How to Choose a Covered Call Screener
Most of them just dump an options chain on you. Here's what actually matters.
First, What a Screener Is For
A covered call screener exists to answer one question fast: "given the shares I own, which call should I sell?" A raw options chain has dozens of strikes across a dozen expirations — hundreds of contracts. A good screener does the filtering and the math so you're choosing between a handful of sane options, not squinting at a spreadsheet.
So when you're evaluating one, judge it on how well it does that — not on how many features it has.
The 7 Things That Actually Matter
1. Probability of assignment
The single most useful number: roughly how likely is it your shares get called away? Delta is a perfectly good proxy. If a screener doesn't show this, it's making you guess at the one thing that determines whether you keep your stock. See options Greeks explained .
2. Annualized return, not just raw premium
"$1.20 premium" tells you nothing until you know it's over 10 days vs. 45 days. An annualized figure lets you compare a 1-week call against a 6-week call on equal footing.
3. Risk-tolerance presets
"Show me conservative / balanced / aggressive" beats "type in a delta range." A good screener translates a feeling ("I really don't want to lose these shares") into the right strikes.
4. Liquidity signals
Bid-ask spread and open interest. A juicy-looking premium on an illiquid strike evaporates the moment you try to trade it. The screener should flag thin contracts, not bury them in the list.
5. Fresh data
Options prices move all day. Some free tools quote 15-minute (or worse) delayed data, which is fine for browsing but misleading for decisions. Know what you're looking at.
6. Event awareness
Selling a call into next week's earnings is a different bet than selling one in a calm stretch. A screener that warns you — or at least surfaces the date — saves you from an avoidable surprise.
7. It explains itself
The best screeners tell you why a contract is a reasonable pick — best case, worst case, what you're giving up — instead of just spitting out a number. That's the difference between a tool you trust and one you second-guess.
Traps to Avoid
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"Highest premium" leaderboards — sorting the whole market by premium just sorts it by risk. See best stocks for covered calls .
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Screeners that ignore the shares you actually hold — a covered call is bolted onto a position you own; a "best covered calls anywhere" list isn't actionable for most people.
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Anything that feels like a recommendation to trade a specific contract — a screener gives you ranked candidates and the tradeoffs; the decision (and the risk) is yours.
Where ThetaGo Lands
ThetaGo was built around this checklist:
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Risk-tolerance presets (Keep Shares → Max Income) that map to delta bands for you
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Probability of keeping your shares + annualized return on every pick
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Live options data, not delayed quotes
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Plain-English best/worst-case explanations, plus warnings (earnings, thin liquidity)
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Works for any optionable stock or ETF — covered calls and cash-secured puts
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Free, no account required
Use whatever tool you trust — but use that checklist to choose it.
Try the screener — see the picks, the odds, and the math.
Free to use. No account required.