{"slug":"how-to-calculate-covered-call-returns","qid":"delta_by_strike","label":"AAPL call delta by strike distance, 20 to 45 days to expiry, July 2026","post_title":"How to Calculate Covered Call Returns","post_url":"/blog/how-to-calculate-covered-call-returns#q-delta_by_strike","columns":["strike_band","median_delta","contract_count"],"rows":[{"strike_band":"7.5% to 10% in the money","median_delta":0.86,"contract_count":105},{"strike_band":"2.5% to 7.5% in the money","median_delta":0.75,"contract_count":274},{"strike_band":"within 2.5% of the stock","median_delta":0.53,"contract_count":286},{"strike_band":"2.5% to 7.5% out of the money","median_delta":0.31,"contract_count":282},{"strike_band":"7.5% to 10% out of the money","median_delta":0.17,"contract_count":131}],"shape":"ranking","sql":"SELECT\n    multiIf(\n        moneyness < -0.075, '7.5% to 10% in the money',\n        moneyness < -0.025, '2.5% to 7.5% in the money',\n        moneyness <  0.025, 'within 2.5% of the stock',\n        moneyness <  0.075, '2.5% to 7.5% out of the money',\n                            '7.5% to 10% out of the money') AS strike_band,\n    round(quantileDeterministic(0.5)(toFloat64(delta), cityHash64(ticker)), 2) AS median_delta,\n    count() AS contract_count\nFROM\n(\n    SELECT\n        ticker,\n        delta,\n        toFloat64(strike_price) / toFloat64(underlying_close) - 1 AS moneyness\n    FROM global_markets.options_greeks\n    WHERE underlying_symbol = 'AAPL'\n      AND date >= '2026-07-01'\n      AND date <  '2026-08-01'\n      AND iv_converged = 1\n      AND volume > 0\n      AND delta > 0\n      AND days_to_expiry BETWEEN 20 AND 45\n      AND abs(toFloat64(strike_price) / toFloat64(underlying_close) - 1) <= 0.10\n)\nGROUP BY strike_band\nORDER BY min(moneyness)","computed_at":"2026-08-05T15:18:29.161615+00:00","elapsed":0.002914434}