Examples An investor expects stability within the market and writes one SPY 398 call with 53 days until expiration The current share price of SPY is $397.50, the standard deviation of returns is 22.82%, the riskfree rate is 2.88%, and the call premium is $14.35 (T-0.1452; R=0.0288; a=0.2282; N(d)=0.5307)