01 — HYG · COVERED CALLS

Best HYG 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.

Credit-spread proxy with options flow tied to recession risk and risk-off positioning.

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iShares iBoxx High Yield Corporate Bond ETF
Bond ETF
HYG
$77.43+0.7% / 30d
IV rank (1y)
34.2% · moderate
Option vol
3K /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
$78 call · Dec 4
34 DAYS · 0.7% OTM · SELL TO OPEN
Credit
$13
Return
0.17%
PoP
72%
StrikeExpirationCreditReturn ↓PoP
$80
3.3% OTM
Nov 27
27 days
$1
$0.01 / share
0.01%70%
$81
4.6% OTM
Nov 27
27 days
$1
$0.01 / share
0.01%70%
$80.5
4.0% OTM
Nov 27
27 days
$0
$0.00 / share
0%70%
$81.5
5.3% OTM
Nov 27
27 days
$0
$0.00 / share
0%70%
$82
5.9% OTM
Nov 27
27 days
$0
$0.00 / share
0%70%
$82.5
6.5% OTM
Nov 27
27 days
$0
$0.00 / share
0%70%
$83
7.2% OTM
Nov 27
27 days
$0
$0.00 / share
0%70%
$84
8.5% OTM
Nov 27
27 days
$0
$0.00 / share
0%70%
$85
9.8% OTM
Nov 27
27 days
$0
$0.00 / share
0%70%
10 of 29 matchesCustomize filters →

03 — Strategy

Covered Calls, plainly explained

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

P&L at expiration · $78 call · 34 DTE

$0+$13losses$77.30 BREAKEVEN$78 STRIKE

Key numbers

Premium collected+$13
Max profit+$13
Breakeven$77.30
Capped above$78
Probability of profit72%
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 HYG.

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

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