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No. of Recommendations: 2
Hi Frank,

I would argue that writing a put is the same as a covered call.

For example for ORLY: priced at $132.29

Using the May 2014 $115 covered call as compared to the written put:

                Covered Call        Cash Secured Put
Option value:     $   18.80         $   1.50
Commission:            2.00 (IB)        1.00
Exercise Fee           0.00 (IB)        0.00
Time value of Option:  1.51             1.50
Expected Dividend      0.00

If stock closes above $115 - the call will be exercised

Option Payment: $   1,880.00         $   150.00
Stock Cost:        13,229.00               0.00
Commission:            -2.00              -1.00
Net Income:       -11,351.00             149.00
Exercise Payment:  11,500.00               0.00
Exercise Fee:           0.00               0.00
Total Income:         149.00             149.00

If stock closes below $115 - the put will be exercised

Option Payment: $   1,880.00         $   150.00
Stock Cost:        13,229.00               0.00
Commission:            -2.00              -1.00
Net Income:       -11,351.00             149.00
Exercise Payment:       0.00          11,500.00
Exercise Fee:           0.00               0.00
Total Cost:       -11,351.00         -11,351.00
Net Purchase Price:   113.51             113.51

Depending on your commissions paid, exercise fees involved, 
dividends, and the option pricing achieved, the answer 
will vary slightly.

Overall, really the same thing,
Mike
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