares are called; negative values allow in-the-money calls for more downside cushion.
Days to expiration (days): Days to expiration. Most covered call sellers work in the 15 to 60 day range, where time decay is meaningful and the premium is still worth the commission.
Earnings: Exclude calls with an earnings report before expiration if you do not want the stock gapping through your strike, or through your breakeven, on a headline.
Ex-dividend date: An in-the-money short call is likely to be assigned the day before an ex-dividend date. Exclude ex-dividend dates before expiration, or require one within N days for dividend-capture scans.
Dividend yield on strike (%): Annual dividend as a percent of the strike rather than the current price: the yield you keep if the call expires and you continue holding.
Prob. of expiring worthless (%): Model-estimated odds the call expires out of the money, which is the same as the odds you keep the shares. High values mean smaller premiums and a lower chance of being called away.
IV rank: Where today's implied volatility sits in its one-year range. Higher rank means richer premium for the same distance out of the money, and more risk that the stock is volatile for a reason.
Market cap ($): A floor on company size keeps the list to names you would be comfortable holding through a drawdown, which is the real risk in a covered call.
Total option volume: Total option volume across the stock's chain. Liquid chains have tighter markets and more strikes to choose from.
Bid-ask spread ($) ($): Maximum bid-ask spread on the call in dollars. A wide spread eats the premium on entry and again on any buyback.
Exclude ETFs: Drop index and sector funds so the results are individual companies. Fund chains otherwise dominate volume-sorted lists.

Screening walkthrough

1. Start from the return you need
Set annualized return to a floor first, because it removes the most rows. A 12% floor is a common starting point for large caps; 20% or more will push the list toward higher-volatility names and strikes closer to the money. Sort by annualized return to see the richest premiums, or by market cap to see the largest companies first and accept lower yields.
2. Decide how much upside to give away
Distance out of the money is the tradeoff against return. A strike 2% above the stock pays more and is more likely to be called; 8% above pays less and lets the shares run. If you already own the shares and mainly want income, a narrower range such as 2% to 5% is typical. If you want the position to behave more like stock, widen the range or raise the probability of expiring worthless.
3. Pick a window and clear it of events
Set days to expiration to 15 to 45 for a monthly rhythm. Turn on the earnings exclusion unless you specifically want the elevated premium that comes with a report inside the window. Turn on the ex-dividend exclusion for strikes that could be in the money at the ex-date, or leave it off and accept that assignment before the dividend is a normal outcome.
4. Then tighten liquidity, not return
If the list is still long, require total option volume of 5,000 or more and a bid-ask spread of $0.50 or less on the call. This trims names where the quoted return is not really available. Avoid fixing a long list by raising the return floor further; that mostly surfaces the most volatile stocks.
5. Check the columns before you act
Add the breakeven, probability of expiring worthless, and next earnings columns. A call with a great annualized return and a breakeven only 1% below the stock is a bet on the stock, not an income trade. Save the scan once you like the shape so the same criteria run again next month.

Illustrative example

Illustrative example, not a live result

Illustrative covered call, priced at mid

Setup

Stock trading at $100.00; you hold or buy 100 shares ($10,000).
Sell one 30-day call with a $105 strike quoted $1.75 bid / $1.85 ask, so the mid is $1.80 and the credit is $180.
No earnings report or ex-dividend date before expiration.

Arithmetic

Premium yield on the stock: $1.80 / $100.00 = 1.80% for 30 days; times 365 / 30 = 21.9% annualized on premium alone.
Max profit if called: ($105 minus $100) plus $1.80 = $6.80 per share, or $680 per contract.
Risk basis the screener uses: $100.00 minus $1.80 = $98.20 per share ($9,820), the most you can lose if the stock goes to zero.
Return on risk: $680 / $9,820 = 6.92% if called. Annualized return: 6.92% times 365 / 30 = 84.2%, which assumes the shares are called and the capital is redeployed on the same terms every 30 days.
Breakeven at expiration: $100.00 minus $1.80 = $98.20. Below that the position loses like stock, cushioned by $180.
Conservative pricing (sell at the $1.75 bid): credit $175, max profit $675, return on risk $675 / $9,825 = 6.87%.

Prices, strikes, and quotes are made up for arithmetic only and do not describe any real contract. Commissions, assignment fees, taxes, and your actual cost basis are excluded. The screener's probability of profit is not shown here because it depends on implied volatility at scan time.

Limitations and risks

Returns assume 100 shares at the current stock price. If your cost basis is far below the current price, your own return on capital is different from what the screener shows.
An in-the-money call is likely to be assigned early the day before an ex-dividend date when the remaining time value is less than the dividend. The screener shows the ex-date; it cannot predict whether a holder will exercise.
The screener does not know which shares you own. Use the watchlist universe to scan only your names, or scan the whole market to find new positions.
Quotes are refreshed intraday and are a snapshot, not a live feed. A fill at the quoted mid is not guaranteed; conservative pricing (sell at the bid) is the more realistic figure.
Probability of profit and probability of expiring worthless are model estimates from option prices, not forecasts. They ignore earnings and other events unless you filter for them.
This is a screening tool. It does not place orders, track your positions, or give personalized advice.

Frequently asked questions

What does the covered call screener actually search?: Every call on every optionable US stock in the scanner's universe, paired with 100 shares at the current stock price. Each pairing is scored on return, probability, and liquidity, and only those that pass your filters are returned.
Why is the annualized return so much higher than the premium yield?: Annualized return on a covered call includes the gain from the stock price up to the strike, not only the premium, and it scales a 30-day figure by 365 / 30. A 6.9% return if called becomes 84% annualized. Use it to compare candidates, not as a forecast of what a year of covered calls will earn.
Can I screen only the stocks I already own?: Yes. Add your symbols to the watchlist and set the scan universe to watchlist. The same filters then apply only to your names.
How do I avoid being assigned before a dividend?: Turn on the ex-dividend exclusion, which drops calls with an ex-date before expiration, or keep strikes far enough out of the money that the call is unlikely to be in the money at the ex-date. The dividend filter can also do the opposite and require an ex-date inside the window for dividend-capture scans.
Does a high probability of expiring worthless mean a safe trade?: It means the call is unlikely to be exercised, which also means it pays less. The risk in a covered call is the stock falling, and no call filter changes that. Look at the breakeven column and the market cap floor for the downside side of the trade.
What is the difference between this page and the covered call guide?: The guide explains how a covered call works, its payoff, and how to manage assignment. This page explains how to find covered calls with the screener. Read the guide first if the strategy is new to you.

Read the strategy guides

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Poor Man's Covered Call

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Last updated 2026-09-16. Educational content, not investment advice. Options involve substantial risk and are not suitable for every investor. See our Terms of Service.