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CEG Covered Call Strategy: Is Now a Good Time to Sell Calls? Moderate · 73/100
Constellation Energy Corp (Utilities) · $275.62 ·
Analysis generated Jun 18, 2026 ·
Data as of market close Jun 18
Quick Take
CEG is trading at $275.62 with RSI at 53 (neutral territory). Options IV is at 48% — 30% below its 30-day average of 69%. Neither RSI nor IV strongly favor selling calls right now. Consider waiting for better conditions or using a different strategy.
Technical Signals
RSI (14)
53
IV Today
48.1%
IV vs 30d Avg
-30%
MACD
bullish
ADX
21
MFI
35
The Setup
CEG Covered Call
LONG STOCK
100 shares @ $275.62
SHORT CALL
$300 Aug '26 · $14.4/sh
Net Cost
$26,122
Max Profit
+$3,878
Break-even
$261.22
Projected P&L at Target
+$3,878
(14.8%)
P&L at Expiry
P&L Scenarios
What happens at different CEG prices by expiry:
| CEG Price | Today | Jul 9 | Jul 30 | Aug 21 (exp) |
|---|---|---|---|---|
| $221 (-20%) | -$4,269 | -$4,148 | -$4,080 | -$4,072 |
| $234 (-15%) | -$3,063 | -$2,870 | -$2,726 | -$2,694 |
| $248 (-10%) | -$1,947 | -$1,671 | -$1,416 | -$1,316 |
| $262 (-5%) | -$939 | -$581 | -$195 | +$62 |
| $270 (-2%) | -$391 | +$11 | +$475 | +$889 |
| $276 (0%) ← now | -$50 | +$377 | +$888 | +$1,440 |
| $281 (+2%) | +$270 | +$719 | +$1,271 | +$1,991 |
| $289 (+5%) | +$714 | +$1,189 | +$1,788 | +$2,818 |
| $300 (+9%) ← target | +$1,219 | +$1,712 | +$2,342 | +$3,878 |
| $303 (+10%) | +$1,357 | +$1,852 | +$2,485 | +$3,878 |
| $317 (+15%) | +$1,884 | +$2,376 | +$2,988 | +$3,878 |
| $331 (+20%) | +$2,309 | +$2,776 | +$3,325 | +$3,878 |
Why This Strategy, Why Now
- RSI at 53 — neutral-bullish
- IV -30% vs avg — premiums below average, less income
- MACD bullish — stock has upward momentum
- ADX at 21 — moderate trend
- No squeeze — no imminent breakout
Key Risks
CEG has bullish momentum (MACD). If a positive catalyst emerges (earnings beat, product launch), the stock could gap past your strike. Consider rolling the call up if CEG approaches the strike before expiry.