01 — IWM · COVERED CALLS

Best IWM 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.

Small-cap beta exposure with macro-sensitive implied volatility behavior.

Find the best strikes →FREE · 20 ANALYSES/DAY · NO CARD
iShares Russell 2000 ETF
Index ETF
IWM
$279.33+0.5% / 30d
IV rank (1y)
36.8% · moderate
Option vol
183K /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
$285 call · Dec 4
34 DAYS · 2.0% OTM · SELL TO OPEN
Credit
$430
Return
1.54%
PoP
60%
StrikeExpirationCreditReturn ↓PoP
$285
2.0% OTM
Nov 27
27 days
$375
$3.75 / share
1.34%62%
$286
2.4% OTM
Dec 4
34 days
$370
$3.70 / share
1.32%63%
$287
2.8% OTM
Dec 4
34 days
$321
$3.21 / share
1.15%65%
$287.5
2.9% OTM
Dec 4
34 days
$317
$3.17 / share
1.13%66%
$286
2.4% OTM
Nov 27
27 days
$305
$3.05 / share
1.09%65%
$288
3.1% OTM
Dec 4
34 days
$304
$3.04 / share
1.09%68%
$287
2.8% OTM
Nov 27
27 days
$294
$2.94 / share
1.05%68%
$289
3.5% OTM
Dec 4
34 days
$278
$2.78 / share
1%70%
$287.5
2.9% OTM
Nov 27
27 days
$277
$2.77 / share
0.99%69%
10 of 31 matchesCustomize filters →

03 — Strategy

Covered Calls, plainly explained

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

P&L at expiration · $285 call · 34 DTE

$0+$997losses$275.03 BREAKEVEN$285 STRIKE

Key numbers

Premium collected+$430
Max profit+$997
Breakeven$275.03
Capped above$285
Probability of profit60%
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 IWM.

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

Analyze IWM free →