Finding the right covered call — the right stock, strike, and expiration — takes time. Alert services and screening tools automate the grunt work, surfacing high-quality trade ideas so you can focus on decision-making.

What to Look for in a Covered Call Tool

The best screeners provide:

  • Premium yield ranking: Sort candidates by annualized return, not just raw premium
  • IV rank context: Know if current premiums are above or below normal
  • Probability of profit: Delta-based estimates of assignment likelihood
  • Earnings date awareness: Filter out stocks with upcoming earnings
  • Roll suggestions: Alert you when it's time to roll a position

    • Free Tools Worth Using

    CBOE Options Hub: Free options chains with basic Greeks. Limited screening but useful for individual stock analysis.

    Barchart Covered Call Screener: Sorts by static return and if-called return across hundreds of stocks. The free version is surprisingly capable.

    Yahoo Finance Options Chain: Basic premiums and open interest. No screening, but good for checking individual stocks.

    OptionsPilot

    OptionsPilot's strike finder is purpose-built for covered call writers. You input your portfolio holdings, and it scans every available strike and expiration, ranking them by annualized premium yield, probability of assignment, downside protection, and IV percentile rank.

    The platform also monitors open positions and alerts you when a roll makes sense or when a call has decayed to 80%+ of max profit.

    Other Notable Platforms

    Power E*TRADE: Built-in screener with customizable filters. Schwab StreetSmart: Options screener with covered call templates. TastyTrade: Strong IV rank data. OptionStrat: Visual profit/loss diagrams.

    Building Your Own Screening Workflow

    Step 1: Screen for stocks with IV rank above 30%, no earnings within 14 days, and 30-day premiums yielding at least 1% monthly.

    Step 2: Remove stocks with recent downgrades or broken technical patterns. Focus on companies you'd hold 6+ months.

    Step 3: Compare 3-5 strikes per candidate using ROI formulas.

    Step 4: Execute Monday morning when liquidity is best. Set alerts for 50% and 80% profit levels.

    Mobile Tools for On-the-Go Management

    If you manage covered calls from your phone, prioritize apps that show current P/L on open positions, days to expiration countdown, and alert notifications when the stock moves near your strike. OptionsPilot's mobile interface is designed for exactly this — quick position monitoring with roll recommendations when you need them.

    The Bottom Line

    The best covered call tool is one you'll actually use consistently. Start with free screeners to learn what matters, then upgrade to a paid platform when your portfolio grows enough that the time savings justify the cost. For most covered call writers, a good screener plus a simple tracking spreadsheet covers 90% of what you need.