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People tend to pontificate too much on the problems with Covered Calls. As usual there 50 shades of grey to each story.

For example Tesla (TSLA) closed on Friday Nov 5 @ 1,222. The weekly ATM (At-The-Money) Calls, strike 1225, expiring Nov 12 pays a premium of $44, translating to 187% annual return (44*52/1,222).

That does not qualified as picking nickels in front of a train.

What are the possible outcomes?

The stock goes up and the upside is lost. Well, is it going to grow 2x by Nov 2022? Unlikely, and in case it happens, the delta vs the CC approach would not be that great.

The stock falls because Elon Musk is found doing some shoddy businesses. One could place a stop for the stock and go with the naked Call, provided the account has permission to do so. A naked short Call goes in the money when the stock tanks, becoming more profitable. Also, one could buy some protective puts with some of the premium and still more than double your capital in a year.

No so bad for what it's usually considered a bad strategy. At least it's much better than having money in long stocks at this time of the game.
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