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Why FTNT Is an Excellent Covered Call Candidate Right Now Strong · 85/100
Fortinet Inc (Technology) · $172.37 ·
Analysis generated Sep 16, 2026 ·
Data as of market close Sep 16
Quick Take
FTNT is trading at $172.37 with RSI at 61 (neutral territory). Options IV is at 56% — 26% below its 30-day average of 76%. Neither RSI nor IV strongly favor selling calls right now. Consider waiting for better conditions or using a different strategy.
Technical Signals
RSI (14)
61
IV Today
55.9%
IV vs 30d Avg
-26%
MACD
bullish
ADX
17
MFI
58
The Setup
FTNT Covered Call
LONG STOCK
100 shares @ $172.37
SHORT CALL
$185 Nov '26 · $12.5/sh
Net Cost
$15,987
Max Profit
+$2,513
Break-even
$159.87
Projected P&L at Target
+$2,513
(15.7%)
P&L at Expiry
P&L Scenarios
What happens at different FTNT prices by expiry:
| FTNT Price | Today | Oct 7 | Oct 29 | Nov 20 (exp) |
|---|---|---|---|---|
| $138 (-20%) | -$2,377 | -$2,276 | -$2,207 | -$2,197 |
| $147 (-15%) | -$1,651 | -$1,502 | -$1,372 | -$1,336 |
| $155 (-10%) | -$985 | -$784 | -$574 | -$474 |
| $164 (-5%) | -$388 | -$138 | +$158 | +$388 |
| $169 (-2%) | -$65 | +$209 | +$552 | +$905 |
| $172 (0%) ← now | +$136 | +$423 | +$794 | +$1,250 |
| $176 (+2%) | +$325 | +$624 | +$1,016 | +$1,595 |
| $181 (+5%) | +$585 | +$897 | +$1,313 | +$2,112 |
| $185 (+7%) ← target | +$770 | +$1,087 | +$1,513 | +$2,513 |
| $190 (+10%) | +$963 | +$1,283 | +$1,711 | +$2,513 |
| $198 (+15%) | +$1,275 | +$1,589 | +$1,995 | +$2,513 |
| $207 (+20%) | +$1,526 | +$1,824 | +$2,186 | +$2,513 |
Why This Strategy, Why Now
- RSI at 61 — extended, ideal for selling calls
- IV -26% vs avg — premiums below average, less income
- MACD bullish — stock has upward momentum
- ADX at 17 — range-bound, perfect for selling calls
- No squeeze — no imminent breakout
Key Risks
FTNT 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 FTNT approaches the strike before expiry.