My experience writing SPY covered calls since November
u/sd42790 ·
Reddit — r/thetagang
· March 19, 2026 at 19:48
· ⬆ 25 pts
· 💬 15 comments
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Since November, I have been writing covered SPY calls. Targeting 30 delta, around three weeks to expiry. I have opened and closed fifteen positions, and have profited off of every one, capturing on average 46% of the premium.
As you can see, I have on average held each position for only 3-4 trading days. I suppose this means I am really profiting off of underlying price movement rather than theta.
Anyway, I understand this is pretty lucky even when targeting lower delta. Not sure if the payoff has been worth the effort, but it has offset most of SPY’s recent losses.
p.s. This is in my IRA, so no tax concerns.