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AMGN Covered Call Analysis: Proceed With Caution Weak · 50/100
Amgen Inc (Healthcare) · $351.02 ·
Analysis generated Apr 13, 2026 ·
Data as of market close Apr 13
Quick Take
AMGN is trading at $351.02 with RSI at 50 (neutral territory). Options IV is at 30% — 48% below its 30-day average of 57%. Neither RSI nor IV strongly favor selling calls right now. Consider waiting for better conditions or using a different strategy.
Technical Signals
RSI (14)
50
IV Today
29.9%
IV vs 30d Avg
-48%
MACD
bearish
ADX
19
MFI
36
The Setup
AMGN Covered Call
LONG STOCK
100 shares @ $351.02
SHORT CALL
$380 Jun '26 · $7.0/sh
Net Cost
$34,402
Max Profit
+$3,598
Break-even
$344.02
Projected P&L at Target
+$3,598
(10.5%)
P&L at Expiry
P&L Scenarios
What happens at different AMGN prices by expiry:
| AMGN Price | Today | May 5 | May 27 | Jun 19 (exp) |
|---|---|---|---|---|
| $281 (-20%) | -$6,343 | -$6,324 | -$6,320 | -$6,320 |
| $298 (-15%) | -$4,643 | -$4,587 | -$4,566 | -$4,565 |
| $316 (-10%) | -$3,022 | -$2,896 | -$2,820 | -$2,810 |
| $333 (-5%) | -$1,534 | -$1,312 | -$1,119 | -$1,055 |
| $344 (-2%) | -$730 | -$445 | -$157 | -$2 |
| $351 (0%) ← now | -$237 | +$87 | +$442 | +$700 |
| $358 (+2%) | +$218 | +$577 | +$994 | +$1,402 |
| $369 (+5%) | +$830 | +$1,227 | +$1,718 | +$2,455 |
| $380 (+8%) ← target | +$1,393 | +$1,813 | +$2,342 | +$3,598 |
| $386 (+10%) | +$1,654 | +$2,076 | +$2,605 | +$3,598 |
| $404 (+15%) | +$2,252 | +$2,650 | +$3,115 | +$3,598 |
| $421 (+20%) | +$2,661 | +$3,003 | +$3,356 | +$3,598 |
Why This Strategy, Why Now
- RSI at 50
- IV -48% vs avg — premiums below average, less income
- MACD bearish — stock may keep falling (risk)
- ADX at 19 — range-bound, perfect for selling calls
- No squeeze — no imminent breakout
Key Risks
The main risk is missing upside if AMGN rallies sharply. The premium received ($X per share) provides a buffer, but gains above the strike are forfeited.