{"slug":"covered-calls-on-ko","qid":"ko_call_curve","label":"KO call chain: premium split into intrinsic and extrinsic value, by delta band","post_title":"Covered Calls on KO: Premium vs Dividend","post_url":"/blog/covered-calls-on-ko#q-ko_call_curve","columns":["delta_band","premium_usd","intrinsic_usd","extrinsic_usd"],"rows":[{"delta_band":"delta 0.1","premium_usd":0.38,"intrinsic_usd":0,"extrinsic_usd":0.38},{"delta_band":"delta 0.2","premium_usd":0.74,"intrinsic_usd":0,"extrinsic_usd":0.74},{"delta_band":"delta 0.3","premium_usd":1.01,"intrinsic_usd":0,"extrinsic_usd":1.01},{"delta_band":"delta 0.4","premium_usd":1.59,"intrinsic_usd":0,"extrinsic_usd":1.59},{"delta_band":"delta 0.5","premium_usd":2.02,"intrinsic_usd":0.21,"extrinsic_usd":1.81},{"delta_band":"delta 0.6","premium_usd":2.14,"intrinsic_usd":1.21,"extrinsic_usd":0.93},{"delta_band":"delta 0.7","premium_usd":5.18,"intrinsic_usd":4.21,"extrinsic_usd":0.97},{"delta_band":"delta 0.8","premium_usd":4.39,"intrinsic_usd":3.71,"extrinsic_usd":0.68}],"shape":"ranking","sql":"WITH\n(\n    SELECT max(date)\n    FROM global_markets.options_greeks\n    WHERE underlying_symbol = 'KO'\n      AND upper(toString(option_type)) IN ('C', 'CALL')\n      AND date < '2026-10-01'\n) AS chain_day\nSELECT\n    concat('delta ', toString(round(floor(toFloat64(delta) * 10) / 10, 1)))                                       AS delta_band,\n    round(avg(toFloat64(option_close)), 2)                                                                        AS premium_usd,\n    round(avg(greatest(toFloat64(underlying_close) - toFloat64(strike_price), 0)), 2)                             AS intrinsic_usd,\n    round(avg(toFloat64(option_close) - greatest(toFloat64(underlying_close) - toFloat64(strike_price), 0)), 2)   AS extrinsic_usd\nFROM global_markets.options_greeks\nWHERE underlying_symbol = 'KO'\n  AND upper(toString(option_type)) IN ('C', 'CALL')\n  AND date = chain_day\n  AND iv_converged = 1\n  AND volume > 0\n  AND days_to_expiry BETWEEN 15 AND 50\n  AND toFloat64(delta) BETWEEN 0.1 AND 0.95\nGROUP BY delta_band\nORDER BY delta_band","computed_at":"2026-10-09T15:38:30.670207+00:00","elapsed":0.003636645}