PG Short Call — Sep 18, 2026

PG (Procter & Gamble Company (The) Common Stock) presents a short call opportunity with moderately elevated implied volatility. IV Rank 45. IV 2335.0% trades 386.0pp above 30-day HV (1949.0%). This setup favors net premium sellers.

Sell the $155 call for $1.38 credit. Naked single-leg exposure; collect premium from time decay if PG stays below the strike. Underlying ~$144.49, 49 DTE. Max profit $138 per contract, max loss $31000, 0.4% return on risk, 79% POP. Breakeven at $156.38.

Management: take profit at ~50% of max profit ($69). Cut at 2x credit ($276 loss). If short strike is breached with > 14 DTE, consider rolling out for a credit. Close before expiration week to avoid gamma risk.

Underlying: PG @ ~$144.49 Expiration: Sep 18, 2026 (49 DTE) Net credit (entry): ~$138.00 per spread Legs:

• Sell PG Sep 18, 2026 $155 Call (delta 0.21, mid $1.38)

Use limit orders at the mid or slightly worse. Verify bid-ask spread (currently ~10.1% of mid) before sending.

Take profit at 50% of max profit ($69). Cut loss if position reaches 2x credit received ($276 loss). Roll if tested with > 14 DTE remaining.