01 — CVX · COVERED CALLS

Best CVX covered calls setups.

Pick how long you want to wait and how much risk you'll take. We score every live strike across the next 3 expirations and surface the top setups — updated hourly.

Second-largest US energy supermajor with steady options flow and Hess-merger overhang.

Find the best strikes →FREE · 20 ANALYSES/DAY · NO CARD
Chevron
Energy
CVX
$235.52+15.3% / 30d
IV rank (1y)
35% · moderate
Next earnings
Oct 30
Market cap
$462.0B
P/E (fwd)
14.9
Dividend
$6.98 · Aug 19
Option vol
13K /day

02 — Live setups

Suggested strikes

Choose your time horizon and risk band. Every match is scored on return, premium, and probability of profit.

Days to expiration
Probability of profit
Sort by
Top pick
$245 call · Dec 4
34 DAYS · 4.0% OTM · SELL TO OPEN
Credit
$440
Return
1.87%
PoP
66%
StrikeExpirationCreditReturn ↓PoP
$245
4.0% OTM
Nov 27
27 days
$345
$3.45 / share
1.46%69%
$250
6.2% OTM
Dec 4
34 days
$300
$3.00 / share
1.27%75%
$300
27.4% OTM
Nov 27
27 days
$0
$0.00 / share
0%70%
4 of 4 matchesCustomize filters →

03 — Strategy

Covered Calls, plainly explained

Neutral-to-mildly bullish traders focused on steady premium collection.

P&L at expiration · $245 call · 34 DTE

$0+$1,388losses$231.12 BREAKEVEN$245 STRIKE

Key numbers

Premium collected+$440
Max profit+$1,388
Breakeven$231.12
Capped above$245
Probability of profit66%
Days to expiration34

When this trade makes sense

Use when

  • ✓You already own 100+ shares of the stock
  • ✓You'd be fine selling at the strike price
  • ✓You think the stock goes flat or slightly up
  • ✓IV rank is elevated — premiums are rich

Avoid when

  • ✕You think the stock is about to rip higher
  • ✕You're attached to the shares (tax, conviction)
  • ✕Earnings are inside the expiration window
  • ✕Premiums are unusually low — nothing to collect
Read the full covered calls guide →

05 — RUN IT LIVE

See the highest chance of profit on CVX.

Alpha Hawk scans live chains and recommends setups based on current market conditions.

Analyze CVX free →