Sunday, October 18
LEAPS
Selected: $5 call · Dec 17 '27 · $338.75 per share. Pick another from the ladder below.
Above $5 this call trails 100 shares by a flat $92.72 however far the stock runs — both positions gain a dollar per dollar up there, so the gap never closes. That fixed amount is what you pay to cap the downside at $33,875 and keep $387 in cash. Below $4.07 the call is ahead, because its loss stops at the premium while the shares keep falling.
Both lines include what a payoff diagram usually drops: dividends credited to the shares, and interest on the cash the call doesn’t tie up.
| Strike | Premium | Time value | Δ-shares | Borrow rate | Cost / exposure | Breakeven | P(ITM) |
|---|---|---|---|---|---|---|---|
| $5 | $338.75 | $1.13 | 100 | 25.1% | 0.3% | $343.75+0% | 13% |
| $10 | $333.50 | $0.88 | 100 | 8.3% | 0.2% | $343.50+0% | 21% |
| $15 | $328.58 | $0.95 | 100 | 5.8% | 0.2% | $343.58+0% | — |
| $20 | $323.50 | $0.88 | 100 | 4.0% | 0.2% | $343.50+0% | — |
| $25 | $319.00 | $1.38 | 100 | 5.0% | 0.3% | $344.00+0% | 32% |
| $30 | $314.00 | $1.38 | 100 | 4.1% | 0.3% | $344.00+0% | — |
| $35 | $309.50 | $1.88 | 100 | 4.9% | 0.5% | $344.50+1% | 33% |
| $40 | $304.50 | $1.88 | 100 | 4.2% | 0.5% | $344.50+1% | — |
| $45 | $300.00 | $2.38 | 100 | 4.8% | 0.6% | $345.00+1% | 35% |
| $50 | $295.00 | $2.38 | 100 | 4.3% | 0.6% | $345.00+1% | — |
| $55 | $290.33 | $2.70 | 100 | 4.4% | 0.7% | $345.33+1% | 39% |
| $60 | $285.75 | $3.13 | 100 | 4.7% | 0.8% | $345.75+1% | 38% |
| $65 | $281.00 | $3.38 | 100 | 4.7% | 0.8% | $346.00+1% | 39% |
| $70 | $276.25 | $3.63 | 100 | 4.7% | 0.9% | $346.25+1% | 40% |
| $75 | $271.50 | $3.88 | 100 | 4.7% | 1.0% | $346.50+1% | 40% |
| $80 | $266.75 | $4.13 | 100 | 4.7% | 1.0% | $346.75+1% | 41% |
| $85 | $262.10 | $4.48 | 100 | 4.8% | 1.1% | $347.10+1% | 41% |
| $90 | $257.50 | $4.88 | 100 | 4.9% | 1.2% | $347.50+1% | 41% |
| $95 | $252.58 | $4.95 | 100 | 4.7% | 1.2% | $347.58+1% | 43% |
| $100 | $248.00 | $5.38 | 100 | 4.9% | 1.4% | $348.00+2% | 42% |
| $105 | $243.25 | $5.63 | 100 | 4.9% | 1.4% | $348.25+2% | 42% |
| $110 | $238.50 | $5.88 | 100 | 4.9% | 1.5% | $348.50+2% | 43% |
| $115 | $234.00 | $6.38 | 100 | 5.0% | 1.6% | $349.00+2% | 42% |
| $120 | $229.25 | $6.63 | 99 | 5.0% | 1.7% | $349.25+2% | 43% |
| $125 | $224.50 | $6.88 | 99 | 5.0% | 1.7% | $349.50+2% | 43% |
| $130 | $219.95 | $7.33 | 99 | 5.1% | 1.9% | $349.95+2% | 43% |
| $135 | $215.25 | $7.63 | 99 | 5.1% | 1.9% | $350.25+2% | 43% |
| $140 | $210.50 | $7.88 | 99 | 5.1% | 2.0% | $350.50+2% | 44% |
| $145 | $206.00 | $8.38 | 99 | 5.3% | 2.1% | $351.00+2% | 43% |
| $150 | $201.50 | $8.88 | 99 | 5.4% | 2.3% | $351.50+3% | 43% |
| $155 | $196.75 | $9.13 | 99 | 5.4% | 2.3% | $351.75+3% | 44% |
| $160 | $192.25 | $9.63 | 98 | 5.5% | 2.5% | $352.25+3% | 43% |
| $165 | $187.40 | $9.78 | 98 | 5.4% | 2.5% | $352.40+3% | 44% |
| $170 | $183.00 | $10.38 | 98 | 5.6% | 2.7% | $353.00+3% | 44% |
| $175 | $178.50 | $10.88 | 98 | 5.7% | 2.8% | $353.50+3% | 44% |
| $180 | $174.00 | $11.38 | 97 | 5.8% | 2.9% | $354.00+3% | 44% |
| $185 | $169.50 | $11.88 | 97 | 5.9% | 3.1% | $354.50+3% | 44% |
| $190 | $165.00 | $12.38 | 97 | 6.0% | 3.2% | $355.00+4% | 44% |
| $195 | $160.50 | $12.88 | 96 | 6.1% | 3.4% | $355.50+4% | 44% |
| $200 | $156.00 | $13.38 | 96 | 6.2% | 3.5% | $356.00+4% | 44% |
| $205 | $151.50 | $13.88 | 96 | 6.2% | 3.6% | $356.50+4% | 44% |
| $210 | $146.50 | $13.88 | 95 | 6.1% | 3.7% | $356.50+4% | 44% |
| $215 | $142.33 | $14.70 | 94 | 6.3% | 3.9% | $357.33+4% | 44% |
| $220 | $138.33 | $15.70 | 94 | 6.6% | 4.2% | $358.33+5% | 43% |
| $225 | $133.73 | $16.10 | 93 | 6.6% | 4.3% | $358.73+5% | 44% |
| $230 | $129.70 | $17.08 | 93 | 6.9% | 4.6% | $359.70+5% | 43% |
| $235 | $125.63 | $18.00 | 92 | 7.1% | 4.9% | $360.63+5% | 43% |
| $240 | $121.25 | $18.63 | 91 | 7.2% | 5.1% | $361.25+5% | 43% |
| $245 | $116.63 | $19.00 | 90 | 7.2% | 5.3% | $361.63+6% | 43% |
| $250 | $112.75 | $20.13 | 89 | 7.5% | 5.6% | $362.75+6% | 43% |
| $255 | $108.88 | $21.25 | 89 | 7.8% | 6.0% | $363.88+6% | 42% |
| $260 | $104.80 | $22.18 | 88 | 8.0% | 6.4% | $364.80+6% | 42% |
| $265 | $101.15 | $23.53 | 87 | 8.4% | 6.8% | $366.15+7% | 42% |
| $270 | $97.18 | $24.56 | 85 | 8.6% | 7.2% | $367.18+7% | 41% |
| $275 | $93.40 | $25.78 | 84 | 8.9% | 7.7% | $368.40+8% | 41% |
| $280 | $89.75 | $27.13 | 83 | 9.2% | 8.2% | $369.75+8% | 41% |
| $285 | $85.75 | $28.13 | 82 | 9.4% | 8.6% | $370.75+8% | 40% |
| $290 | $82.38 | $29.75 | 80 | 9.8% | 9.3% | $372.38+9% | 40% |
| $295 | $78.93 | $31.30 | 79 | 10.2% | 9.9% | $373.93+9% | 39% |
| $300 | $75.23 | $32.60 | 78 | 10.5% | 10.5% | $375.23+10% | 39% |
| $305 | $71.58 | $33.96 | 76 | 10.8% | 11.2% | $376.58+10% | 39% |
| $310 | $68.65 | $36.03 | 74 | 11.3% | 12.1% | $378.65+11% | 38% |
| $315 | $65.70 | $38.08 | 73 | 11.8% | 13.1% | $380.70+11% | 37% |
| $320 | $62.83 | $40.21 | 71 | 12.3% | 14.2% | $382.83+12% | 37% |
| $325 | $59.65 | $42.03 | 70 | 12.8% | 15.2% | $384.65+12% | 36% |
| $330 | $56.90 | $44.28 | 68 | 13.3% | 16.4% | $386.90+13% | 35% |
| $335 | $53.23 | $45.61 | 66 | 13.5% | 17.3% | $388.23+13% | 35% |
| $340 | $50.63 | $48.00 | 64 | 14.1% | 18.8% | $390.63+14% | 34% |
| $345OTM | $48.50 | $48.50 | 62 | — | 19.5% | $393.50+15% | 33% |
| $350OTM | $45.90 | $45.90 | 60 | — | 19.0% | $395.90+16% | 32% |
| $355OTM | $43.25 | $43.25 | 59 | — | 18.5% | $398.25+16% | 32% |
| $360OTM | $40.65 | $40.65 | 57 | — | 18.0% | $400.65+17% | 31% |
Borrow rateis the annualised cost of controlling the shares through the option, quoted against the capital it frees. It’s blank out of the money, where the call isn’t standing in for the shares at all. Cost / exposuredivides the same cost by the delta-weighted exposure it actually buys, so every strike is comparable — that’s the column to rank by.