Sandisk (SNDK) has rallied hard off the lows, but the stock is still well below its June high. That lowers the amount at risk and reduces the price Sandisk must reach for the overall trade to become profitable. · Yahoo Finance analysis of AlphaSpace dataIf Sandisk finishes at or below $1,500 when the options expire, both calls expire unused. The trade breaks even at $1,553.30, about 9% above the stock price when the position was priced. Unlike the covered call used in last week's Apple Options Playbook, this trade does not require owning 100 shares first.