Covered Call Screener Guide

A covered call screener helps you find the best opportunities across thousands of stocks.

Key Screening Criteria

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1. Return Metrics

  • Annualized return (target 12-24%)
  • Static return (target 1-3%)
  • Return if called

    • 2. Probability Metrics

  • Probability of profit
  • Probability of keeping shares
  • Delta (0.20-0.35 is typical target)

    • 3. Stock Quality

  • Liquidity (volume > 1M shares)
  • Options liquidity (open interest > 100)
  • Market cap (> $10B for safety)

    • 4. Technical Filters

  • IV percentile (higher = more premium)
  • Bid-ask spread (tighter = better)
  • Days to expiration (30-45 ideal)

    • Using OptionsPilot's Screener

  • Set your return targets
  • Filter by probability
  • Sort by quality score
  • Analyze top results

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    Best Practices

  • Don't chase premium - High returns often mean high risk
  • Check the stock - Would you own it without the option?
  • Verify liquidity - Can you get filled at reasonable price?
  • Consider events - Earnings? Dividends? News?