Suppose I own 25 shares of GOOGL (worth approximately $35,000 at the moment). I want to sell covered calls on these shares. I understand that traditional exchange-traded options are for 100 shares only, but I've recently discovered FLEX options. Can I use FLEX options to sell a covered call on 25 shares? If so, what is the procedure for entering into a FLEX options contract?
The OCC publishes the FLEX Options Product Specifications. Although the expiration date, exercise style, strike price of FLEX options are variable, the contract multiplier does not appear to be flexible, so it would still be for 100 shares. As a result, your position is of insufficient size to be able to write a covered call, unless google performs a stock split.