Trading AGQ Call Options: What You Need to Know About This March Expiry Strategy

ProShares Ultra Silver (AGQ) recently saw fresh options contracts hit the market with a March 13th expiration date, and traders have spotted two particularly compelling opportunities worth examining. One involves a call option at the $400.00 strike level, while the other centers on a put contract at $362.50—each offering distinct risk-reward profiles for different investor approaches.

Why This Call Option Strategy Catches Attention

The call option contract at the $400.00 strike is priced with a current bid of $126.20. Here’s the practical breakdown: if you purchase AGQ shares at today’s price of $374.06 and simultaneously sell-to-open this call option as a covered call strategy, you’re committing to sell your shares at $400.00 when the contract expires. The premium you collect significantly sweetens the deal.

Once you factor in the premium, your total potential return hits 40.67% if the stock gets called away at expiration—that’s before broker commissions. For investors already eyeing AGQ or looking to boost returns on existing positions, this call option income strategy presents a compelling way to generate yield in a sideways market.

Looking at AGQ’s trailing twelve-month trading history, the $400.00 strike sits approximately 7% above the current price, making it out-of-the-money. This means there’s a 33% probability (based on current analytical data including Greeks analysis) that your call option will simply expire worthless. If that happens, you keep both your shares and the $126.20 premium—which alone represents a 33.74% return on your capital commitment, or 286.66% annualized using Stock Options Channel’s YieldBoost framework.

The Put Option Alternative: A Different Path

On the flip side, the put contract at $362.50 offers a contrasting approach. This put carries a $77.80 bid, and if you sell-to-open it, you’re committing to purchase AGQ shares at that strike level—but you’ll also pocket the premium upfront. That reduces your effective cost basis to $284.70, representing a notable discount to today’s $374.06 price point.

The $362.50 strike is roughly 3% below current trading levels (out-of-the-money), giving this put option approximately a 72% chance of expiring worthless based on current options analytics. Should that happen, the premium alone yields a 21.46% return on your cash commitment, or 182.35% annualized—another example of how the YieldBoost metric works.

Volatility and Risk Considerations

Here’s where the technical picture gets interesting: the put contract carries 209% implied volatility, while the call option sits at 216% implied volatility. Meanwhile, AGQ’s actual trailing twelve-month realized volatility measures just 78%—indicating the market is pricing in significantly elevated expectations for future price movement.

This volatility gap is crucial context. When implied volatility runs this high relative to realized volatility, premium sellers often find favorable risk-reward scenarios, but it also signals that large price swings are anticipated. Before deploying either strategy, review AGQ’s business fundamentals and your own risk tolerance carefully.

The Bottom Line

Whether you’re drawn to the income potential of the covered call option or the discount-purchase attraction of the put strategy, both approaches offer compelling risk-reward profiles for this particular expiration cycle. The key lies in understanding your investment objectives and monitoring those probability metrics as expiration approaches—Stock Options Channel tracks these odds continuously to help traders stay informed.

For additional put and call options ideas across broader markets, visit resources like Stock Options Channel’s platform to explore similar opportunities.