optionDash vs Covered Call Pro: Which Covered Call Screener Is Worth Paying For?

The Short Answer: Which Tool Wins?

If you sell covered calls on stocks you already own and want a purpose-built screener that filters by yield, delta, and days-to-expiration in one dashboard, Covered Call Pro is built specifically for that job. optionDash is a solid general-purpose options screener with broader strategy coverage, but it spreads its focus across multiple strategies rather than going deep on covered calls. For pure covered-call income traders, the depth of Covered Call Pro's filters and trade-ranking system gives it the edge — but the right answer still depends on how you trade, how many positions you manage, and what you are willing to pay each month.

What Each Tool Actually Does

optionDash launched as a screener for both covered calls and cash-secured puts, with a clean interface that lets you filter by underlying price, option premium, and basic Greeks. It pulls live options chains, shows annualized yield estimates, and lets you sort by a handful of criteria. It works well for traders who also run the wheel strategy or want to scan both sides of a position in one place.

Covered Call Pro is a dedicated covered-call research platform. Beyond a screener, it provides editorial analysis, trade ideas ranked by risk-adjusted yield, and educational content built around the mechanics of selling calls against long stock. The screener inside Covered Call Pro lets you filter by annualized premium yield, delta, implied volatility rank (IVR), days-to-expiration, sector, and minimum open interest — all criteria that matter specifically to covered-call sellers. The editorial layer means you are not just staring at a raw data table; you get context on why a particular setup is worth considering.

Head-to-Head Feature Comparison

Here is how the two platforms stack up on the criteria that matter most to covered-call traders:

**Screener depth.** Covered Call Pro lets you filter simultaneously on annualized yield, delta range, IVR percentile, bid-ask spread width, and minimum open interest. optionDash covers yield and basic Greeks but has fewer simultaneous filter layers for covered-call-specific criteria.

**Trade ranking.** Covered Call Pro scores and ranks screener results by a risk-adjusted yield metric that weights premium against delta exposure. optionDash sorts by yield or premium dollar amount but does not apply a composite risk-adjusted ranking.

**Strategy focus.** optionDash covers covered calls, cash-secured puts, and some spread strategies. Covered Call Pro is 100 percent focused on covered calls, which means every feature, article, and example is relevant to exactly what you are doing.

**Educational content.** Covered Call Pro includes a library of plain-English guides, worked examples, and weekly trade ideas. optionDash is primarily a data tool with minimal editorial content.

**Mobile experience.** Both platforms are browser-based and work on mobile, though neither has a dedicated native app as of this writing.

**Pricing.** optionDash offers a free tier with limited scans and a paid tier in the range of $20–$30 per month. Covered Call Pro's subscription is in a comparable range. Both offer trial periods — check each site for current pricing since rates change.

A Real Worked Example: Screening AAPL for a Covered Call

Let us walk through how a covered-call screener should work using Apple (AAPL) as the underlying. Suppose AAPL is trading at $213.50. You own 100 shares and want to sell a covered call expiring in about 30 days.

In the Covered Call Pro screener, you set your filters: delta between 0.25 and 0.35, days-to-expiration 25–35, annualized yield above 12 percent, and minimum open interest of 500 contracts. The screener surfaces the $220 strike expiring in 30 days, showing a bid of $2.10 and an ask of $2.20. Mid-price is $2.15.

Here is the math: - Premium collected: $2.15 per share × 100 shares = $215 - Annualized yield on stock cost: ($2.15 ÷ $213.50) × (365 ÷ 30) = roughly 12.3 percent annualized - Delta on the $220 strike: approximately 0.30, meaning there is about a 30 percent chance the stock closes above $220 at expiration based on the options market's implied probability (per OIC educational materials on delta interpretation) - Maximum gain if called away at $220: ($220 − $213.50) + $2.15 = $8.65 per share, or $865 on 100 shares - Downside protection from the premium: $2.15, so your effective cost basis drops to $211.35

optionDash would show you the same $220 strike and a similar yield number, but it would not apply the risk-adjusted ranking or flag whether the IVR is elevated (meaning you are selling into higher-than-normal implied volatility, which is generally favorable for sellers). Covered Call Pro's IVR filter is a meaningful edge for traders who want to avoid selling cheap options during low-volatility periods.

This is not a recommendation to buy or sell AAPL. It is a mechanical illustration of how screener outputs translate into real trade decisions. Always verify live quotes before placing any order.

The Risks You Need to Understand Before Paying for Any Screener

A screener is a filter, not a guarantee. Here are the real risks covered-call sellers face, regardless of which tool they use:

**Upside cap.** When you sell a covered call, you give up gains above the strike. If AAPL jumps from $213.50 to $235 before expiration, you still sell at $220 (plus keep the $2.15 premium). You miss $12.35 per share of upside. No screener eliminates this trade-off.

**Stock decline is not hedged.** The premium you collect provides only a small cushion. If AAPL drops to $190, your $2.15 premium offsets only a fraction of the $23.50 loss on the stock. FINRA's investor education materials note that covered calls do not protect against significant downside moves in the underlying.

**Assignment risk.** If the stock closes above your strike at expiration, your shares may be called away. This can trigger a taxable event. The IRS treats the premium received as part of the proceeds from the stock sale in most cases; Canadian traders should review CRA guidance on options income treatment, as the rules differ depending on whether the activity is considered capital or income.

**Liquidity and bid-ask spread.** A screener showing a $2.15 mid-price means nothing if the real fill is $1.85 due to a wide bid-ask spread. Always check open interest and volume before assuming you can trade at mid. The OIC recommends focusing on options with tight spreads and high open interest for retail traders.

**Data latency.** Both platforms rely on data feeds that may have slight delays. Never use screener output as a substitute for checking live quotes in your brokerage platform before submitting an order.

Who Should Choose Which Tool?

**Choose Covered Call Pro if:** You sell covered calls as your primary or only options strategy. You want editorial context alongside raw data. You value a risk-adjusted ranking system that weights delta and IVR, not just raw yield. You want educational content that grows your skills over time.

**Choose optionDash if:** You run multiple strategies — covered calls, cash-secured puts, and the wheel — and want one dashboard for all of them. You prefer a data-first interface with minimal editorial content. You are comfortable interpreting raw options data without a ranking layer.

**Use both if:** You are serious enough about options income that $40–$60 per month in combined subscriptions is a rounding error compared to the premium you collect. Some traders use optionDash for broad scanning and Covered Call Pro for deeper analysis and trade ideas on the names that make the first cut.

The honest answer is that neither tool makes money for you automatically. A screener surfaces candidates; your judgment, position sizing, and risk management determine outcomes. The SEC's Office of Investor Education and Advocacy consistently emphasizes that tools and platforms do not replace understanding the instrument you are trading.

How to Evaluate Any Covered Call Screener Before You Pay

Before committing to a subscription, run this checklist on any screener you are considering:

1. **Does it filter by IVR or IV percentile?** Selling options when implied volatility is elevated versus its own history is a core edge for income sellers. If a screener cannot filter by IVR, you are missing a key variable.

2. **Does it show annualized yield, not just dollar premium?** A $3.00 premium on a $300 stock expiring in 60 days is a 6.1 percent annualized yield. A $1.50 premium on a $50 stock expiring in 30 days is a 36.5 percent annualized yield. Dollar amounts alone are meaningless without normalization.

3. **Does it filter by open interest and bid-ask spread?** Illiquid options destroy your edge at the execution level.

4. **Is there a free trial?** Both optionDash and Covered Call Pro have offered trial access. Use it. Run the same scan on both platforms for the same underlying on the same day and compare the outputs side by side.

5. **Does the platform explain its methodology?** Any ranking or scoring system should be transparent about what inputs it uses and how they are weighted. If you cannot understand the ranking logic, you cannot trust it.

Is optionDash free to use?

optionDash offers a limited free tier that allows a small number of scans per day. Full access to all filters and unlimited scans requires a paid subscription, which has been priced in the $20–$30 per month range. Check the optionDash website directly for current pricing since rates and tier structures change.

Does Covered Call Pro have a free trial?

Covered Call Pro has offered trial access periods for new subscribers. Visit the Covered Call Pro website to see the current trial offer. Running the screener during a trial on names you already own is the fastest way to evaluate whether the tool fits your workflow.

Can I use a covered call screener if I only own a few stocks?

Yes, and it may be even more useful in that case. A screener helps you quickly compare strike prices, expiration dates, and yield estimates across the options chain for the stocks you own, saving you from doing the math manually in your brokerage platform. Even with two or three positions, the time savings and yield-ranking features add value.

Do covered call screeners account for taxes on the premium I collect?

Most screeners, including optionDash and Covered Call Pro, display pre-tax yields. The IRS treats covered call premiums differently depending on whether the call is classified as a qualified or unqualified covered call, which can affect the holding period of your underlying shares. Canadian traders face different rules under CRA guidance. Consult a tax professional before making decisions based on after-tax yield assumptions.

What delta should I target when selling covered calls?

Most income-focused covered-call sellers target a delta between 0.20 and 0.35, which corresponds roughly to a 20–35 percent probability that the option expires in the money based on the options market's implied distribution, as explained in OIC educational materials. Lower delta means less premium but more room for the stock to run; higher delta means more premium but greater assignment risk. The right delta depends on your income target and how willing you are to have shares called away.

Is selling covered calls considered a risky strategy by regulators?

Covered calls are one of the most conservative options strategies and are approved for the lowest options trading level at most brokerages, as noted in FINRA's options account approval framework. The primary risk is not losing more than you invest — your maximum loss is the decline in the stock you already own, partially offset by the premium collected. The strategy does not involve leverage or the ability to lose more than your stock position is worth.