Guide
The covered call question — "is this strike above water?" — is unanswerable without true cost basis. ThetaIQ tracks premium, dividends and DRIP per lot, so every call you sell is priced against what you actually paid.
A covered call looks simple: own 100 shares, sell a call, keep the premium. The tracking isn't. Premium from previous puts and calls lowers your basis. Dividends and DRIP shares change the lot. Assignment and partial closes split it. Two months into an active campaign, "what did I pay?" is a genuinely hard question — and it's the whole trade, because selling a call below your real basis caps you at a loss no matter how rich the premium looks.
Every put and call credit on the ticker reduces what you really paid — updated automatically with each logged trade.
Lots carry their own basis; reinvested dividends add shares at their own cost. No averaging away the truth.
Ex-dates and payer-quality grades sit next to the position, so a fat call premium doesn't cost you the dividend you wanted.
When shares leave, the campaign closes with total P&L: premium + dividends + share gain, one number.
Before you sell, the Analyzer shows the call's payoff against your real basis — not the broker's headline cost. Probability of profit, annualized return if called away versus if it expires, and an AI read of the trade-off: "this strike caps you under your earnings-date target" is the kind of sentence that saves a campaign.
If you're running the full wheel, covered calls are phase three — same ledger, same basis, no double entry. And when you're hunting for the next call candidate, the screener can scope scans to just the names you already own.
The Scoreboard answers the uncomfortable version: captured percentage per call, win rate per ticker, and whether calling shares away early has beaten holding through. Sellers who review these numbers monthly stop donating premium to their worst habits.
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